Essex Tech Receives State Grant to Support Financial Literacy Education

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Essex Tech Instructor Scott Hayward with his students at the 2021 Credit for Life Fair. (Photo Courtesy Essex Tech)
We are pleased to announce that Essex Tech has been awarded $2,500 from the State Treasurer’s Financial Education Innovation Fund. This grant will support Credit for Life fairs for Essex Tech students offering exciting and effective opportunities for students to learn how to make real world, personal financial decisions around saving, spending, and budgeting based on one’s career and lifestyle.
The Institution for Savings will host a Credit for Life Financial Literacy Fair for seniors at Essex Tech on Friday, Dec. 2.
“We are thrilled to partner with Essex Tech again this year in bringing the Credit for Life event to its students,” said Mary Anne Clancy, Senior Vice President, Marketing and Communications for the Institution for Savings. “A recent survey found that 75 percent of American teens lack confidence in their knowledge of personal finance and 71 percent wished their schools had taught them more. We applaud Essex Tech for their commitment to providing this and other important programs that will ensure their students are financially equipped to go out into the world after high school.”
During this event, students will simulate the financial decisions adults make as they envision themselves as a 25 year old adult with a career, salary, savings account, and a credit score. Students visit booths and have discussions with volunteers from a variety of local banks and businesses, and get to simulate financial choices adults face in a variety of areas such as housing, transportation, and lifestyle. Students get a taste for how to manage their finances and what financial decisions they will face as they become financially independent, while living on a budget.
Representatives from Ahora Inc., Communications, Ink, Danvers Community Access Television, EBSCO, Evan Industries, Herb Chambers, Institution for Savings, Newburyport Bank, North Shore Chamber of Commerce, North Shore Community College, One Digital, Salem Five Bank, Turner Construction, UniCare, YMCA of the Metro North will interact with students and provide them with relevant financial information.
Essex Tech first received this funding in 2019. Essex Tech also supports financial literacy education through a semester-long elective in Grade 10. Students in this elective learn money management, savings and investing, income, and spending strategies. Students are able to prioritize their personal money management goals, develop personal spending, savings, and investing plans, learn about tax implications, and understand the cost of using credit.
“Teaching financial literacy is critical so our future graduates understand the importance of how to save money and, more importantly, live independently,” Superintendent Riccio said. “We appreciate the opportunity to offer the Credit for Life Fair as we continue to partner with business and industry to educate our future workers.”