Discusses Budgeting and Consumer Financial Skills with Graduating High School Seniors
WEYMOUTH — Today Treasurer Deborah B. Goldberg spoke to graduating high school seniors about the importance of money management skills and advanced budgetary planning at the fourth annual Weymouth High School “Credit for Life” Fair, a program designed to instill practical financial life lessons as students prepare to graduate.
“Today’s ‘Credit for Life’ fair gives these students the tools they need to successfully navigate the ever-changing financial world,” said Treasurer Goldberg. “As treasurer, I have pledged my commitment to ensuring the financial security of every resident and it starts with providing comprehensive financial education in all of our schools.”
Following Treasurer Goldberg’s remarks, students participated in a number of detailed spending and budgeting simulations and workshops. A variety of financial planning organizations and faculty presented them with information on budgeting scenarios in areas such as shopping, furniture, health and nutrition, housing, transportation and luxury items and entertainment.
Students had the opportunity to make spending and budgeting choices based on hypothetical career and lifestyle decisions, with an emphasis on the need to save for retirement and account for unforeseen circumstances. They then learned how to balance their budgets in individual meetings with financial counselors.
Research indicates that the need to better equip students with these kinds of financial lessons at a young age is substantial. Only 34 percent of parents have taught their teens how to balance a checkbook, and less than one third have explained how credit card interest and fees work.
Treasurer Goldberg has made financial literacy a top priority in her administration, launching a new Office of Economic Empowerment on her first day in office. On Tuesday she testified before the Joint Committee on Ways & Means noting that, “When we invest in people, we empower people to invest in themselves.” In her testimony she advocated for funds to boost the Financial Literacy Trust Fund, a non-profit organization that she chairs with the goal of advancing and creating economic opportunity for the people of Massachusetts.