LOWELL Jeanne DArc Credit Union held its sixth MoneyStrong for Life Fair at Dracut High School on Thursday, November 5, 2015, in the school gym. Approximately 230 Dracut High School seniors enjoyed an eye-opening experience regarding careers, income and the high cost of being self-supporting.
In June, The Division of Banks, in conjunction with the State Treasury Department, introduced a grant cycle specifically for Credit for Life Fairs.� Dracut High School was one of twenty high schools in the Commonwealth who received funding.� Volunteers from the Division of Banks, Lowell General Hospital, Middlesex Community College, the Dracut Rotary and the Cooperative Credit Union League, joined over 60 Jeanne DArc Credit Union staff members to make the event a success.
"The MoneyStrong for Life Fair fits in perfectly with our mission of helping people make smart financial choices," said Mark S. Cochran, President and Chief Executive Officer of Jeanne DArc Credit Union. "It is crucial for students to learn the skills necessary to navigate the twists and turns of lifes financial waters. We were pleased to provide them with an innovative and interesting way of gaining some real-life financial experience."
The interactive fair involved 12
th grade students playing the role of themselves at age 25.� At the onset of the Fair they were given the salary of the occupation they chose, along with student loan debt, a credit card and a savings account.� They were required to work within a budget based on their monthly income and visit 13 different booths during the fair, making purchasing decisions at each booth using cash, credit or savings. All students had to rent an apartment, buy furniture, food, insurance and other necessities, all while being tempted to spend their money on high end items at the Luxury Booth.
Students were also presented with some unexpected scenarios, such as: losing their job, having babies, cars that needed extensive repairs, or receiving an unanticipated bonus at work. They then had to determine how to cope with these scenarios with the cash and credit available to them.
As the final step, students were required to visit the counseling booth where patient volunteers reviewed their choices, talked to them about the wise use of credit and helped them determine if they were living within their budget. Many had to make changes to their lifestyles when it was discovered they were spending far more money than they were earning.
Photo Cutline: Dracut High School students Angie Garibaldi, Kaylie Golding, Michaela Fawcett, Matt Dufour at Jeanne DArcs MoneyStrong For Life Fair at the Dracut High School Gym.
About Jeanne DArc Credit Union:
Jeanne DArc Credit Union was established in 1912 and is a full-service, member-owned community-based financial cooperative with more than 70,000 members and $1.1 billion in assets. It operates seven full-service branches in Lowell, Dracut (2), Tyngsboro, Chelmsford, Methuen and Westford, Massachusetts; high-school branches at Lowell High and Dracut High schools; a loan center in Lowell; and mortgage centers in Chelmsford and North Reading.
LOWELL Jeanne DArc Credit Union held its sixth MoneyStrong for Life Fair at Dracut High School on Thursday, November 5, 2015, in the school gym. Approximately 230 Dracut High School seniors enjoyed an eye-opening experience regarding careers, income and the high cost of being self-supporting.
In June, The Division of Banks, in conjunction with the State Treasury Department, introduced a grant cycle specifically for Credit for Life Fairs.� Dracut High School was one of twenty high schools in the Commonwealth who received funding.� Volunteers from the Division of Banks, Lowell General Hospital, Middlesex Community College, the Dracut Rotary and the Cooperative Credit Union League, joined over 60 Jeanne DArc Credit Union staff members to make the event a success.
"The MoneyStrong for Life Fair fits in perfectly with our mission of helping people make smart financial choices," said Mark S. Cochran, President and Chief Executive Officer of Jeanne DArc Credit Union. "It is crucial for students to learn the skills necessary to navigate the twists and turns of lifes financial waters. We were pleased to provide them with an innovative and interesting way of gaining some real-life financial experience."
The interactive fair involved 12th grade students playing the role of themselves at age 25.� At the onset of the Fair they were given the salary of the occupation they chose, along with student loan debt, a credit card and a savings account.� They were required to work within a budget based on their monthly income and visit 13 different booths during the fair, making purchasing decisions at each booth using cash, credit or savings. All students had to rent an apartment, buy furniture, food, insurance and other necessities, all while being tempted to spend their money on high end items at the Luxury Booth.
Students were also presented with some unexpected scenarios, such as: losing their job, having babies, cars that needed extensive repairs, or receiving an unanticipated bonus at work. They then had to determine how to cope with these scenarios with the cash and credit available to them.
As the final step, students were required to visit the counseling booth where patient volunteers reviewed their choices, talked to them about the wise use of credit and helped them determine if they were living within their budget. Many had to make changes to their lifestyles when it was discovered they were spending far more money than they were earning.
Photo Cutline: Dracut High School students Angie Garibaldi, Kaylie Golding, Michaela Fawcett, Matt Dufour at Jeanne DArcs MoneyStrong For Life Fair at the Dracut High School Gym.
About Jeanne DArc Credit Union:
Jeanne DArc Credit Union was established in 1912 and is a full-service, member-owned community-based financial cooperative with more than 70,000 members and $1.1 billion in assets. It operates seven full-service branches in Lowell, Dracut (2), Tyngsboro, Chelmsford, Methuen and Westford, Massachusetts; high-school branches at Lowell High and Dracut High schools; a loan center in Lowell; and mortgage centers in Chelmsford and North Reading.