MEDWAY – About 200 juniors and seniors from Medway High School recently learned basic money and financial management skills at the Medway High School Financial Literacy Fair.
The fair was held in mid-March and was designed to give participating students an idea of the financial responsibilities they will have once they leave high school and/or college.
At the start of the fair, students were randomly assigned a job, salary, education level, and credit score. With these factors in mind, the students then visited more than 20 stations where they had to make the typical financial decisions they might face as young adults.
The various stations included banking, vacation and recreation, transportation, insurance, community services and donations, furniture, clothing and more. Students made decisions such as whether they would live alone, with their parents, or with a roommate, and whether they would live in the city or the suburbs; whether they would buy a used car or a new car, or whether they would choose not to buy a car; and what type of cell phone they would buy.
The students also created and contributed to an emergency fund and began saving for retirement through a 401k plan.
The overall goal was for students to visit each station and make decisions that balance their finances and quality of life.
“It is important that our students know some of the financial decisions they will face once they leave school and that they know how the decisions they make will impact their future, and the Salon de la financial literacy is a great opportunity for them to learn more about their options for many important decisions,” Principal John Murray said. “Thank you to social studies professor Chris Borden for organizing the fair and to the staff members of our social studies department for helping to host many stations. We would also like to thank the local businesses and organizations that supported the event.”
The fair was funded by a grant from the Medway Foundation for Education (MFE), with additional support from Charles River Bank, Dean Bank and Middlesex Bank.
“The Medway Education Foundation was delighted to fund the recent Financial Literacy Fair at Medway High School,” said Maria Stotz of MFE. “We strongly supported the mission of the event to educate students on various financial and lifestyle decisions they will one day have to make. This is learning that is offered as an elective , but we felt it was essential to expose all of our juniors and seniors to these important topics.The show was lively, fun and interactive, and MFE hopes to see this program become an established annual event.