Graduating seniors at Martha’s Vineyard Regional High School received a taste of reality last Wednesday morning.
“This is too real for me, man,” a voice among the many muttered at the start of the high school’s first Credit for Life Fair — an event sponsored by the Cape Cod Five Bank to
promote financial education for seniors across the Cape and Islands.
About 100 students from the class of 2017 gathered in the gymnasium for the three-hour interactive simulation, which required them to choose a career and make financial decisions based on their projected annual salary. Booths stationed throughout the gym represented life’s financial choices in housing, health, retirement, clothing, education, transportation, etc.
“These are the decisions that we all have to make in our everyday lives,” Richard Leonard, regional president of Cape Cod Five, told the seniors Wednesday morning. “Every one of us has to deal with managed money and income expenses, and as you graduate and enter adulthood, the thought process, perspective, and financial habits you establish for yourself are an opportunity to be in control of your future.”
Students explored booths staffed by bankers, real estate agents, retailers, and other community professionals, who volunteered to provide information and advice. Students referenced a budgeting sheet and padfolio to help manage expenses and weigh out wants versus needs. They had to track annual and monthly salaries, as well as federal and state taxes.
Senior Alexandra Barlett chose a career in marketing for the simulation. “I just paid for a fifth year of education,” she said after visiting the education/training booth; “I feel like I need to get a second job.”
The Game of Reality booth threw in life’s unexpected costs, such as medical bills, weddings, and pet expenses.
“The numbers are accurate,” Principal Sara Dingledy said. “As accurate as possible.”
Cape Cod Five Bank sponsored its first Credit for Life Fair at the Dennis-Yarmouth Regional High School in 2011. According to Mr. Leonard, it is based on a national model, and is now offered to high schools throughout the bank’s service area. This was its inaugural year on Martha’s Vineyard.
“I’ve been a community banker on the Vineyard basically all my life,” Mr. Leonard said. “All too often I’ve seen the stress, frustration, and the discouraging impact of debt and minimal planning, but that doesn’t mean you can’t get back.”
Mr. Leonard and colleagues visited the high school a few weeks prior to preface the simulation, where students watched a video and chose their careers. “You could already see lightbulbs going off,” he said.
Credit for Life is part of the bank’s five pillars of community engagement, which include community banking, responsible business, corporate leadership/sponsor volunteering, financial education, and philanthropy.
“We believe that one of the greatest ways we can make an impact in our community is by offering financial education to people,” Mr. Leonard said. “If we can teach a little discipline and help people make decisions based on things that are important in the future rather than in the moment, it makes a difference.”
Students reacted with enthusiasm. “I’m super-excited they’re doing this, because it’s so relevant,” Alexandra Barlett said. “But it’s intimidating. I thought I wanted to do marketing, now I’m not sure it will do it for me.”