Westfield State University hosted the fourth annual “Credit for Life” program on March 14, an interactive fair to help high school seniors prepare for the financial realities they will face as adults.
Students are asked to pretend they are 25, given a career and salary and make financial decisions, including whether they could afford to live alone or with a roommate, where to purchase furniture, what is the difference between buying and leasing and when should they start saving for retirement.
Westfield State Vice President for Adminstration & Finance Stephen Taksar provided opening remarks and a few financial tips to the attendees. The event was sponsored by the Westfield Volunteers in Public Schools.
“Despite the effort at home and in school, just 34 percent of high school teens can balance a checkbook, only 51 percent know how to write a check and 29 percent understand credit card fees,” said Tina Macy of VIPS.
The scenarios students receive include a credit score, a savings account and the freedom to make cash or credit purchases at any of the nearly 20 booths at the fair. Booths included options to purchase insurance, housing, transportation, food, clothing, and more.
“Students report that they are amazed at how difficult it is to manage money, pay bills and balance a budget and really appreciate the ‘make believe’ chance at the fair,” said Macy.