At Jeremiah Burke High School in Boston, students recently engaged in a financial literacy fair led by Early Investors Group. The fair provided interactive activities and presentations by financial experts designed to increase the students’ competence in budgeting, investing, and financial planning. The goal was to equip these young people with the financial skills for their future.
Participation in the fair had a positive impact, as students like senior June Zaporojan learned valuable lessons about budgeting and the reality of her spending power. Zaporojan expressed her appreciation for the event, stating that it was instrumental in helping her understand the financial implications of earnings, spending, and avoiding debt.
Before the event, students researched different careers and evaluated potential earnings. Zaporojan, for instance, chose teaching as a profession with an estimated income of $55,000 per year. The assignment became a pivotal guide in aiding her decision-making process and reinforcing her intention to become a teacher.
The fair featured a simulation that provided hands-on experience with financial decision-making.
Empowering students through financial literacy fair
For example, Zaporojan initially planned for an $1800 monthly apartment rental but then adjusted to a less expensive option to stay within her budget. The simulation thus helped her understand the importance of balancing income and expenses.
Nislo Galvao, co-founder of Early Investors, explained how the simulation allowed students to plan their budgets by making decisions about different expenses at various stalls. These included groceries and vehicle expenses, exposing students to a realistic view of budgeting. The exercise also incorporated education on taxes, savings, and investments.
The core message was not just about spending but also about understanding how to manage money efficiently. Including unexpected and emergency expenses provided a broader scope of how financial health could be affected. The student feedback was overwhelmingly positive, indicating the effectiveness of this immersive approach.
Organizers underscored the criticality of financial stewardship, given the impact of economic challenges in regional communities. Plans are in place to extend such programs to more schools across Boston and eventually nationwide, as they believe financial literacy is an indispensable life skill.
