Easthampton and South Hadley high schools are among 24 schools to receive grants to help strengthen their financial literacy education.
More than $80,000 in Financial Literacy Education Innovation Funds were awarded to support “financial reality fairs,” often referred to as Credit for Life Fairs, where financial institutions, nonprofits and local businesses set up booths at schools to teach safe spending, saving and credit to students in a “fun and real-life manner,” explained Chris Goetcheus, spokesman for the state Office of Consumer Affairs and Business Regulation. Students are allotted an amount of pretend money, then asked to go through the fair and budget their money while practicing paying things like a car and a home.
“Financial literacy is important to begin at a young age, and the Credit for Life Fairs are a small piece of the puzzle in helping to shape the financial future for students,” said Terrence McGinnis, state commissioner of banks.
The grants are awarded by Treasurer Deborah B. Goldberg’s office and the Massachusetts Division of Banks in the consumer affairs office.
The awards are funded from settlements over “alleged unlawful lending practices.”
“The grants that fund these fairs are particularly important to furthering students’ awareness of having an ability to manage money, credit and savings throughout their lifetimes,” said John Chapman, undersecretary of the consumer affairs office.
The Innovation Funds are awarded twice a year. This year’s awards are the fourth installments of the grants.