BOSTON — Stocks, bonds, high yield savings accounts. It’s not a requirement to teach personal finance in Massachusetts public schools, but some local high school students put their knowledge to the test—to earn a spot in a national competition.
This isn’t your typical school day for a bunch of high schoolers from the greater Boston area. Eight teams of four competed in the National Personal Finance Challenge at the MFS Investment Management Campus in Boston by creating case scenarios—-using their personal finance knowledge.
“When you’re talking about personal finance, you’re really talking about earning income, then what do you do with that income, right? Saving, investing, spending, credit,” said the Chief Program Officer for the Council of Economic Education Chris Caltabiano.
The CEE Chief Program Officer Chris Caltabiano says the non-profit’s mission is to bring economic education to students so that they can manage their own financial lives.
“They’re going to be doing this every single day of their lives thinking about their personal financial lives and so having this knowledge now is going to set them up for success down the road,” said Caltabiano.
To test their skills, every year the CEE hosts the National Personal Finance Challenge where thousands of students participate in a written test—then move on to a case study round. The students present how they think a young professional should spend, save and invest their money. This is Oliver Sin’s second year competing. He says he’s lucky to have several economics classes available at Milton Academy—-fueling his drive to learn more about personal finance.
“I try and talk to everyone I can about it just because I think it’s so it’s such an easy step to take but it’s so important for your future as like the old saying goes a penny saved is a penny earned,” said Milton Academy Senior Oliver Sin. “So the quicker you start the easier it is.”
And he’s been applying what he learns in the classroom—to his own life.
“Through trial and error, I can apply stuff that I see from my own eyes is working and I think that’s really the perspective that people should be going into personal finance with,” said Sin.
“So much of this is setting you up for a better future and I feel like I can confidently go into living alone and being a young adult with these skills,” said Rebecca Zhang, a senior at Lexington High School.
Zhang is on the all-female team representing Lexington High School. She says because of her finance knowledge, she already offers advice.
“I do have friends asking me where should I put my money? Would it be better to put it into a savings account, a checking account, or stocks? And it’s nice being able to help my friends with stuff like that,” said Zhang.
Right now, Massachusetts schools have no personal finance requirements, but there are currently a few bills in the State House that could change that. Caltabiano says research shows that taking a finance course in high school has an impact on your financial future.
“They have higher credit scores,” said Caltabiano. “They tend to take on a lower amount of debt. If they choose to go to college, they tend to take loans that have a better interest rate.”
MFS President Carol Geremia says the more knowledge, the better relationship with money.
“The minute they graduate, they’re going to be thinking about how to get a job and their income, but how important it is for them to understand the basics of what to do with their money,” said MFS President Carol Geremia. “So, so critical.”
The all-girls team from Lexington High School won the state competition. That means they will be moving on to the final round in Atlanta, Georgia in June.
This is a developing story. Check back for updates as more information becomes available.
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