Grossman Participates in First B.C. High Financial “Reality Fair”
Forum Aimed at Instilling Budgeting and Consumer Skills in High School Seniors
Treasurer Grossman participates in first BC High School 'Reality Fair'.
Speaking before 275 high schools seniors on the verge of graduating, Treasurer Steven Grossman today encouraged students to engage in hands-on training exercises to better prepare themselves for the financial rigors of the real world. The Treasurer offered his remarks at the first ever Boston College High School “Reality Fair,” aimed at instilling practical financial life lessons in students.
“Today’s Reality Fair brings together educators, financial organizations and volunteers who share a strong commitment to teaching financial lessons to young people in a way that is both engaging and realistic,” said Grossman. “The practical lessons that the students learn today will help them to achieve and sustain financial stability throughout their lives.”
Following Treasurer Grossman’s remarks, students participated in a number of detailed spending and budgeting simulations and workshops. A variety of financial planning organizations and faculty presented them with information on budgeting scenarios in areas such as clothing, furniture, health and nutrition, housing, transportation, and luxury items and entertainment.
Students had the opportunity to make spending and budgeting choices based on hypothetical career and lifestyle decisions, with an emphasis on the need to save for retirement and unforeseen circumstances. They then learned how to balance their budgets in individual meetings with financial counselors.
Statistics indicate that the need to better equip students with these kinds of financial lessons at a young age is substantial. One in four college students have credit card debt of over $3,000, an amount that would take an estimated 14 years to pay off, if minimum monthly payments were made.
Grossman has made financial literacy a priority in his administration, noting that, “kids need it, veterans need it, senior citizens need it, and single moms need it.” The Treasurer also successfully advocated for legislation creating the Financial Literacy Trust Fund, a non-profit organization that he now chairs aimed at raising money and creating programs to promote financial literacy. The B.C. High School event is the latest in a series of Reality Fairs in which Grossman has participated.