In the 2017-2018 academic year, 14 Massachusetts high schools implemented MoneySense, a free, digital financial education program. Metro Credit Union (MCU) has partnered with leading education technology company EverFi, Inc., to bring this interactive, web-based financial management program to over 1,900 students since the program’s inception in 2017.
“Metro is proud to have empowered so many students with the essential skills needed to make sound financial decisions. It’s a testament to our investment in the communities we serve,” Charlene Bauer, chief development officer, said. “It is crucial that high school students understand important aspects of personal finance like the difference between wants and needs and how to make a budget. This course is providing them with the knowledge needed to successfully navigate the increasingly complex financial world we live in.”
The 1,950 students reached through MoneySense completed 5,448 hours of learning since the program was introduced. Students’ understanding of key financial topics rose by an average 71 percent based on pre- and post-assessment scores. Among the valuable topics covered were saving, banking, investing, renting versus owning, credit scores, taxes and insurance, and consumer fraud.
The program engages and interacts with students while placing them in real-world scenarios. Students truly appreciate learning about topics that they can and will use in their day-to-day lives. As one student who participated in the program stated, “I will apply it to my everyday life. These lessons are helpful for the future of banking and buying. I think it really has helped prepare me for how I am going to use money in the future.”
MoneySense is implemented in a co-curricular basis, providing students with the opportunity to develop healthy financial attitudes and behaviors in a classroom setting. Metro Credit Union’s partnership with EverFi, Inc. brings the program to local students at no cost to the schools or the taxpayer. According to recent EverFi survey data, 87 percent of parents talk to their kids about money but only 43 percent of parents describe themselves as ‘well prepared’ to teach their kids about money, and many do not discuss more complex concepts like credit, financing higher education, or building wealth, focusing instead on values and rules-of-thumb like saving, managing spending, and avoiding debt. These statistics support the need for financial education in a school setting, where all students have an equal opportunity to learn essential financial skills.
Metro Credit Union is the largest state-chartered credit union in Massachusetts, approaching $1.8 billion in assets. Metro provides a full range of financial products to more than 200,000 members in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable, Bristol and Worcester counties, as well as to over 1,200 companies throughout the Commonwealth.
Founded in 1926, Metro currently operates 15 branch offices in Boston, Burlington, Chelsea, Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, and Tewksbury. Metro is a founder and managing partner of CONNECT, Chelsea’s financial opportunity center. Learn more at MetroCU.org.
EverFi, Inc. is the leading education technology company focused on teaching, assessing, and certifying K-12 and college students in the critical skills they need for life. The company teams with major corporations and foundations to provide the programs at no cost to K-12 schools. Some of America’s leading CEOs and venture capital firms are EverFi investors Learn more at www.everfi.com.