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Jeanne D'Arc CU Provides Financial Literacy Lessons to Over 200 Local High School Students

LOWELL, MA – More than 200 seniors from Dracut High School participated in Jeanne D’Arc Credit Union’s MoneyStrong For Life Fair on Thursday, November 8, 2018. The Fair provides students with insight on the types of financial decisions they will be responsible for in adulthood.

Students chose their desired profession and were assigned a realistic income along with credit card debt, a savings account balance and student loan debt. Aspiring police officers, veterinarians, writers, choreographers, medical assistants and engineers moved from booth to booth making spending choices on life essentials while managing a budget based on their monthly income.

At each of the 13 booths, students made choices such as which insurance plan would be best, if they should purchase a car or opt for a bus pass, how much they would spend on clothes and furniture, what kind of apartment they would live in, and whether or not to have roommates, all while weighing the delicate balance of needs vs. wants to ensure their decisions fit into their budget. They were also assigned a credit score and learned what they could do to raise it if needed.

“We are pleased to provide local high school students with such a fun and effective learning opportunity each year,” said Mark S. Cochran, President and Chief Executive Office of Jeanne D’Arc Credit Union. “The Fair shows students the realities of adulthood, and demonstrates the ways they can make financially responsible choices now and in the future,” he added.

Approximately 60 volunteers, the majority of which were Jeanne D’Arc Credit Union employees, helped manage the booths and assisted students in the decision-making process.

Many students expressed the valuable lessons they learned from the event, such as the importance of preparing for emergencies and unexpected expenses, saving money and spending wisely, understanding the cost of living and raising a child, and spending on needs rather than wants.

As the final step, all students visited the “Counseling” booth where they discovered whether they were living within their budgets. Some students had to make changes to their lifestyle when it was revealed they were spending more money than they were earning.

Photo: Dracut High School seniors (from left to right), Christopher Digaetano, Kuzi Mvududu, Meghan Gedrich. Mackendra Looney, Ayiman Ata and Matthew Rossetti, were among 200 other seniors who participated in Jeanne D’Arc Credit Union’s MoneyStrong for Life Fair.

About Jeanne D’Arc Credit Union:

Jeanne D’Arc Credit Union was established in 1912 and is a full-service, member-owned community-based financial cooperative with more than 85,000 members and $1.3 billion in assets. It operates eight full-service branches in Lowell, Dracut (2), Tyngsboro, Chelmsford, Methuen and Westford, Massachusetts and Nashua, New Hampshire; high-school branches at Lowell High, Dracut High and Nashua High School South; a loan center in Lowell; and a mortgage center in Chelmsford.

 


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