Could you live on $3,000 a month? How about $1,500?
That’s the question a group of students at Boston International Newcomers Academy (BINCA) recently tackled as part of a <a Connell talks about the housing crisis in Massachusetts and the pros and cons of rent control measures.
Brady was joined by Rosalis Pimentel, another Bank of America employee in providing the lesson through a partnership between Boston Public Schools and the Greater Boston Chamber of Commerce Foundation. The program connects students with financial professionals who help teach practical money-management skills.
“You need to stay disciplined,” Pimentel told students. “What is your goal? What would you like to accomplish?”
The lesson took place during the BINCA AP <a My goals are to create products people need," said a student named Jesutofunmi. "For example, groceries, laundry and gas stations."
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She said adding up daily expenses on paper helps prepare her for what’s next.
“I feel like it made me think more about what my future is going to look like,” Jesutofunmi said.
The partnership has connected more than 1,000 students with financial professionals at eight 7-12th grade schools across Boston over the last two years Development Officer for Strategy, Partnerships and Innovation for the Boston Public Schools
“This initiative started because the students were really asking for it. They are already out in the world, some of them with jobs, some of them with deep family responsibilities where it necessitates that they really understand the world of finance around them,” said Clark. “What does all that on my paycheck mean? Why might I put money in a bank rather than at a check cashing place? Those are the kinds of questions that our students come to the table with. And what I’m excited about is the financial professionals are really engaging the students on those kinds of questions.”
The teacher of this classroom at BINCA says the program provides an important link between classroom learning and real-world <a It's so easy for them to think that what they're doing in the classroom is not connected to the outside world," said Chris Porazzo, a teacher at Boston International Newcomers Academy. "But when we have people come in, they can see the connection, and that's invaluable."
Financial literacy education remains a challenge in many Massachusetts schools. A
<p>“The school day, it’s finite, it’s packed. It’s all these obligations that the students have. And so how do we find those places where we can embed financial literacy to support their learning that doesn’t totally compete with their other academic work?” said Mike Holland, director of workforce development strategy at the Greater Boston Chamber of Commerce Foundation. “In some cases, it’s part of a math class or social studies class or career prep class, just finding those ways to get that content into the school day has been a challenge, but it’s something that we’re addressing.”>
As for these students, Brady says they are on the right track: “I think one of the biggest things that surprises me is how much money they end up having left over when we go through the budget exercise. You know, you expect teenagers to spend their money at a lot of different places, not really thinking about where they’re spending it or how much is left over. And they were really thoughtful in how they spent their money on the budget exercise and then how much money they have left over and where they want to use it, which is a lot of times to save for their future, which is really important and what we want to make sure they take away.”
Boston Public Schools is looking to expand the program to additional schools with the help of more finance professionals willing to volunteer in classrooms. People interested in participating can contact the Greater Boston Chamber of Commerce Foundation for more information.
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