South Shore Bank partnering with Money Experience to increase Financial Literacy
Since its launch in early 2019, Money Experience has teamed up with partners across its home state of Massachusetts to help provide people of all ages the opportunity to increase their financial literacy. Through partnerships with YMCA of Greater Boston, Girls Inc., Boys & Girls Clubs of Boston, State Street Corporation, Boston Children's Hospital, South Shore Bank, and numerous other companies, organizations, banks and school districts, Money Experience has touched a diverse audience statewide.
In the most recent National Report Card from the Center For Financial Literacy, Massachusetts was one of only nine states in the US that received a failing grade. And for residents living in a state with no financial literacy requirements, associated budget, or curriculum available for schools that take the initiative to introduce the topic, this comes as no surprise.
"We've seen a really strong response from the local community," says Jeet Singh, co-founder and CEO of Money Experience. "Schools, financial institutions, and nonprofits recognize the need for engaging financial education and are done waiting for legislation to provide a solution. Now they're thinking creatively about how they can provide programs and we're really starting to see an impact."
The Money Experience personal finance program is a simulator and curriculum that helps teach the next generation how their life choices can impact their finances and quality of life. The platform aims to broaden the way financial decisions are understood among the next generation of adults by letting users test their assumptions about the future and see how their life choices impact their wealth and well-being. As it increases its presence across the region, Money Experience is setting the stage for the next generation to be armed with essential information to make educated decisions about their finances.
Through a summer-long partnership with YMCA of Greater Boston, Money Experience simulations were offered at The Oak Square YMCA in Brighton, the Parkway Community YMCA in West Roxbury, and the Dorchester YMCA. The YMCA of Greater Boston strengthens the Greater Boston community through a focus on youth development, healthy living and social responsibility, allowing for Money Experience to perfectly align and partner with the nonprofit.
"The simulation and graphic novel made it a lot easier to digest the information and financial topics," says John, Massachusetts-based college freshman. "This thing is probably the most advanced financial literacy that anyone my age will do, so it was definitely a really good way to get these topics started."
By partnering with Canton Co-operative Bank, Money Experience has been taught to students Canton High School. Canton Public Schools Wellness Coordinator Ryan Gordy is leading the implementation of the Money Experience program for two cohorts through Family & Child Studies and Life After Canton courses, both offered to juniors and seniors.
"At Canton Co-operative Bank, we're all about helping people be successful with money," said Anabela Vargas, vice president and senior loan officer. "This truly innovative program seemed like something that would be perfect for us to activate in our community."
A partnership with South Shore Bank is introducing Money Experience in high schools across the South Shore. Through the partnership, launching soon, students in grades nine through 12 will have the opportunity to explore how each decision they make starting now can impact their long-term financial health. Schools preparing to implement the program are: Braintree High School, East Bridgewater High School, Hingham High School, North Quincy High School, Norwell High School, Pembroke High School, Quincy High School, Stoughton High School and Weymouth High School.
In partnership with Jean D'Arc Credit Union, Money Experience has also been run in Nashua, Dracut, and Lowell High Schools. Additional programs have been offered at Northeastern University, Bridgewater State University, Westfield Public High School, and Fontbonne Academy.
"Helping arm students with the knowledge to understand the relationship between financial decisions, personal priorities, and quality of life helps to prepare them for a lifetime of better decisions," said Brilene Faherty, curriculum director at Money Experience.
Looking ahead to 2020, the platform will continue to engage with students and communities in Massachusetts, but also expand its reach throughout the country with new offerings, including recently launched Money Experience Pro, designed to give Millennial and Gen Z users the knowledge needed to navigate the considerable and often complex financial situations they may face as they advance in age and their careers.
About Money Experience
Part of the family of companies founded by noted Boston tech entrepreneurs Jeet Singh and Joe Chung, Money Experience is an educational technology company addressing the need for personal finance education among young people and adults. Money Experience is headquartered at One Kendall Square, Cambridge, Massachusetts. https://www.moneyexperience.com/