Summer Youth Learns Money Management Skills
Cambridge Savings Bank teaching teens to manage money
The following was submitted by the Cambridge Savings Bank:
For the third consecutive summer, Cambridge Savings Bank (CSB) is providing financial education lessons to more than 150 teenagers enrolled in Cambridge Mayor’s Summer Youth Employment Program (MSYEP). The lessons, taught by trained financial educators from the bank’s CSBsmart program, were custom-tailored for the teens to focus on budgeting and savings, checking account management, credit smarts, and fraud smarts.
“We are thrilled to collaborate with the Mayor’s Program by continuing to welcome Cambridge teens to learn from our financial education curriculum,” said Wayne Patenaude, Cambridge Savings Bank’s president and chief executive officer. “The bank appreciates having the opportunity to add money management to the critical life skills that our community’s youths practice as many of them enter the world of employment for the first time.”
The Mayor’s Summer Youth Employment Program employs about 950 teenagers between the ages of 14 and 18 and places them in public sector or non-profit jobs throughout Cambridge for six weeks during the summer. The four CSBsmart financial education sessions are one of many skill-building workshops the teens attend through MSYEP.
These topics were useful to me since I didn’t know how much credit can affect your life,” said Dean Douyon, a Cambridge Rindge & Latin School student participating in MSYEP. “If you have bad credit you can’t buy a car, rent an apartment, or start a business.”
CSB financial educators measure the increase in the teens’ understanding of key financial concepts by comparing their scores on a 40-question pre-session survey to their scores after the lessons. Last summer, students increased their scores by 105 percent.