Cape Cod 5 Announces Virtual Credit For Life Platform For High Schools

Filed Under: Finance, Banking, Other News

April marks Financial Literacy Month and Cape Cod 5 is reaching out to help local high school juniors and seniors attain financial knowledge via a new digital platform. Developed in collaboration with eight other Massachusetts banks, the website is intended to serve as a safe and innovative alternative to the traditional in-person fairs as well as a modernization of the event going forward.

Credit for Life is a nationally recognized financial literacy program, sponsored locally by Cape Cod 5, where high school students assume the role of a 25-year-old adult and are given the opportunity to make personal financial decisions. The bank partners with area schools to share financial know-how tips and offer guidance to students on the impact of those decisions on their overall budget and financial well-being. Since the first Fair was offered by Cape Cod 5 in 2011, more than 14,500 students across the Cape, Islands and Southeastern Massachusetts have taken part in the Credit for Life program.

“At Cape Cod 5, we consider financial education to be an important aspect in the growth of all individuals and that it should start at a young age,” said Dorothy Savarese, Cape Cod 5 chair and CEO. “We are proud that this collaborative effort has enabled us to continue the Credit for Life tradition in our region as we aim to enrich the lives of our local students to set them up for future success.”

Cape Cod 5 was able to ensure that this year’s class had access to the same opportunities and resources offered in schools prior to the pandemic.

The site was designed by Stackpole & Partners of Newburyport, in collaboration with Cape Cod
5, the Institution for Savings, Bay Coast Bank, HarborOne Bank, The Savings Bank, Rockland Trust, Westfield Bank, Country Bank and, a not-for-profit financial literacy organization.

The website has been tested by a group of educators, students and volunteers and will be introduced to high school classrooms later this month. The group is also in the process of establishing a 501 c 3 that will allow it to raise funds and plan for future school financial literacy initiatives to augment the Credit for Life Fairs with financial literacy modules, tools and content.

Students can contact their schools for more information.