Shrewsbury – Central One Federal Credit Union, a local credit union that caters to residents within 25 central Massachusetts communities, has introduced a new Student Sense Share Draft Account for students aged 15 years or older. Students who open the account can also get a debit card that can be supervised by a parent or guardian. The debit card provides a safe means for students to have access to funds without having to carry cash, while at the same time, allows the parent or guardian to advise the student in using the card and balancing the account each month.
Central One has been taking its financial literacy program, “The Road to Financial Independence,” to local high schools for the last eight years. The new account is the next step for both the credit union and the students. Students in the program are assigned a job with a salary, and have to find a place to live, transportation, insurance and allow for other bills and expenses, and hopefully, have some money leftover to put in savings at the end of the month. During the program, students are educated on how to budget their money and prioritize where their money is spent. At the end of the program, the students present their budgets to see how they did and the rest of the class finds out if they were able to live within their means.
As the Student Sense Share Account is the next step in financial literacy for students, it is offered with the hope that a hands-on approach to money management will help students develop habits they can carry with them later in life.
David Kaiser is the branch manager for Central One's Westborough/Northborough branch.
“We'se been providing Financial Literacy programs in local schools for years,” Kaiser said. “Showing and telling students how to properly manage their finances helps, but nothing is better than hands-on training. This new card provides real-life experience for the students while allowing parents to monitor and guide their kids to develop proper money-management habits.”
Central One's Student Sense Debit Card allows students to have more freedom and in return more responsibility with their money all while being monitored by their parents or guardians.
President/CEO David L”Ecuyer is a big supporter of the program.
“We feel it's important to provide young people with the ability to gain experience using financial products such as debit cards, while still close to home and able to look to their parents for assistance and guidance,” L”Ecuyer said. “Many students get into debt while away at college because they do not fully understand what they are getting themselves into.”
The physical debit card for the Student Sense program was designed by Danielle Andrews of Northborough. She recently graduated from Algonquin High School and is now attending the Art Institute Of Chicago.
Central One Federal Credit Union, headquartered in Shrewsbury, has been providing its members financial services since 1952, when it was founded by employees of NEES. For more information on Central One Federal Credit Union, visit their website at www.centralfcu.com.
