VIPS Programs in the Area of Financial literacy
Each year, Falmouth VIPS has been expanding its volunteer-based programs and opportunities for students in the area of financial literacy, with the goal of creating age-appropriate, multi-layered programs and experiences for students starting at the early elementary level and continuing through their middle and high school years.
Junior Achievement: VIPS is seeking volunteers who can commit to one classroom for a 30-45 minute lesson once a week for 5 weeks. VIPS will provide JA materials and training (one hour), lesson plans, and supplies for every student.
Description: Junior Achievement (JA) is a national organization dedicated to empowering young people with knowledge in the areas of career readiness, entrepreneurship, and financial literacy. Throughout the school year, volunteers from the Falmouth community visit our elementary school classrooms to present engaging lessons and interactive activities on topics including: needs vs. wants, career options, starting your own business, the role of business and government in our community, and so much more. During the current school year, over 30 elementary school classrooms have participated in Junior Achievement!
Martha's Vineyard Savings Bank Savings Program: Good savings habits start early! This program, offered at all four elementary schools and Morse Pond, provides an opportunity for students to open a savings account and make deposits right at school! Volunteers are needed weekly to help students with deposits.
Falmouth VIPS also seeks volunteers for the following programs:
Morse Pond School--Career Panel (spring)
Lawrence School--Career and Community Service Fair (June)
Falmouth High School--Career Day for Juniors (November), Credit for Life Fair for Seniors (March--see YouTube video, left, from the 2017 Fair), FHS Job Board (year-round)
Falmouth High School Student Saving and Spending Habits Survey
In April, for Financial Literacy Month, Falmouth VIPS surveyed FHS students about their savings habits and things they spend their money on. Thanks to lots of promotion and publicity, we received an excellent 40% response rate. The survey, modeled after a survey created at Revere High School as part of a statewide financial education initiative, revealed some encouraging habits:
Of the students who responded:
50.6 % Females
87.9% of students who responded have a source of income
91.3% currently have money saved, and over half (55.1%) save money regularly (either weekly or monthly)
Of those who save, 31.4% save "nearly all" their income, while 24% save three-quarters of their income, and 24.3% save half of their income
86.7% of those who filled out the survey have a personal bank account (and about half of them attribute that to their parents either advising them to open one or opening one for them)
Students indicated fairly modest weekly expenses. Based on all responses, average weekly expenditures are as follows:
Fast Food: $9.97/week
Transportation (incl. gas): $15.94/week
In terms of average monthly expenses, students spend their money on:
Cell Phones: $47.94/month
Personal Grooming: $37.50/month
Movie Tickets: $28.95/month
Concerts/Sporting Events: $38.57/month
Music/App downloads: $30.79/month