Community Involvement:
Newsletter 2019 V2 Article - Reality Fair
This March, UMassFive partnered with Greenfield Community College (G.C.C.) for the sixth year in a row to provide a day of financial wellness education to area high school students through a Reality Fair. This program has helped provide financial education to nearly 2,000 area students since its inception.
At a Reality Fair, students select a career and are assigned an average entry-level salary within that field. Envisioning how they would like to live at age 25, they are then tasked with making important spending and savings decisions—visiting booths where they are asked to choose between housing options, transportation packages, meal plans, clothing choices, and more, each with its own budgetary requirements. Additionally, students are asked to consider the impact of repaying student loans associated with their chosen career choice, and setting aside emergency savings when budgeting.
Reality Fair programs, started by credit unions, have been adopted nationwide by both credit unions and banks due to their demonstrated success in helping high school seniors understand the realities of their financial decisions. Over two days, nearly 400 student participants from eight Hampshire and Franklin County schools were bussed to G.C.C. to attend this year’s Reality Fair, while nearly 50 volunteers from the community, G.C.C., and UMassFive worked together to run the event. Volunteers from UMassFive could be found throughout the fair—manning a booth advocating the importance of saving for emergencies and retirement, as well as providing one-on-one financial coaching for students while reviewing the success of their budgets.