Danvers Students Compete With ‘Common Cents’

Ten students recently competed in a finance quiz show on Beacon Hill to gain some valuable “common sense” financial knowledge.

The competition, which featured eight schools and 50 students from around Massachusetts, was in support of a bill entitled, “An Act Establishing a Financial Literacy Curriculum,” which would mandate the inclusion of financial education concepts in the public school curriculum. The Massachusetts Bankers Association (MBA) and five banks, including , hosted “Common Cents” earlier this month.

Kevin Noyes from and DHS business technology teacher Kathy Gadzera brought the group of Danvers students, who had been selected for the competition, down to the State House.

The other four banks were Bank of America, Cape Cod Five Cents Savings Bank, Citizens-Union Savings Bank and PeoplesBank.

“One out of every three teenagers has a credit card and even more have an ATM card,” said Daniel J. Forte, president of the MBA, in a press release. “College freshmen have an average debt of $1,500 on personal credit cards and Americans under the age of 25 are filing for bankruptcy faster than any other age group. We have to better educate our future consumers about finance or they and the country as a whole could struggle.”

Gadzera agrees.

“The reality is our economy is still in crisis — an epidemic, for which young people are largely unprepared,” she said. “Schools are charged with teaching students what they need to know to survive. Changes have been made to health curricula in response to AIDS and bullying epidemics, for example. Financial literacy is just as crucial. I am thankful that as a school and community, we are being proactive in preparing our students for the financial realities they will face.”

For the past five years, has hosted Reality Check, a one-day, financial decision-making simulation for Danvers High seniors that teaches basic personal financial management skills.

“It is an excellent program, but students need to start their financial education earlier.  Ideally, they should start a saving habit in elementary school. The amount doesn’t matter; it is the behavior that needs to be developed,” said Noyes.

“Students graduating from high school have targets on their backs. They are old enough to legally make decisions that can have devastating consequences for years. They should be aware of what will be offered to them, show them their options and the consequences of the choices they make,” he said.

The Common Cents competition was videotaped and will be available to interested schools and teachers statewide as an instructional tool, and will be distributed to local cable access channels as well as posted online.

“It’s hard to believe that currently there is not a mandated financial education curriculum in Massachusetts’ schools. Some schools have it and some don’t. That’s why we support the new legislation currently being debated on Beacon Hill and this Common Cents program,” said Forte.

“We are trying to facilitate change and better prepare our young people leaving school, whether they’re moving into their work life or entering college,” he said.

Danvers High competed with Barnstable High School, Falmouth High School, New Bedford High School, B.M.C. Durfee, City on a Hill Charter School, Chicopee Comprehensive High School and High School of Science and Technology in Springfield.