Cambridge Savings Bank expands CSBsmart financial education program into 17 local communities
Cambridge Savings Bank recently expanded the CSBsmart Financial Education Program into 17 local communities in Eastern Massachusetts. Inspired by significant need in the communities it serves, Cambridge Savings Bank continues to broaden a high-quality comprehensive financial education program that is designed to reach every segment of local communities, regardless of age or economic background.
“Expanding the CSBsmart Financial Education Program fulfills a critically important aspect of the bank’s commitment to improve the financial well being of people living in the communities we serve,” said Robert M. Wilson, president and CEO of Cambridge Savings Bank. “By increasing the scope of CSBsmart, the bank addresses a tremendous marketplace need. In an era in which too many people have been taken advantage of by unscrupulous lenders or pay too much in fees to check cashing businesses, consumers absolutely must have better understanding of their finances.”
The recent economic downturn and the nation’s slow recovery highlighted the significant need for individuals to better understand their finances, especially young adults and teens. Recent studies conducted during the past decade reported alarming results regarding the nation’s financial literacy. This was particularly true for teenagers, with studies showing that more than half of the nation’s youth lack competency in financial matters.
CSBsmart seeks to contribute to the economic development of our communities by empowering individuals with financial education and money management skills. The expanded CSBsmart program addresses the critical need for financial education through formal programs offered in elementary and high schools throughout Eastern Massachusetts. It also serves at-risk populations, including elderly and low-to-moderate income residents in these local communities, as well as underserved populations, including new immigrants, Welfare to Work participants and students.
Staffed by more than 25 bank employees who are trained financial educators, CSBsmart is comprised of 10 customized modules that familiarize participants with the basics of budgeting and saving, the importance of maintaining financial stability, credit and fraud protection, and easy-to-understand steps that allow anybody to learn how to appropriately manage personal finances.
“By helping people understand their finances regardless of their age or background, we are fulfilling an integral part of our mission as a community bank,” said Susan Lapierre, senior vice president of community relations and Community Reinvestment Act officer for Cambridge Savings Bank. “Every study shows that access to credit and the ability to save are essential aspects of a community’s well-being. Many people don’t understand even basic financial matters, which can expose them to
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potential danger. Cambridge Savings Bank has a real opportunity to improve many lives through its CSBsmart program.”
Bank officials have carefully monitored the results of participants since the initial launch of the program. Pre- and post-program tests of financial knowledge among high school students who participated in the program showed a 93% increase, on average, in terms of improved financial understanding and awareness. Improved scores underscore the program’s effectiveness in providing a foundation in financial education. Participants can build upon this throughout their lives by honing their money management skills to help them on the path towards achieving their individual financial goals.
For more information, please visit www.cambridgesavings.com, and click on the CSBsmart tab to view the recently launched CSBsmart section of the bank’s website which features additional resources for program participants as well as members of the public.
The recent economic downturn and the nation’s slow recovery highlighted the significant need for individuals to better understand their finances, especially young adults and teens. Recent studies conducted during the past decade reported alarming results regarding the nation’s financial literacy. This was particularly true for teenagers, with studies showing that more than half of the nation’s youth lack competency in financial matters.
CSBsmart seeks to contribute to the economic development of our communities by empowering individuals with financial education and money management skills. The expanded CSBsmart program addresses the critical need for financial education through formal programs offered in elementary and high schools throughout Eastern Massachusetts. It also serves at-risk populations, including elderly and low-to-moderate income residents in these local communities, as well as underserved populations, including new immigrants, Welfare to Work participants and students.
Staffed by more than 25 bank employees who are trained financial educators, CSBsmart is comprised of 10 customized modules that familiarize participants with the basics of budgeting and saving, the importance of maintaining financial stability, credit and fraud protection, and easy-to-understand steps that allow anybody to learn how to appropriately manage personal finances.
“By helping people understand their finances regardless of their age or background, we are fulfilling an integral part of our mission as a community bank,” said Susan Lapierre, senior vice president of community relations and Community Reinvestment Act officer for Cambridge Savings Bank. “Every study shows that access to credit and the ability to save are essential aspects of a community’s well-being. Many people don’t understand even basic financial matters, which can expose them to
(more)
potential danger. Cambridge Savings Bank has a real opportunity to improve many lives through its CSBsmart program.”
Bank officials have carefully monitored the results of participants since the initial launch of the program. Pre- and post-program tests of financial knowledge among high school students who participated in the program showed a 93% increase, on average, in terms of improved financial understanding and awareness. Improved scores underscore the program’s effectiveness in providing a foundation in financial education. Participants can build upon this throughout their lives by honing their money management skills to help them on the path towards achieving their individual financial goals.
For more information, please visit www.cambridgesavings.com, and click on the CSBsmart tab to view the recently launched CSBsmart section of the bank’s website which features additional resources for program participants as well as members of the public.
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