Supporting Our Communities Through Financial Literacy Programs
As a community bank, our mission includes helping our customers and communities build solid economic foundations for our region. That commitment is why we focus on delivering world-class products and services to individuals, families and businesses. Providing education on financial matters is also part of our mission, which is why we partner with local schools to improve the financial literacy of the next generation.
Annual Credit for Life Fair
Every spring we collaborate with local high schools in our market to underwrite and organize the Institution for Savings Credit for Life Fair. A nationally recognized program designed to help high school students develop personal financial management skills. This is a half-day event where 11th graders play the roles of 25-year old adults and are assigned professions and annual salaries. Then working within a budget based on their monthly "income," they visit 15 booths over a 3 hour period to make "purchases" utilizing imaginary cash, credit or savings. The goal of this event? To teach youngsters how to budget their money.
Participating high schools include Amesbury, Newburyport, Pentucket, Triton, Ipswich, Masconomet, Hamilton-Wenham, Manchester- Essex, Landmark, Beverly, Swampscott, Gloucester and Rockport High School!
Get Smart About Credit
Every fall and spring, our employees visit high schools in the Bank's market area to talk to seniors about the importance of careful budgeting, maintaining good credit and the perils of bad credit. The goal is to help young adults develop a stronger understanding of credit and how to use it responsibly before they leave high school.
Be a Smart Saver!
Good money habits start early! Our "Be A Smart Saver" initiative is a spin-off of Teach Children to Save, a national program that helps young people develop lifelong savings habits at an early age. Each spring, our employees visit area elementary schools to teach young students about the importance of saving money.
At the end of these fun and interactive assemblies, students learn about the things they can do with money (earn, spend, save, share), know the difference between needs and wants and start making their own savings plans!
First-time Homebuyer Programs
Buying your first home can be daunting....and that is why we are here to help you navigate the journey and explain all the mortgage options available. You'll be able to make informed choices and find the mortgage that fits your budget and lifestyle through our First-Time Homebuyer program.
A First-time Homebuyer Education Class is recommended for all first-time homebuyers and required for some of our programs. As an added incentive, Institution for Savings will provide a $500.00 closing credit to all applicants who complete an approved course and close their loan with us. We have also partnered with local First-time Homebuyer Education providers and offer an "at closing" refund of their standard course fee, in addition to our closing cost credit.
First-time Homebuyer courses provide important information about:
- Qualifying and applying for a home mortgage
- Working with realtors, home inspectors and closing attorneys
- Purchasing homeowners insurance
- Special issues surrounding condominiums and multifamily homes
To register for a class, contact one of our non-profit partners listed below.
Please note: due to COVID-19, all workshops have been suspended; please contact these organizations directly for more information.
- Bob Dumais, Gloucester Housing Authority, 978-281-4770, www.ghama.com
- Ellie O'Leary, Coastal Homebuyer Education, 978-992-4106 www.CoastalHomebuyerEducation.blogspot.com
Identity Theft Seminars for Seniors
Identity theft occurs when a criminal deliberately uses someone else’s identity to obtain financial gain, to make purchases or to obtain credit or loans or to gain other benefits in another person’s name, often at the other person’s loss or disadvantage. Identity theft occurs when anyone obtains, uses and/or gains access to your personal documents and information without your consent.
Seniors are particularly susceptible to identity theft for a number of reasons and each year the number and types of scams increase. To help seniors protect themselves, we regularly visit senior centers to make presentations on financial topics important to older adults such as identity theft and financial fraud. We also participate in community events to educate adults about staying financially fit.