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Waterford students get a 'reality check' with financial literacy app

Waterford High School students in Connecticut took part in a financial literacy challenge at their school on Friday.

It’s called the "Credit For Life" fair, which is run by a Massachusetts-based group. The program shows students the financial challenges they may face as a 25-year-old adult.

Eighteen-year-old Jack Lathrop said it was a reality check.

“I definitely think its helpful it’s like an eye-opening experience about how much real things cost and how you have to budget your money. I’ve already dropped below $500 in my savings account and I’m only 15 minutes in," Lathrop said. "So, gotta learn how to select through my different accounts differently and make better options and choices I guess.”

Event organizers said the program allows for unexpected situations like identity theft to be dropped into the scenario. That way these 225 students get a sense of what happens in the real world.

The event was co-sponsored by Liberty Bank, headquartered in Middletown, Connecticut.

“We’re really excited because this year we have a new app we’re using. And the kids can bring this information home with them, and they can show all of their choices that they made from their career, to housing choices, to how did they manage a credit card and how did they choose transportation," said Pam Days-Luketich, a bank spokesperson. "All the different life choices they have to make.

An award-winning freelance reporter/host for WSHU, Brian lives in southeastern Connecticut and covers stories for WSHU across the Eastern side of the state.