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After working with local high schools, Institution For Savings has partnered with Salem State University to bring its “Credit For Life” fair to the collegiate campus.

“This is an important time for college freshmen because for the first time so many of them are taking on increased responsibility for their own fiscal decisions,” Institution for Savings President and CEO Michael Jones said in a statement. “From budgeting for tuition and textbooks to handling day-to-day expenses like food and transportation, understanding financial basics is crucial. Having financial knowledge and skills can help them make informed financial decisions now that will set them up for future success. And we are happy to help them on that journey.”

Credit for Life is an interactive financial literacy program designed to teach individuals about budgeting, saving, and making responsible financial choices. Users of the simulation take on the role of 25-year-old adults, choose careers, receive mock salaries, credit cards and savings accounts, then navigate various expenses such as housing, transportation, and groceries. The goal is to help them understand the real-world costs of adulthood and develop crucial financial management skills before they face these challenges themselves.

Massachusetts is one of only 21 states that currently does not mandate a personal finance course as a graduation requirement. Additionally, a recent Ellucian report found that 59 percent of college students surveyed considered dropping out due to financial stress and 57 percent said they had to choose between college expenses and basic needs like food and clothing.

“Until financial education is required in all our schools, we will continue to do our part to provide these critical life skills when we can,” Jones said. “Knowing how to manage debt, balance a budget and live within our means is a basic life skill that will set these students up for future success, financially and in life.”