Brookline Bank Announces Educational Financial Literacy Partnership with Benjamin Franklin Institute of Technology
Brookline Bank and Benjamin Franklin Institute of Technology (BFIT) have launched an educational partnership where the bank provides financial literacy training to students. Making the right financial decisions early on in life is important for all young adults who are preparing for their professional futures and the educational partnership paves the way for the students to become informed and engaged in their own personal financial affairs.
The effects of financial illiteracy are astounding. The National Financial Educators Council estimates that lack of financial knowledge cost Americans more than $295 billion in 2018, an average of $1,230 lost per person because they did not understand their finances.
“BFIT is committed to not just providing our students with the tools to be successful in their field of study, but to also empowering them financially,” said Anthony Benoit, President at BFIT. “The financial literacy program that the college is piloting with Brookline Bank has been well-received among our students. Understanding their finances, from the basics of balancing a checking account to comprehending their credit scores and becoming knowledgeable about the hallmarks of sound investments, are skills that are critical to establishing an economically secure future.”
BFIT is an affordable, urban college serving the Boston region and committed to student success and career readiness in technology fields. Located in the heart of Boston, BFITs mission is to provide a technical career path with less financial burden and time commitment to diverse youth.
BFIT students began the program in fall of 2019 when Brookline Bank provided financial literacy mini-modules accessible by their mobile phones. The mini-modules cover subjects including understanding key basic financial concepts, money management, avoiding common financial pitfalls, how to save and invest in their futures, the steps to home ownership and more.
“We wanted to deliver a program that would truly engage the students and encourage them to be a participant in their financial futures, rather than a bystander,” said Jane Adler, SVP of Brookline Bank who is overseeing the bank’s participation in the program. “The mini-modules provide clear and concise information so that the students can move on to the next steps of planning their finances whether that means building credit, saving to own a home, applying for a loan to start a business or investing for their retirement.”
Students were motivated to review the mini modules with a contest whereby the class with the most active participation would receive $100 deposited into a Brookline Bank account for each class member, plus a pizza party. The lucky winners were the 19 students in one of BFIT’s HVAC classes.
Bébert Charles, a BFIT student from the winning HVAC&R class, said he was shocked and excited to learn they won the contest. He has already deposited the $100 prize into his new bank account. “I’m going to leave it there in case of an emergency,” he said.
BFIT student Azeddine Tahiri, another member of the winning class, said the program made him more confident about managing his finances. “I loved how the teachers treated every class,” Tahiri said. “They’d go over what was in the book, and then show us how it would apply in real life.”
The next phase of the financial literacy program continues in 2020 with in-person workshops for second year students that provide them with pertinent information about financial planning for their futures.
About Brookline Bank
Brookline Bank is a subsidiary of Brookline Bancorp, Inc. (NASDAQ: BRKL), and is headquartered in Brookline, Massachusetts. A full-service financial institution, Brookline Bank provides individuals and businesses with deposit and lending services, residential mortgages and home equity lending, commercial and CRE banking, cash management, merchant services, and access to investment services. Brookline Bank operates 25 offices in Greater Boston. For more information go to brooklinebank.com. Brookline Bank is an Equal Opportunity and Equal Housing Lender. Member FDIC.
About Benjamin Franklin Institute of Technology
Founded in 1908 in Boston, Benjamin Franklin Institute of Technology (BFIT) is one of New England’s oldest colleges of technology. Started with a bequest from Benjamin Franklin and a matching gift from Andrew Carnegie, the private non-profit college offers an affordable education for people seeking technical careers. BFIT is an affordable, urban college serving the Boston region and committed to student success and career readiness in technology fields. Through personalized support, hands-on learning, and industry-informed curricula, BFIT prepares graduates for work, life-long learning, and citizenship. For more information, please go to www.bfit.edu.