SPRINGFIELD — Veritas Preparatory Charter School in Springfield is set to make significant strides in financial literacy education for high school students, thanks to a grant from the 2024 Financial Education Innovation Fund, administered by the state treasurer’s Office of Economic Empowerment.

The school, a first-time recipient of the grant, is among 59 schools across Massachusetts, sharing a total of $223,548 aimed at enhancing financial literacy. Since their launch, the Credit for Life Fairs have provided over 45,000 students with valuable insights into managing finances effectively.

With the $6,000 grant, Veritas Prep joins the statewide effort to promote financial literacy among high school students, preparing them for financially responsible adulthood.

The initiative focuses on schools in communities like Chicopee and Springfield, highlighting the importance of providing young adults with the tools to make informed financial decisions.

Rachel Romano, the founder and CEO of Veritas Prep expressed her enthusiasm for the opportunities the grant will provide.

“We’re excited to use the funds to kickstart events and experiences focused on economics and financial literacy, crucial for our students’ success as adults and citizens,” Romano explained.

Veritas Prep plans to host a “Reality Fair” that incorporates career exploration with financial literacy elements, allowing students to engage in practical exercises related to investing in their education and future.

“This fair isn’t just about meeting employers and colleges. It’s about helping our students make informed choices, particularly regarding college education and the associated costs,” she said.

The Reality Fair will introduce students to delayed gratification and its impact on earning potential.

“Many of our students would be the first in their families to attend college. We want them to understand the financial implications of their career choices and the benefits of investing in their education,” Romano added.

Veritas Prep, which opened its high school two years after launching a middle school in 2012, is committed to providing life skills education. “Opening the high school allowed us to offer more opportunities for our students to prepare for their futures,” Romano noted.

The March 8 Reality Fair is part of a broader effort to prepare students for financial responsibility.

“We’re not just organizing an event. We’re embedding financial literacy into our curriculum to ensure our students are well-prepared for their future financial responsibilities,” Romano emphasized.

This initiative aligns with the state’s goal of fostering a financially literate and prepared generation. State Treasurer Deborah B. Goldberg praised the initiative, highlighting the importance of such programs in equipping students with essential financial skills.

The Financial Education Innovation Fund Grant, funded through a settlement over alleged unlawful lending practices, reflects the state’s commitment to financial literacy.

As part of the broader community effort, Veritas Prep invites professionals from various fields to share their experiences and insights, further enriching the students’ learning experience.

“We want our Reality Fair to be a comprehensive learning experience, reflecting the real-world scenarios our students will face,” Romano said, highlighting the importance of community involvement.