New London - More than 300 local high school students descended Thursday on the campus of Connecticut College for a little Money Madness - a nearly six-hour program designed to introduce young people to issues such as identity theft, financial planning and problem gambling.

"It's made me value money a lot more," said Eric Ross, a student at Montville High School, after hearing financial expert Peter G. Bielagus give the morning keynote speech and attending a few breakout sessions.

Ross said the event had awakened him to the fact he will be leaving high school soon and will have to be making more financial decisions on his own.

Fellow Montville High student Noah Cook added that the sessions had made him think about the need for budgeting and spending wisely.

Both teachers and students said the ninth annual Money Madness event, sponsored by Chelsea Groton Bank at Conn's Crozier Williams Student Center, covered a topic that not many schools touch on in their curriculums.

"It's a great chance to learn about information we don't get a chance to share in school, such as budgeting and debt," said Christine Justice, a mathematics teacher at Norwich Free Academy, a school that had about 30 students at the event.

One breakout session involved Liz McCall, prevention educator at the Connecticut Council on Problem Gambling, talking about risk taking and addictive behaviors. She highlighted one recent story of a man who gambled away $127,000 at a casino, which led to the loss of his wife's business and put both his home and his children's college education at risk.

"It's a devastating disease," she said of gambling addiction.

And she said that while most people can go to a casino and not lose their life's savings, a small percentage of risk-takers needs to identify the adrenaline rush they get from gambling and know enough to stay away.

"I love exciting, crazy things ... I am an adrenaline junkie," she said. "The casino is not a place for me."

Paulette Retsinas, a financial planner at Chelsea Groton Bank, said a bit of the gambling mentality goes into investing in the stock market as well, but it's a lower risk than the all-or-nothing bets played at the casino. She added during a separate breakout session that the returns on investments are often tied to how much risk you want to take with your money.

"When the market is down, that's the best time to buy," Retsinas said.

"It's like a sale," added co-presenter Mary Conti, a branch manager at Chelsea Groton.

Retsinas urged students to begin setting aside money as early as possible, foregoing $200 sneakers to save money for things that really matter.

"Discipline yourself," she said. "Pay yourself first. ... This is not that difficult to do."

It's not as important how you save or how you budget as it is that you make the effort to do so, Retsinas said. One person she knows keeps cash in envelopes marked for different spending categories, such as gas and food, and her friend never dips into one envelope to pay for overspending in another area.

"You have to find a way that works for you," she said.

And the savings from even small amounts set aside each month can mount quickly- especially if you start young, Retsinas said. Saving $100 a month starting at age 25 can lead to more than $400,000 in savings by the time of retirement, she said.

Other schools involved in Money Madness were Fitch High School, the Marine Science Magnet High School and Grasso Tech in Groton; Stonington High School; Sachem Street School in Norwich; New London High School; Wheeler High School in North Stonington, and Waterford High School.

l.howard@theday.com

Twitter: @KingstonLeeHow