We’ve all seen it: young people developing spending habits ahead of saving habits. And curriculum demands don’t leave a lot of time for financial education. Lack of financial literacy jeopardizes monetary stability for individuals and the community.
Nichole Richardson (left) and Shannon Johns, U.S.Bank, were among 100 volunteers from the banking industry spending a day instructing CPS seventh-graders in financial literacy September 15.
In an effort to build financial literacy and help students pave the way to long-term success in achieving their career dreams, 100 volunteers from 13 area financial institutions led lessons on the importance of saving for more than 2,000 7th graders in 80 classrooms in 19 district schools in a single day.
The curriculum, Teach Children to Save is a national program sponsored by the American Bankers Association Community Engagement Foundation to help students set long-term financial goals and distinguish between “wants” and “needs.”
The lessons were part of the CPS My Tomorrow initiative, ensuring students aren’t just academically prepared, but also are equipped with the life skills they will need to make good personal choices to succeed in college and careers. “Teach Children to Save is a perfect example of how partners in our community are stepping up to help us drive home those concepts,” says Mary Ronan, superintendent, Cincinnati Public Schools.
“Our local banking community understands that lives are improved when individuals have the tools and knowledge they need to successfully manage their finances,” says Tim Elsbrock, Cincinnati Market President, Fifth Third Bank. “We also understand that, like so much in life, the sooner good financial habits are adopted, the more likely they are to continue. This project aligns with the Bold Goals for Our Region in education and income.
“This outpouring of support from area banking institutions is an example of the kind of collective commitment required to ensure our the Bold Goals are met,” says Rob Reifsnyder, United Way president. “Family financial stability plays a critical role in providing children with the foundational support they need to succeed in school and life. Starting lessons in school about saving is a great way to begin instilling the importance of financial stability in our youth.”
This was my second year being involved with the Teen Financial Literacy Day with Cincinnati Public Schools and I am very impressed with the curriculum. It is extremely important that we teach our youth the importance of saving and making better decisions when it comes to how they should use their money. I am honored that United Way has chosen Robert A. Taft Information Technology High School as one of the locations. I am a Taft Graduate and I wish that this lesson was available when I attended the school. Each one of our volunteers enjoyed the interactions that they had with the children and we all look forward to participating again in the future.
- Ebony Feaster
The project also served as United Way’s Unite for Teen Financial Literacy Day. Participating banks and financial organizations, led by Fifth Third Bank, include: Chase, the Federal Reserve, Fidelity, Fifth Third, First Financial, Guardian Savings, Huntington, Park National, PNC, Stock Yards Bank and Trust, Union Savings, U.S. Bank, and Vantiv.