By Andra Bryan Stefanoni
news@joplinglobe.com
PITTSBURG, Kan. — The first thing third-graders from Lakeside Elementary School noticed last Tuesday when they entered Citizens Bank was a bowl of suckers.
But bank personnel and members of Pittsburg State University’s Students in Free Enterprise chapter were hoping that by the time the youngsters left, they would know that the financial world is about more than candy.
The field trip and two class visits by SIFE members leading up to it were a joint effort between the bank and SIFE to promote financial literacy in young people.
“In our economy, we feel like it is important to start learning to save at an earlier time,” said Citizens Bank branch manager Shelley Ascanio.
During recent sessions at school with SIFE members, the third-graders were introduced to the basics of opening a savings account and borrowing money, as well as vocabulary words having to do with personal finance.
During the bank visit, the youngsters peered inside the vault at safe-deposit boxes and got some hands-on practice calculating finance-based math problems.
“I learned what the word ‘deposit’ means and what interest is,” said Katie Painter.
Nicholas Mishmash said he learned that safe-deposit boxes come in all sizes, and that people put valuables in them.
SIFE member Sam Johnson, a finance major, said university students came up with the activities and content of the program themselves, while Citizens Bank developed a written guide for the students and provided each of them with an activity book.
The program is timely. During the most recent Kansas legislative session, lawmakers passed Senate Bill 41 in an attempt to ensure that students would begin learning more about the financial world.
The bill directed school districts to use textbooks that include personal financial literacy components, and encouraged the State Board of Education to review and rewrite assessments for mathematics and social studies to ensure that a greater understanding of financial responsibility is taught.
Teaching youths about financial literacy also has become a national priority. In January, the President's Advisory Council on Financial Literacy approved a report with recommendations to improve financial literacy among all Americans.
“There is no question that the lack of personal financial literacy has been a major contributing factor to the economic and financial crisis in the United States,” said council chairman Charles Schwab.
Ascanio said she has seen evidence of the need for improved personal financial literacy at the local level.
“I see so many kids get out of school at age 18 and they’re excited to get their first checking account, but you can see they don’t understand how it works,” she said. “They don’t know how to balance a checkbook, read a statement or manage their money. This field trip is a great introduction.”
