FULL CIRCLE FINANCIAL LITERACY
By Anonymous | |
Proquest LLC |
Summit showcases programs geared to young and old
At the 2014 Financial Literacy Summit, it was apparent that financial literacy is far more than teaching young students the difference between wants and needs or how to manage a checking account. The conference, co-hosted by the
Bank staff members who have implemented financial literacy programs for decades were in attendance, as well as teachers who were sponsored by banks to attend. Firsttime attendees came away inspired to start programs at their own bank. In total, around 80 individuals attended the Summit.
Panelists spoke about programs for students of all ages, financial literacy for older adults and making sound financial decisions when choosing health care services. Bankers came away with a wide range of program options, whether simple or complex, to put into action in their communities.
EDUCATION GEARED TOWARD ALL AGES
Towne and
Bank staff members teach programs written by the
Dr.
Larson shared one anecdote that justifies the importance she gives financial education in her classroom:
"I had a student who worked at Whataburger. They weren't taking out taxes, social security from his paycheck - nothing. So at the end of the year he had to pay all of that. He had no idea those taxes had to be paid; he was devastated."
Because of stories like this, Larson incorporates calculating a paycheck and understanding insurance, debit cards and fraud into her curriculum.
Vasquez discussed a time when he was working with some senior citizens. They were very receptive to learning from him but one man chimed in to say, "It's been a pleasure working with you but you need to stop calling me a senior - call me a 'super adult.'"
Though the "super adult" story drew laughs from the attendees, Vasquez is passionate about financial literacy for seniors because of a more personal experience.
Vasquez's former mentor almost fell victim to a telephone scam where he would have sent money to a stranger. The mentor told Vasquez about the telephone call and didn't seem particularly concerned; more alarmed at the story than his mentor, Vasquez gave him some financial literacy materials so his mentor could come to a conclusion himself on whether to send money. "If a former bank regulator of 30 years would actually consider that, I figured [financial literacy for older adults] really needed to be addressed," Vasquez says.
One study suggests older Americans lost at least
PUTTING FINANCIAL SKILLS INTO PRACTICE
Students have to pass three levels of exams to become certified to prepare taxes using the 1040 tax form in partnership with the
This sounds like an activity that would be almost impossible to convince high school student to take on, right? Ochoa says otherwise: "We've got some of these kids that are normally troublemakers and turn into total dorks debating taxes."
Equipping students with real life skills while they help lowto moderate-income members of their community get the most out of their tax return at no charge is quite the win-win scenario.
The students processed
SOLUTIONS FOR THE UNBANKED, UNDERBANKED
"I think payday lending is the biggest financial crisis in
The numbers associated with predatory lending practices are staggering. Payday loan borrowers in
So what's the solution? Hull says it's the Community Loan Center that partners with employers to offer fairly priced small-dollar loans with reasonable terms. The loan maxes out at
MODERNIZING A CLASSIC RESOURCE
A staple of financial literacy programs, the Federal Reserve Bank of
Building Wealth features a story with new characters, worksheets, new content regarding the Affordable Care Act and more. The guide can be ordered for free from the Dallas Fed's website and is available for download as a PDF or as a smartphone app.
WHAT DOES HEALTH CARE HAVE TO DO WITH FINANCIAL LITERACY?
Marshall touched on finding the right doctor in your network to keep costs down and understanding the prices of health plans and prescription drugs.
Having served on the board of
To drive home how damaging health care costs can be, Marshall quoted
SPREADING THE KNOWLEDGE
Health care knowledge, financial education for students of all ages, financial education for "super adults," free resources, established programs that earn CRA credit - the information is all out there. Banks can be an incredible avenue for distributing this knowledge to members of their communities.
The opportunity is here for banks to make an impact in their communities, not only because informed, financially savvy customers make the best customers, but because it's the right thing to do. ^
OTHER HIGHLIGHTS
* Welcoming attendees was
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* Keynote speaker
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* Ed Lette, president and CEO of
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* In an interactive session,
* Attendees learned more about proven financial literacy programs from
FINANCIAL LITERACY RESOURCES
Community Loan Center
www.rgvcommunityloancenter.com
www.tea.state.tx.us/index2.aspx? id=2147489327
www.dob.texas.gov/consumerinformation/financial-education
Building Wealth (Federal Reserve Bank of
www. dal lasf ed. org/cd/wealth/
Money Smart (FDIC)
https://www.fdic.gov/consumers/ consumer/moneysmart/index.html
EverFi
Banking Is
Be Covered Texas
Copyright: | (c) 2014 Texas Banker Association |
Wordcount: | 1806 |
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