A Penny Saved
My problem of practice is that students have little to no knowledge of how to handle money. I know it’s a problem because through conversations with students, reading research articles, speaking with local bank branch managers, and pre-testing kids about banking and financial literacy, it is very evident that there is a great need for this type of financial education. One branch manager told me it was unbelievable how many adults can’t even balance a checkbook.
The strategy I would like to implement to address this problem is a school bank for students to be able to open and then deposit money into their savings accounts. I believe that an in school bank would provide a unique, real-world, hands-on way for students to learn financial literacy and take control of their money and financial future. It is never too early to start teaching children smart financial habits and the value of money.
Educating, motivating, and empowering kids to become regular savers will enable them to keep more of the money they earn. We need to provide students with the tools and resources they need to grow into financially responsible adults. The reward could mean a life free from the worries of debt.