Financial Literacy
Students throughout the ESM District can now save their money and receive a financial education by participating in classes and programs through a partnership with the CORE Federal Credit Union.
Through this partnership with the Credit Union, our goals are to:
- Enhance financial literacy education
- Promote good savings habits
- Provide career-oriented skills—accounting, management, customer service, marketing, leadership skills
- Provide "real-life" 21st century business experience
There are three main aspects of the financial literacy program:
1) Spartan Branch of the CORE Federal Credit Union: This is a full-scale credit union branch run by high school student volunteers under the supervision of credit union personnel. Opened in October 2005, the Spartan Branch is located inside ESM Central High School serving both students and staff. High school students can open accounts and even apply for small micro-loans. The branch processes more than 1,800 transactions each year giving student volunteers valuable hands-on experience. Click here for a brochure on the Spartan Branch.
2) Bank at School Program: Student volunteers run the Bank at School program. The program allows elementary and middle school students to open savings accounts at school with parental permission and make deposits. The program is designed to encourage good savings habits and financial responsibility early in life. More than 450 elementary and middle school students have opened accounts and they make more than 1,000 transactions each year. Teams of high school students, under the supervision of an adult teacher or credit union employee, visit each of the four elementary schools and Pine Grove once a month during lunch periods. Working with the high school volunteers, younger students make their deposits into actual savings accounts at the CORE Federal Credit Union. The high school students serve as mentors and role models for the younger pupils, greeting them, helping them with their transactions, and engaging them in conversation about their savings goals during the process.
3) Financial Literacy Workshops and Promotions: Students in business classes assist with workshops to teach fellow high school students as well as participants in ESM's adult education program about financial matters like the proper use of credit and budgeting. Marketing students also develop and implement promotional ideas and contests as an incentive for saving money and becoming financially literate. In 2009, students from 10 Central New York Schools participated in the first Teen Financial Forum co-sponsored by the ESM and the CORE Federal Credit Union with ESM business students helping present interactive workshops. In the fall of 2009, high school students organized a financial fun fair for ESM elementary students.
Credit Union staff work with ESM business teachers and students at the high school to offer hands-on classes that provide valuable, real-life experience. Currently, nearly 100 students in 6 different classes in financial literary classes including:
- Principals of Marketing
- Introduction to Careers & Financial Management
- Money and Banking
- Principles of Business Management
- Principles of Accounting
- Business Communications
The program is a win-win for all students that participate. Business students receive valuable, hands-on job experience, while students participating in the Bank at School program are learning good savings habits. Those attending monthly student-run workshops are gaining real-life financial knowledge that will help them now and in the future.
Click here to see an overview PowerPoint presentation of the partnership programs between the District and the CORE Federal Credit Union.
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