At a new lender inside the class, students at Hampton Bays High School will soon be able to open their personal bank accounts, make deposits and withdrawals, and other financial improvements.
According to Superintendent Lars Clemensen, the bank’s generation, known as the Baymen Financial Literacy Center, aims to put in pupils the wealth management abilities they’ll need as adults. It debuts on Feb. 29.
According to Clemensen, “we want to make certain financial education is a common language for children.” “We don’t want our children to leave this place and apply for their first credit card while unsure of what to do.”
As more teachers across the nation press for schools to offer more hands-on instruction in managing personal finances, the initiative was launched. A New York high school diploma may now require financial planning education, according to the state Board of Regents.
A $30,000 state grant was used to construct Hampton Bays ‘school bank, which is also open to faculty and staff. It will be run by a bilingual teller who works for the Teachers Federal Credit Union on two days per week, from 9 am to 1 pm.
The lender is a part of the credit government’s commitment to supporting the area, according to Noy Kakkar, vice president of retail for the organization.
Each child’s profile may be communicated with parents by school officials, and any checking accounts must be co-opened with a parent, according to Clemensen. To keep school safety, he said, students would be unable to apply for loans and the lender would not be accessible to the general public.
Kids can save $5 for a class trip or $10 for the school ring by having access to that center in the building, he said.
More financial management instruction, according to Clemensen, could help them break the cycle of poverty that can affect generation after generation. He pointed out that 65% of district students are regarded as economically disadvantaged.
Representatives from the condition comptroller’s office urged the Regents to create personal finance a certificate requirement earlier this month. Although they are required in an increasing number of states, financial literacy courses are not now required for students in high schools all over New York.
Longtime Regents board member Roger Tilles of Long Island expressed his satisfaction with the board’s progress and stated that he anticipated official activity within a few months.
A “Value of the Pupil Experience” has also been created by the Hampton Bays district, which breaks down expected expenses for students over the course of their four years of high school, including school trips, college visits, game tickets, and college application fees.
According to Diane Fox, the state’s director of linguistic and other knowledge, “many extra costs are difficult or impossible for some families to afford as students plan for their potential.” Students will have the chance to finances and manage their money properly for their high school and post-high school goals thanks to this relationship.
According to Clemensen, the Hampton Bays area is improving its economic literacy and cash management instruction across the grades and now offers a great school elected class in personal finance.
The class bank, according to him, “is a sensory representation of economic literacy.” This will be seen by individuals as a place to go to take care of crucial matters.