Whatever their socioeconomic backgrounds, firm road professor Joshua Getka is working to ensure that students at Woodbridge High School in northern Sussex County have the knowledge they need to manage their finances in the best way possible.
The Alfred Lerner College of Business and Economics’ Center for Economic Education and Entrepreneurship (CEEE) at the University of Delaware is collaborating with Getka and other educators to ensure that these crucial financial skills are taught to students in Newark.
In order to provide guide workshops on economic concepts and explain how to tell them, CEEE is hosting a new line of coaching sessions called the Foundations of Financial Literacy, which brings in experts from universities and the business world. The Delaware Council on Economic Education provides funding for it through Robinhood.
According to CEEE Assistant Director Scott Bacon, “we felt that we needed to offer our Delaware instructors more,” but we created this Foundations of Financial Literacy line. A personalized fund reminder was once a year offered by CEEE to teachers in the past.
According to Bacon, “Research indicates that people who have received monetary education education make better economic decisions for themselves.” They are taught to make decisions and weigh the pros and cons of doing so. They then achieve higher credit scores and lower proxy levels.
According to Bacon, when instructors receive economic training, their students perform better on federal assessments.
Making sure professors have the tools, but particularly are trained in using those resources because we know that having those resources have a direct impact on student outcomes is an important part for us, he said.
With meal and a lecture from Richard Jakotowicz, a fund professor at the Lerner College, the line kicked off on November 7 at the Fintech Innovation Hub on UD’s STAR Campus. The Blue Hen Investment Club and how its investment portfolio is managed by Alex Lambros, a top studying in financial planning and money management, and Jakotowicz spoke about Lerner’s funding education. Lastly, Nathan Franklin, the director of undergraduate service and communications for UD’s Student Financial Services, shared approaches for paying for school.
The first of five classes, which included Zoom lessons on real property and money management, were offered through April. Laura Field, the Donald J. Puglisi Professor of Finance, and Fei Xie, the Chaplin Tyler Professor of Finance, will host dinner and prizes and a discussion on financial technology (fintech) and how to understand it.
Getka has been profiting from the courses thus far. He teaches students about financial ideas related to the business world and their individual lives in his position at Woodbridge High School. There are few brick and mortar banks branches in the area where his students live, where some families have small incomes. Online banks is a possibility, but access to the internet can be difficult in this area as well.
“I saw more and more of a need, that these concepts weren’t being taught to high school students, and that students were leaving high school underprepared,” Getka said.
Regardless of what their potential ideas are, skills like applying for a credit card, creating a Roth IRA, or purchasing insurance are “absolutely needed,” according to Getka.
Younger people can fall victim to foolish plans that cost them a bunch of money in the long run without this information.
Roughly 100 teachers in Delaware have benefited from the 47-lesson” Keys to Financial Success” specific finance plan that CEEE offers in partnership with the Federal Reserve Bank of Philadelphia, according to Gail Colbert, coordinator for the Center’s personal finance plan.
They’re seeing how it goes because this is the foundations of financial literacy line ‘ first year, and they may make adjustments as needed based on opinions. Baker claimed that the use of in-person sessions and Zoom meetings is a way to stabilize the value of face-to-face conversations with the demands of teachers who may not have the time to go to Newark.
Given that he doesn’t have much time to spare, Getka, one of the many who travels by car to Newark, thinks CEEE is a good use of it.
He claimed that “all of their software is very great,” and he makes an effort to fit the events into his calendar whenever he has the chance. “I have yet to be at anything that hasn’t been thoroughly planned and carried out, which I know other teachers will appreciate.”
Getka said, “It gives me a different viewpoint, which I know the kids appreciate,” and that The Foundations of Financial Literacy has given her a chance to learn from other experts in similar circumstances.
Teachers logged in to speak from Lou Himelreich, a former Salesianum School student and a certified financial advisor for Financial Advisors of Delaware Valley, at a new Zoom meet. Himelreich covered economic subjects that he and his clients discuss, such as using debt correctly, how credit scores function, the significance of various insurance types, and the potential power of savings accounts.
Teachers were able to talk about the problems of teaching these principles in areas where hunger is a problem and how they can counsel individuals who might not be able to take advantage of the assets Himelreich discussed at the end.
Instead of trying to persuade clients what their financial goals may be, Himelreich said a key element of what he does is to help them determine what matters most to them and what their true financial goals are.
Another treatment in the line that caught Getka’s attention was in February, when a Bank of America official discussed tips for helping students manage their money. According to Getka, a lot of what kids learn in school will eventually have to pay in rent or services. That is not real-world knowledge, but model. However, teens today even connect with money, and Getka is interested in learning about useful skills that students can utilize while they’re still in college.
He wants his pupils to be able to make sense of their prospects in a developing and expanding inhabitants.
He said, “The only way to do that is to inform them in those formative years now.”