On a snowy evening at San Diego Mesa College, twenty middle school students from Saranac Lake and Lake Placid gathered not just for pizza and beverages, but to celebrate their financial literacy journey. This event marked the culmination of their participation in the Banking Club, an afterschool program dedicated to teaching young students the essentials of financial management.
Martha Pritchard Spear, the visionary behind this initiative and a noted community leader in Lake Placid, handed out certificates of completion to the attendees, including sixth-grader Isabella Fuller from Saranac Lake. This program, supported by the Generous Acts Fund of the Adirondack Foundation and local financial institutions, provided these students not only with essential financial knowledge but also with a start-up fund of $90 each to encourage practical application of their new skills.
Pritchard Spear’s initiative began as a personal commitment made at a Rotary Club auction, which later received over $3,000 from the Adirondack Foundation, illustrating community support for financial education. This funding was crucial, covering operational costs and the financial rewards for the students upon completion of the program. The curriculum, delivered at alternating sessions between Lake Placid’s Shipman Youth Center and Saranac Lake, tackled fundamental financial concepts such as savings, budgeting, and smart spending.
The latter part of the Banking Club’s curriculum was enriched by insights from financial experts from the Tri-Lakes Federal Credit Union, including CEO Heather DeForest, who focused on practical financial applications relevant to the students’ lives, like saving for specific goals such as concert tickets or new gadgets. DeForest was impressed by the students’ engagement and retention of the material, noting their proactive participation and deep understanding of the topics discussed.
This program highlights a significant gap in the standard educational curriculum regarding financial literacy, a gap that Pritchard Spear and DeForest hope to bridge by advocating for the integration of these essential skills into school programs. Currently, New York does not mandate personal finance education for high school graduation, which positions it at one of the lowest rates in the country for financial education requirements.
This initiative not only provided immediate financial education but also planted the seeds for long-term financial responsibility and empowerment among the participants. Both Pritchard Spear and DeForest expressed hopes that the success of the Banking Club will inspire local schools to incorporate financial literacy into their curricula, ensuring that all students have the opportunity to learn and apply these critical life skills.