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Wednesday, April 9, 2008
Financial Literacy Month
April is here again! Not only is it beginning to warm up outside, but April also means it’s Financial Literacy Month.
It seems schools are doing more to make kids more knowledgeable about saving and investing money. At Mason High School, for instance, Comet Savings & Loan offers students certificates of deposit and savings, check-cashing and “instant loan” services.
Students are assessed 25-cent late fees per banking day for late loan payments, and if students reach $2 in fees, they won’t be able to take out loans for the rest of the school year. To really drive the point home, report cards are withheld when students don’t pay back loans.
First Financial Bank sponsors the bank, which is FDIC-insured.
In addition, the Federal Reserve has a Web site where parents and teachers can get ideas to help their kids become more financially responsible. The site includes a glossary of terms, articles and materials that can be ordered online.
What else can schools do to help kids understand how money works?
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