helping the future become financially smart. thyme bank financial literacy initiative background:...
TRANSCRIPT
FINANCIAL LITERACY INITATIVEHelping the future become financially SMART
Thyme Bank Financial Literacy InitiativeBackground:
Thyme Bank is a financial Institution located in Southeastern Connecticut and Rhode Island. Within Thyme Bank there is a current push to ensure the community is educated in what it means to be Financially SMART. Within this is the Financial Literacy Initiative in which High School Junior and Seniors participate in four weeks of training on what it means to be Financially SMART and set all students up for success as adults.
In order to reach students of the future it will be increasingly important for Thyme Bank to approach and cater this training to the learning styles and focus of young adults. It is the goal that through this proposed shift in training from in person to hybrid that students will be better prepared for making SMART financial decisions for the rest of their lives.
LESSON ONE: BANKING BASICS
Banking Basics
What we will cover:
-Differences between checking and savings accounts
-Pros and Cons of Bank Services
-How to properly write a check
-Importance of maintaining an account
Comparison of accounts & Banking Services
Check Writing ActivityLets work together to write a check for our college dorm room needs!
Get into groups of two-three and work together to write out this check! After completed we will discuss the elements of a check and the importance of each.
Homework
LESSON TWO: REALITY CHECK
Reality Check
What we will cover:
-Identifying Financial Goals
-Differences between need and wants
-How decisions today affect your goals
-Income verses expenses
Goal Planning
Wants verses Needs
Homework
LESSON THREE: CREDIT WORTHINESS
Credit Worthiness
What we will cover:
-The importance of Credit
-Difference Between good and bad credit
-How to use credit
-What is a credit score
-How credit can help or hurt your financial wellbeing
What do you use credit for?
Determining your credit worthiness
What determines credit worthiness?
1) Payment History
2) Amount owed to current creditors
3) Length of credit history
4) Type of credit
5) Number of open accounts
Homework
Spot the Credit Crisis
LESSON FOUR: INVESTING IN YOUR FUTURE
Investing in Your Future
What we will cover:
-Inflation
Differences in investment options: low, medium and high
-Understanding a stock report
Inflation
Identifying Risks & Stock Reports
Aggressive Growth
Stocks and Mutual Funds
Moderate Growth Stocks
Bonds
Mutual Funds
Bank Savings Accounts
Certificate of Deposit
Government Savings Bonds
High Risk
Low Risk
Homework
Graduation & Follow-Up
References:Business Smart International (N.D.) Image. Innovative banking simulations develop essential commercial awareness. Retreived from: http://www.business-smart.com/products/banking-simulations
Buckenmeyer, J. A. (2010). Beyond computers in the classroom: Factors related to
technology adoption to enhance teaching and learning. Contemporary Issues in Education Research, 3(4), 27-35. Retrieved from https://post.blackboard.com/bbcswebdav/pid-2091984-dt-content-rid-20500078_1/courses/EDU520.901187019118/Documents/Beyond%20Computers%20In%20The%20Classroom.pdf
Gee, E. & Works, S. (2013) SMART Financial Final. Dime Bank. Retrieved from:
file:///private/var/folders/7Z/7Zll4VWQE1KjsnDRVp8FqU+++TI/-Tmp-/TemporaryItems/Word%20Work%20File%20D_320531724.htm
N.A. (2014) What is inflation? Investopedia. Retrieved from: http://www.investopedia.com/university/inflation/inflation1.asp
Stein, C., Hoffmann, E., Bonar, E., Leith, J., Abraham, K., Hamill, A., & ... Fogo, W. (2013). The United States Economic Crisis: Young Adults' Reports of Economic Pressures, Financial and Religious Coping and Psychological Well-Being. Journal Of Family & Economic Issues, 34(2), 200-210. doi:10.1007/s10834-012-9328-x