Story Detail
FRANKLIN MINT FEDERAL CREDIT UNION EXPANDS COMMUNITY EDUCATION PROGRAM
BROOMALL, PA: Recently named 2007 Business of the Year by the Delaware County Chamber of Commerce, Franklin Mint Federal Credit Union (FMFCU) is continuing its commitment to financial literary for youth by presenting a program at St. Gabriel’s parish school in Norwood PA for grades 3 through 8.
FMFCU also is providing a comprehensive financial education program for senior high and middle school students served by Eastside Neighborhood Connection in Chester PA.
Both after-school programs teach children and adolescents the importance of good money management and the value of saving.
“The credit union does a fantastic job,” said Maggie Grasty, Executive Director of Eastside Neighborhood Connection, a volunteer organization founded in 2001 by a group of parents headed by Evelyn Garcia. “It’s a great program and the kids really like it.”
Ms. Grasty explained that a friend at Operation Hope in Philadelphia contacted her about a financial literacy program being offered by FMFCU. She said it sounded like something that would be a great value to Chester youth who attend after-school programs operated free of charge by Eastside Neighborhood Connection. She was right.
Currently, 15 students in grades 7 through 12 are learning how to write checks, how to budget the money they earn, as well as the importance of saving and how to save on a regular basis. Older students also are taught how to obtain and maintain a good credit rating. In addition, they learn how to apply for student loans and financial aid to help them reach their higher education goals.
The hour-long program that got underway last summer is part of the community organization’s after-school opportunities for which students must register. A representative of the credit union comes weekly to the lower level of St. Paul’s Episcopal Church at Ninth and Madison streets in Chester, where Eastside Neighborhood Connection is located. Feedback has been very positive, noted Ms. Grasty.
For that reason, she said, it’s possible that the program will be offered to fourth, fifth and sixth graders as well. And she hopes it will be expanded next year to include adults, because the information shared by FMFCU is valuable for all ages.
“We’re very grateful to the credit union,” she said, adding that gratitude extends to its donation of supplies such as pens, notebooks, book bags and even some computers.
Kathleen “Kate” Clair, principal of St. Gabriel’s, is equally enthusiastic about the program FMFCU is presenting to children at her school.
. “It’s been a marvelous experience for our students. They’re learning a lot and they’re really enjoying it,” she said.
Among things they’re learning is the difference between needs and wants, and the difference between spending and saving. They’re gaining knowledge on how to budget their money and how to save. They’re also discovering that there are different kinds of bank accounts and savings accounts.
Ms. Clair said at least 25 children attend the hour-long sessions every Wednesday after school that are conducted by credit union representative Michelle Skrobak. She and Ms. Clair, a former economics teacher, designed the hands-on curriculum.
The principal said she became familiar with FMFCU’s work in financial literacy when it established a student-run branch at Interboro High School, where she served as a teacher and administrator. She asked the credit union if a financial education program could be presented at St. Gabriel’s.
“I felt it’s never too soon for children to learn good personal money management skills,” she said. “When our parents heard about the program, they were very gung-ho, but some of our kids were apprehensive. They didn’t know what to expect. But now they love it. The hour goes so quickly.”
The program began in September and plans are to continue it until the end of May.
“I think this is something other schools should consider,” said Ms. Clair. “It’s very valuable. Why, I’m even learning things, and I taught economics.”
Rick Durante, FMFCU Vice President of Education and Executive Director of FMFCU Foundation, said organizations such as St. Gabriel and Eastside understand the importance of financial education.
“Grade point average is important in school, but your credit score can be more important in life,” said Durante. “These types of partnerships have helped thousands of young people, within our reach, to develop strong money management skills.”
Further demonstrating its commitment to youth and education, FMFCU for the fourth consecutive year is the primary corporate sponsor of the Delco Hi-Q academic quiz competition for high school scholars. For additional information on the Credit Union’s financial literacy programs, visit www.fmfcu.org/education