CWCID launched the School
Banking program in 1998 out of a firm conviction that financial literacy is
an essential tool for breaking the cycle of poverty. The concepts and values, which are key to economic empowerment, can best be imparted by
integration into the school environment and both its academic and civic
activities. Among immigrant
communities, especially, children often serve as a gateway to information
for their families. School Banking,
therefore also potentially serves as a catalyst for minimizing the mistrust
of financial institutions that is a primary barrier to banking
participation in our community.
a combination of monthly financial literacy workshops and hands-on banking
activity, we currently teach fourth- and fifth-graders at five local elementary
schools – PS 5, PS 8, PS 115, PS 152, and Mott Hall -- about the importance
of saving money. During the 2004-05 school year, over 400 children received
our financial literacy workshops and today, nearly 1,200 school children
have opened accounts at the credit union, saving over $51,000.
ten-year-olds, School Banking participants are not concerned with
short-term savings for toys and video games. Rather, many of them tell us
they are saving for college, for family gifts, and even to help their
parents purchase homes or cars. In
addition, since students are required to make all account withdrawals at
the credit union with adult supervision, many parents learn firsthand about
the financial services and technical assistance available here. As a
result, dozens of School Banking parents have opened their first-ever bank
Join the School Banking Challenge!
part in the School Banking Matching Gifts Program! You can help our
students build savings by matching the program’s total amount of year-end
savings. When you make a matching gift to School Banking, we will
distribute 50% of the donation into the savings accounts of the program's
most diligent savers. The remaining 50% of your gift is reserved for
program administration. For more information, please contact Ana Fremont at 212-927-5771.
Financial Literacy | Youth Education |
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