A new program at the Ballston Spa Middle School is working to instill financial responsibility at an earlier age.
Through the guidance of employees at TCT Federal Credit Union, students will work to open a branch of the credit union inside the school. Students will run the branch during lunches each week, while their peers will be able to open an account to make real deposits and withdrawals of their money.
“In the past, the parent-teacher association had come in and did banking for the students on an old computer system,” said Co-Principal Richard Ruberti. “This was a few years ago and it didn’t go over so well. Not a lot of students participated then, but this is something different.”
This is the first time TCT Federal Credit Union has put in such a program in a school. The thought was to help provide students with basic financial skills, while becoming more involved in the local community.
“It works two-fold,” said Branch Manager Anthony LaPointe. “We’re creating a savvy consumer at a younger age and teaching those important life skills.”
Twelve students have been selected by school officials to run the branch.
Thought they have already been chosen by the school, LaPointe said the students will also go through an interview process with the credit union. This is to learn more about the students and what they are trying to achieve through the program, as well as to help the students prepare for interviews in their future.
“It’s really to develop their job skills,” explained LaPointe.
The students will then go through training, both informational and hands on, to learn about the importance of privacy for their customers, the difference between a bank and credit union and how to effectively run the branch. A TCT employee will be on hand each week when the branch is open.
Ruberti said he feels financial responsibility is an important lesson that should begin at a young age.
“There’s a saying that people don’t plan to fail, they fail to plan,” said the principal, who started his career out of college as a financial broker. “With the country’s financial concerns overall, I think what’s missing is money management education.”
The credit union program is just a portion of a larger effort by the district to teach financial literacy in school and spread it to the community beyond.
The district was recently awarded a $25,000 grant from State Farm to locally promote financial literacy. Portions of the money will be used to buy supplies for the branch, while TCT is funding the construction of a branch stand to be placed inside the school’s cafeteria. Students will also be provided with TCT Federal Credit Union shirts and the student council will vote on naming the branch.
“Money management is incredibly important for kids,” said Ruberti. “It shows them the reality of what it really costs to live on your own and could provide them with the incentive to further their education, instead of wishing to move out of their parent’s house as soon as they turn 18. It’s not as rosy as what they might think.”
Each student or staff member who opens an account at the school will have $5 credited toward their account from TCT. Students will work on an offline TCT to help with deposits, withdrawals and balancing. The money will then be taken at the end of the day by the TCT representative to be placed into accounts at the credit union.
The school is hoping to open the branch by March. The credit union is hoping other school districts will want to participate in the program in the future.
“These children are literally our future, so this seems like a good place to start for us,” said LaPointe. “We definitely feel there is great educational value in what we are presenting.”
