Making Cent$ A Family Financial Literacy Program for James A. Shepherd Middle School

James A. Shepherd Middle School Located in Durham, NC Magnet International Baccalaureate Program Total 496 students; 91% capacity Racial Make-up: 82% African-American 15% Latino 1.6% White .2% Asian Title I School (66.4% receive free lunch) Source: dpsnc.net/about-dps/district-stats-and scores

School Improvement Plan Goal SIP Goal: To ensure achievement of high academic performance by all students System Targeted: Parents Community Components: Parent involvement Strategies: 2 Parent Nights Source: dpsnc.net/images/pdf/school-improvement-plans/sip

What is Financial Literacy? The ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security. Source: jumpstart.org A 21st Century skill as outlined by the NC DPI* Curriculum is currently being taught in Social Studies in NC schools Source: www.dpi.state.nc.us/docs/profdev/resources/skills/framework

Why Financial Literacy? 34% of adults surveyed gave themselves a grade of C, D, or F for knowledge about their personal finances and felt like they could benefit from more financial education. 53% of teens surveyed said they would like to know more about managing money but only 27% of teens reported that their parents discussed money or banking concepts with them. Source: Making a Case for Financial Literacy, 2011

Essential Components Financial literacy includes: Income and Careers Money Management Credit and Debt Care Savings and Investing Benefits of Banking www.jumpstart.org/bestpractices.htlm www.fdic.gov/consumers/moneysmart

Best Practices Materials are informative and do not promote a specific brand Information is provided in an objective tone and provides differing viewpoints Presenters use plain language appropriate for your target audience. Technical terms are clearly defined. Materials are culturally sensitive Content is aligned with NC educational standards Source: Jumspstart.org/best-practices.htlm

Program Description Two family nights at school for parents and students for a family financial literacy program RSVP required. Educational needs assessed before the first session via registration materials. Program will be in two 90 minute modules Sign-in sheet will be utilized FDIC Money Smart curriculum (free) that provides scripts for teacher/trainers

Program Description Spanish speaking sessions provided if needed An information packet with all training materials will be provided to each participant Pre and post tests will be given to assess the efficacy of educational program A variety of community partners (banks, credit unions, IDA programs) will be represented after the educational program

Planning Goals Income and Careers

Goals and Accountability

Money Management

Credit and Debt Management Types of consumer credit Purpose of a credit report Credit management skills Debt management skills Ways to avoid and correct debt problems Consumer credit laws

$aving$ Create different savings account Why Should I Save? Emergencies are not predictable! Write down all monthly expenditures Look for ways to cut costs & grow income Start young! Start now! Set goals Identify Savings Options Recognize options that help you meet your goal Create different savings account

Investing 401 K IRA Roth IRA Stocks Bonds Mutual Trust Funds Real Estate

Check It Out! The Benefits of Banking Major types of financial institutions (commercial banks, credit unions, etc.) Reasons to use a bank Different types of bank accounts and services How to open a bank account Review banking terminology to help compare services (i.e. APR, APY, ATM, minimum balance requirement, monthly fees, etc.)

Youth Bank Accounts Financial Institution Wells Fargo Bank State Employees Credit Union North State Bank Type of: Commercial bank Regional Bank Minimum to open the account $100 to open $5 to open No minimum Minimum Balance No minimum balance $25 Monthly Fees None $1.00 Interest Rates (APY) 0.5% 1% .25%

A 21st Century Skill “The financial preparedness of our nation’s youth is essential to their well-being and of vital importance to our economic future.” -Ben Bernanke, Chairman United States Federal Reserve, 2008