Bringing Financial Literacy Where It’s Most Needed

The Foundation’s Board of Directors was unanimous in their decision to make a strong commitment to bringing the power of financial education to local underserved communities. We realized its importance for our members and partners. And we understand that it’s the right thing to do.

Where to start? Here, right in our neighborhood. We decided to focus on our partnerships with local schools, supporting students and teachers, introducing Educational Scholarships, Teachers’ Aid Program and The Millionaire’s Club Program for middle schools and high schools.

Thanks to an introduction from the Financial Empowerment Center, we connected with Cora L. Rice Elementary School, a Title I School located just 10 minutes away from our Lanham headquarters.

There was an instant click with the school. The idea was simple. Why not start the foundation’s re-launch with an action? We wanted to share with kids our first financial literacy lesson. Thankfully, FedChoice FCU has some extraordinary staff members, who deeply care about local communities. For Jenny Creavalle and Marcia Lynch from the Credit Union’s Business Development team, it was a role that they passionately embraced. It was helpful that Jenny had previous educational experience. Marcia and Jenny got to work and developed a financial education lesson series, The Power of Savings, Budgeting and Investments, targeted at third-graders.

The Board was engaged too, discussing how to get kids excited about saving. The idea of distributing piggy banks with $2 bills inside was unanimously supported.

On April 20th, we relaunched our Foundation together with our future members, third-graders who were eager to learn their first FedChoice lesson on financial literacy – The Power of Savings. Jenny led classes for three groups of students at their school, and their participation was simply outstanding.

“The Price is Right” game drove more excitement than “Jeopardy!” and “Wheel of Fortune” altogether. They laughed and screamed, learning and comparing their price estimates for a McDonald’s lunch and a t-shirt, basketball and a new Camaro. Kids also marveled at $2 bills and enjoyed their “Trouble with Money” book, along with a blue translucent piggy bank that had their first investment inside.

After the April class, Michelle Hibbert, Cora L. Rice ES Community Liaison, shared with us that students were still talking about the event, especially about saving money in their piggy banks. “The extensive vocabulary being used and the thinking that occurred last Thursday – priceless! I firmly believe with the FedChoice Charitable Foundation team – the BEST is yet to come!”

“FedChoice left their financial mark as students are still conversing about the event.  For example, a few students spoke about money they are putting in their piggy banks.  Another couldn’t believe he is going to be rich with the $2 bill (he also said, he will share his earnings with me) and yet others asked when you will visit with the next lesson.” – Michelle Hibbert, Cora L. Rice ES Community Liaison

And more did come! On May 24th, Marcia and Jenny met with the parents and families of students, sharing how to open accounts and the importance of role modeling financial literacy. Some chose to open new accounts with the credit union, and all were supportive of what their children are learning.

This year’s program finished the school year strong with the June 2nd visit to FedChoice Headquarters. We are excited to work with these same students again next year, and to welcome a new cohort of third-graders into the program in the fall! And we’ve also signed an agreement to work with the G. James Gholson Middle School, where these students will eventually study, to launch a Millionaire’s Club to deepen their financial literacy.

Dr. Mickelli Dunn, Principal at Cora L. Rice Elementary School noted, “We at Cora L. Rice are grateful for this partnership with FedChoice Charitable Foundation and the lasting impact that will continue to happen for our students and their families.”