“Financial literacy should be taught in all New York schools,” Betty A. Rosa, the commissioner of the New York State Education Department, and Thomas DiNapoli, the state comptroller, wrote in a joint Feb. 4 opinion piece published in Newsday. “There is no question that investing in financial literacy will pay dividends for our young people later in life.”
Is there such a thing as being “too young” to learn about money? Not at the Bridgehampton Child Care and Recreational Center, which is partnering with First National Bank on a financial literacy initiative for kids of all ages who are enrolled in its after-school programs. Children and teens recently visited the bank branch in East Hampton to open their first savings accounts. The kids who made deposits for the first time benefited from a matching contribution from an anonymous donor.
“It is never too early to teach children about the benefits of a savings account,” Christopher Becker, president and chief executive officer of First National Bank Long Island, said in a statement. Its youth programs, he said, “lay the foundation for a financially healthy future from an early age.”
The initiative is “a direct response to the pandemic,” the Bridgehampton center said in an announcement, when “a spotlight was shone on the dramatic financial disparity, especially in communities of color.” It describes itself as a “historically Black, community-based institution serving all marginalized East End children and families.” In addition to its after-school and weekend programs, it also operates a food pantry and offers career coaching, college prep, tutoring, and more.
Financial literacy for youth has been making headlines lately. On Feb. 29, Hampton Bays High School will open a bank called the Baymen Financial Literacy Center on its campus. Newsday reported in January that the facility is situated in a “school store” type of space that hadn’t been used in some time. Teachers Federal Credit Union will make its tellers available there two days a week for the students.
Ms. Rosa said the recently established Blue Ribbon Commission on Graduation Measures has recommended to the Board of Regents that “financial literacy should be a graduation requirement” when the new standards are finalized.
It was clear, after their Feb. 9 visit with Jennifer Marinacci, First National’s branch market manager, Seamus Doyle, South Fork team leader, and Christopher Heyen, East Hampton’s branch manager, that the Bridgehampton kids understood the significance of what took place.
“My mom and I were so excited to open up my first savings account. I’ve watched my friends save for a few years, and I’m excited it is my turn,” said Juan Campoverde, 12. “I would like to buy a BMX bicycle with my money saved.”
Sydney Allman, 11, had had a bank account in the town where her family previously lived. “I was so excited,” she said. “I recently moved to Bridgehampton and my other bank is far away, so now I have a new bank to save my holiday money. We were able to visit the bank and learn how our money will grow.”
“We had a fun time at the bank!” said Leslie Zambrano, 10. “We learned about the different accounts you can have. I was able to deposit my money in my very own savings account.”