Oct 8, 2008 6:56 pm US/Eastern
School Teaches Money Management With Credit Union
BALTIMORE (WJZ) ―
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Money management is a term that frightens some adults, but one city school is teaching it with the help of a real credit union.
CBS
Money management is a term that frightens some adults, but one city school is teaching it with the help of a real credit union.
As
Gigi Barnett explains, students say it's a way to save now and spend later.
The multi-billion dollar Wall Street bailout plans, sales at the local mall, foreclosures and debt...it's all money management that many Maryland students don't learn in school. That was until Wednesday when students at the National Academy Foundation High School in Federal Hill opened a MECU Credit Union branch, right in the school's front lobby.
"Money isn't spent wisely," said senior Kierra Sanders.
Sanders is a teller at the branch. She's interned at MECU before, but that was in the loan department. Now she can tell other students who like to spend how to keep their cash.
"I think it's a cycle. If your parents don't spend well, you don't spend well. Your children won't spend well. It's just a cycle," she said.
City Schools CEO Dr. Andres Alonso made the first deposit.
"What better lesson is there for our young kids in the context of the present economy than learning about the economy and having responsibility of running an operation," he said.
With a cash-strapped economy and a credit union nearby, these students may soon value a visit to school to save instead of a trip to the mall to spend.
The MECU branch at National Academy Foundation High School is the first student-run credit union in Baltimore.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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