3 On Your Side: Credit Union Gives Students Jump Start In Managing Finances
By Jim Donovan
PHILADELPHIA (CBS) — How well do your kids understand money? Do they think it grows on trees and spend, spend, spend? Or have you taught them to save some cash for a rainy day? Since April is Financial Literacy Month, 3 On Your Side Consumer Reporter Jim Donovan visits one Delaware County high school where students are getting a jump start in managing their own finances.
At Springfield High School some students are learning about money management first hand. They’re interns with the Franklin Mint Federal Credit Union. “Our paid interns learn how to process transactions, they assist me with monthly and daily auditing,” says Jacquie Lombardo of FMFCU.
The credit union branch is student-run and located inside the high school. Lombardo says, “We currently have six learning labs within local high schools.” Each full-service location manages hundreds of personal checking and savings accounts and dozens of student activity accounts. In addition, Lombardo says, “The faculty and staff are also able to open loans right here.”
Springfield High School Senior Lexi Galantino understood the benefits of the credit union early on. She says, “I became a member actually before I started working here and suddenly I had my own checkbook, I had my own check card. I have my own accounts. I could manage my own money and that’s a great skill going into college. So that’s how I market it to my friends.”
Springfield High School Junior David Eckard was looking for career direction. He says, “I knew that this would help me like know if I wanted to go into the financial field.”
Springfield High School Principal Joseph Hepp says the Franklin Mint Federal Credit Union branch certainly helps boost financial literacy among the student body. According to Hepp,”We have a wide range of students that take advantage of the life skills that the credit union can teach them and impart to them.”
Anyone affiliated with Springfield High School is eligible to become a Franklin Mint Federal Credit Union member. That includes students, faculty, staff and their relatives. A 7th student-run branch of the credit union will open in Marple Newtown High School in the fall.
For more information visit: http://www.fmfcu.org/