Business students and staff, local dignitaries and representatives from First NY Federal Credit Union held a ribbon cutting ceremony on Feb. 3 to mark the grand opening of the high school’s Spartan Bank.
Students in the Personal Finance Management and Investing 101 classes, which are focused on teaching financial literacy, money management and responsibility as well as how to be financial savvy with investments, will run the bank for their peers and BH-BL staff.
Banking practices can begin for many students at the elementary schools where student banking options are available. And, in sixth grade, students take a financial literacy course that touches upon money saving, how to manage a checking account, interest rates, taxes and much more.
“Running a bank branch is a great way to take what we are teaching our students about personal money management and put it into play,” says Business Department Chair Stephanie Andrejcak.
Students who take finance course, like those listed above among others, will take a deeper dive into the world of finance but with a keen focus on personal money management. The courses help students understand how interest rates and late or minimum payments on credit cards impact credit scores and cost much more in the long run. Students also dive into real-world finances, such as household budgets, taxes, learning about paychecks, saving for the future via IRAs, 401ks, and much more.
The Spartan Bank is open every Friday from 9-9:30 a.m. and is located at the back of the high school library.