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Farmers National Bank teaches students financial literacy
CANFIELD
Students at area high schools will learn basic financial literacy because of the efforts of a local bank.
Farmers National Bank, based in Canfield, has committed to fund a $120,000 online interactive program that allows students to learn basic financial skills such as writing a check or filling out a deposit slip, said Amber Wallace, senior vice president of marketing for the bank.
“The bank has always felt it is important help youths learn about basic financial literacy,” she said.
The program is necessary because there is such a disconnect between what students need to know about finances and their actual knowledge, Wallace said.
“You would assume that students would get this information, but if they’re not getting it at home, then where?” she asked.
The bank has been considering adopting a program since before the state mandated financial education. The online program works because of students’ understanding and ability to use technology, Wallace said.
“I have always taken a personal interest in financial literacy,” said John S. Gulas, the bank’s president and chief executive officer. “Upon assuming my role as CEO, I identified improving financial literacy as a corporate initiative. The program we are offering not only meets the Ohio Department of Education requirements, but gives students hands on experience with challenging financial situations all in a safe, virtual environment.”
The students never are asked to enter their own personal information in any part of the process, and they can ask questions at any time, said Jennifer Everett, marketing coordinator for Farmers.
During the last school year, more than 255 students from Canfield, Girard, Howland and Leetonia high school completed the course and receive a certificate in financial literacy.
Scott Thompson, principal at Howland High School, said the information provided was beneficial to all students.
Howland had all seniors complete the program last year, Wallace said.
Before taking the program, students at four local schools were asked how prepared they believed they were to make financial decisions, and 13 percent answered that they were either very prepared/extremely prepared.
After the program, 62 percent said that they were very prepared/extremely prepared.
The 10-unit course offers six hours of programming aimed at teaching, assessing and certifying students in a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401(k)s and other critical concepts that map to national financial-literacy standards.
The expectation is that 20 area high schools will use the course for the upcoming school year, reaching more than 2,000 students.