PATRICIA DARDEN and Jennifer Roberson, Comerica employees, accept student deposits in the Comerica Youth Savings Program.
Some of the people making deposits and reviewing statements at a Comerica Bank school branch have trouble reaching the counter, but it’s not because they are genetically challenged.

They are kindergartners.

The ABCs of financial literacy is being added to the school curriculum at some area schools, giving students in kindergarten through twelfth grade a head start on their financial future.

Comerica’s Youth Savings Program (YSP) that runs from October to May is teaching students in kindergarten through eighth grade the fundamentals of economics.

“To create the next generation of savers and to promote financial literacy among students and their families, we are excited to offer the Youth Savings Program, which has touched more than 10,000 students since 1978,” said Charlene Cole, Comerica Bank education relations manager. “Through the program, students will learn the value of savings and how basic math applies to the real world. Also, as customers and school bank employees, students will gain first-hand knowledge of bank operations.”

In-school banking centers are run by students under the supervision of Comerica employees, operating similar to an actual branch.

Student tellers accept deposits and issue deposit slips to peers to record on their ledger card. The head teller accepts the balanced cash drawer of tellers accepting deposits. A manager works with the in-school coordinator and Comerica representative, handling the total school’s banking deposits and verifying balances and deposit tickets received from the head teller.
PINEWOOD ELEMEMTARY students are learning the ABCs of banking and finance. An in-school banking center teaches students to dave for the future and introduces them to careeres in the banking industry,
“I look forward to banking day,” said Christina Marlar, a 10-year-old Comerica YSP bank teller at Pinewood Elementary School in Warren. “It’s cool to have a bank inside of my school; I don’t have to go anywhere. I’ve learned to save money for something that I really want. I also get a chance to find out what it’s like to work in a bank.”

To take part, the school principal must complete an YSP application and gain parental consent for participating students. A secure location must be designated to house the in-school banking center and a coordinator chosen.

Accounts can be opened with a Social Security card and $1 deposit. Currently there are 11 schools in the Detroit area enrolled in the program.

“It’s not hard to save money. When I receive my statement and see how much I’ve saved, I feel happy,” said Paige Anonick, 10, who opened her account at Pinewood Elementary when she was in the second grade. “I get money for my birthday and 50 cents for doing chores. Kids should get a savings account to save their money.”

Last school year, there were 506 accounts opened and nearly $21,000 in deposits made.

“If they have a sense of responsibility, students look forward to banking day,” added Cole. “Quarterly statements, in the student’s name, are mailed to their home. Students are able to establish a relationship with the Comerica banking center in their neighborhood.”

Lessons on how to manage material wealth are taught in Project Money Smart.

Since August 2006, the free program, which was developed by the Federal Reserve Bank and funded by Comerica, has trained over 29,000 students on a variety of financial topics.

“Comments we’ve had from teachers regarding the Money Smart program have been wonderful,” said Jeanette Stump, Detroit Newspapers in Education assistant manager of programs. “The information is accessed by teachers and delivered in the classroom.

“Kids learn the fundamentals of economics, including investment, budget and credit card management. Teachers have said they have seen a tremendous amount of improvement from students who are excited about banking and saving money. They understand the value of saving money and take it to heart. Teachers love it.”

Comerica Bank is also helping high school students to make sound financial decisions.

In 1994, Comerica set new benchmarks in financial literacy by funding a mall and Michigan’s first Finance Academy Program in Golightly Career and Technical Center. A variety of stores are housed in the mall, such as a printing shop, restaurant, auto repair, travel agency, meat market and boutique.

“As the first recipient of the Comerica Foundation grant, the Comerica Mall brings together student-run businesses inside of Golightly,” said Cole. “Students receive hands-on experience and classroom instruction at the same time. They are also awarded annual scholarships and are able to gain practical experience through internships. Comerica annually supports the academy financially and serving on its board of directors.”

The programs have not gone unnoticed. Golightly was the 2004 recipient of the State of Michigan Department of Labor and Economic Growth’s Excellence in Practice Award and one of five schools in the country to receive the 2006 Aldo Papone Award for Leadership and Academic Performance by American Express.

Under Dr. Laura R. Royster’s direction, the Academy, which is the only one based in Detroit, has grown to form partnerships with the business community and other schools.

“The Academy provides focus for young people,” said Royster, Golightly principal. “It gives purpose to their lives. For the first time many of them, coming from an urban setting, see that someone cares and wants to provide opportunities. Students just need a focus and a direction, and through expectations, they rise to the top.”

Instruction on accounting, banking, securities, international finance, real estate, investment, economics and financial planning is provided.

“They gain practical experience through classroom instruction and internships,” said Ramona Ewell, Golightly Academy of Finance curriculum leader. “At the end of the program, they receive a certificate of completion and are prepared to enter the job market working as bank tellers, account receivable clerks and other entry level positions in the financial industry. It’s been an awesome and rewarding experience to see students succeed. I’m able to see how students benefit a lot more and are better prepared for college. We’ve had so many students who have become successful.”

Youth are also getting an edge through the Banking on Our Future program.

In addition to boosting math and reading skills, students also learn how to create and balance a budget, properly use credit cards, record keeping and financial management.

“I have presented the Banking on Our Future program to Detroit area youth ranging in ages from 10 to 18 for the past year. Overall, I find them very eager to learn about financial literacy,” said Alicia Thornwell-Autry, of the Comerica African American Network. “Given the economic challenges here in Michigan from joblessness to home foreclosures, it is very prudent to have a basic understanding of saving, investing and budgeting. Oftentimes, our discussion on financial literacy represents their very first conversation on the topic. Banking on Our Future helps to prepare our children with information on being fiscally responsible. It is never too early to learn.”

Using hands-on experiences, Junior Achievement of Southeast Michigan is helping youth to understand the economics of life. The Rock Financial Junior Achievement Finance Park, a 12,500 square-foot facility made up storefronts that include Comerica Bank, was setup in downtown Detroit to teach students entrepreneurship and employment skills.

“The JA Finance Park experience offers students the opportunity to be responsible for their personal financial management, and for the first time in their lives, they understand the financial decisions associated with being an adult,” said S. Evan Weiner, chairman, of the Finance Park project. “Students not only participate in a tailored classroom curriculum, they also have the opportunity to bring that curriculum to life by putting their knowledge to use in a high-tech, hands-on environment.”

As students learn reading, writing and arithmetic, there are some who say one of life’s greatest lessons is “learning to invest in themselves.”

“It’s an investment in my future, because it’s preparing for college,” said Ashley Williams, 17, a second year student at the Academy of Finance who plans to become a certified public accountant. “I’ve been able to learn different programs such as Microsoft word, excel and PowerPoint. My math skills have increased. I’ve improved on my interviewing skills, which increases my confidence and will make me better prepared for interviews in the future. Most jobs are just beginning to get familiar with the Bloomberg terminal. I’ve already had an opportunity to work on it. Freshmen in college don’t get the information that I’m receiving. I’m getting an introduction into college. This will put me farther ahead of other freshmen that I’ll be competing against.”

Side Box:

Youth Savings Program
Charlene Cole, Comerica Bank Education Relations Manager
Phone: (313) 222-3882
E-mail: cdcole@comerica.com

Project Money Smart
Jeanette Stump, Detroit Newspapers in Education
Phone: (313) 222-8653
Charlene Cole, Comerica Bank Education Relations Manager
Phone: (313) 222-3882
E-mail: cdcole@comerica.com

Banking on Our Future
Comerica African American Network
Alicia Thornwell-Autry
Phone: (313) 222-7998

Golightly Career and Technical Center
Dr. Laura R. Royster, principal
900 Dickerson Detroit, MI 48227
Phone: (313) 822-8820

Junior Achievement Finance Park
577 E. Larned, Detroit, MI.
Lenore Litwin
Phone: (313) 962-5684
E-mail: llitwin@jamichigan.org.
Web address: www.jamichigan.org