FINANCIAL LITERACY INITATIVEHelping the future become financially SMART

Thyme Bank Financial Literacy InitiativeBackground:

Thyme Bank is a financial Institution located in Southeastern Connecticut and Rhode Island. Within Thyme Bank there is a current push to ensure the community is educated in what it means to be Financially SMART. Within this is the Financial Literacy Initiative in which High School Junior and Seniors participate in four weeks of training on what it means to be Financially SMART and set all students up for success as adults.

In order to reach students of the future it will be increasingly important for Thyme Bank to approach and cater this training to the learning styles and focus of young adults. It is the goal that through this proposed shift in training from in person to hybrid that students will be better prepared for making SMART financial decisions for the rest of their lives.

LESSON ONE: BANKING BASICS

Banking Basics

What we will cover:

-Differences between checking and savings accounts

-Pros and Cons of Bank Services

-How to properly write a check

-Importance of maintaining an account

Comparison of accounts & Banking Services

Check Writing ActivityLets work together to write a check for our college dorm room needs!

Get into groups of two-three and work together to write out this check! After completed we will discuss the elements of a check and the importance of each.

Homework

LESSON TWO: REALITY CHECK

Reality Check

What we will cover:

-Identifying Financial Goals

-Differences between need and wants

-How decisions today affect your goals

-Income verses expenses

Goal Planning

Wants verses Needs

Homework

LESSON THREE: CREDIT WORTHINESS

Credit Worthiness

What we will cover:

-The importance of Credit

-Difference Between good and bad credit

-How to use credit

-What is a credit score

-How credit can help or hurt your financial wellbeing

What do you use credit for?

Determining your credit worthiness

What determines credit worthiness?

1) Payment History

2) Amount owed to current creditors

3) Length of credit history

4) Type of credit

5) Number of open accounts

Homework

Spot the Credit Crisis

LESSON FOUR: INVESTING IN YOUR FUTURE

Investing in Your Future

What we will cover:

-Inflation

Differences in investment options: low, medium and high

-Understanding a stock report

Inflation

Identifying Risks & Stock Reports

Aggressive Growth

Stocks and Mutual Funds

Moderate Growth Stocks

Bonds

Mutual Funds

Bank Savings Accounts

Certificate of Deposit

Government Savings Bonds

High Risk

Low Risk

Homework

Graduation & Follow-Up

References:Business Smart International (N.D.) Image. Innovative banking simulations develop essential commercial awareness. Retreived from: http://www.business-smart.com/products/banking-simulations

Buckenmeyer, J. A. (2010). Beyond computers in the classroom: Factors related to

technology adoption to enhance teaching and learning. Contemporary Issues in Education Research, 3(4), 27-35. Retrieved from https://post.blackboard.com/bbcswebdav/pid-2091984-dt-content-rid-20500078_1/courses/EDU520.901187019118/Documents/Beyond%20Computers%20In%20The%20Classroom.pdf

Gee, E. & Works, S. (2013) SMART Financial Final. Dime Bank. Retrieved from:

file:///private/var/folders/7Z/7Zll4VWQE1KjsnDRVp8FqU+++TI/-Tmp-/TemporaryItems/Word%20Work%20File%20D_320531724.htm

N.A. (2014) What is inflation? Investopedia. Retrieved from: http://www.investopedia.com/university/inflation/inflation1.asp

Stein, C., Hoffmann, E., Bonar, E., Leith, J., Abraham, K., Hamill, A., & ... Fogo, W. (2013). The United States Economic Crisis: Young Adults' Reports of Economic Pressures, Financial and Religious Coping and Psychological Well-Being. Journal Of Family & Economic Issues, 34(2), 200-210. doi:10.1007/s10834-012-9328-x