Here Today, Here Tomorrow: The Importance of a Savings Culture amongst our Youth
About the Author: admin
This site uses Akismet to reduce spam. Learn how your comment data is processed.
In these years following the financial crisis, financial literacy has become a priority. As people deal with foreclosure, bankruptcy, tuition outpacing inflation, high unemployment rates, decline of education funding, etc.it is no secret that money matters are and should be a priority if we are to see an improvement in the economy.
One can’t talk about financial literacy without talking about saving. Many of us were taught about savingwhen we were younger. You may recall your parents urging you to put money in a piggy bank or to save your pocket money for a future purchase. Unfortunately these lessons were left behind by many as saving is always a far off concept, till you are in a predicament.
Saving is not only about money management, but also knowing the difference between wants and needs. By teaching financial literacy, the ultimate goal is to break the cycle of economic poverty, give our youth a sense of hope and empower them with the practical skills that can help them to manage their destinies no matter what their dreams are.
While there is little-to-no financial literacy education in schools, there area multitude of programs and initiatives that aim to educate youth on how to better plan for the future. WPFSI’s WesGold Fellows program is no exception. This 8 week summer internship provides Philadelphia high school students with the tools necessary for their success. With financial literacy at the core of the program, it also incorporates personal development, career development and college planning. Through intriguing guest speakers, informational office and college visits, students are introduced to the professional world outside high school. College, a career and a livelihood become a possible reality. The interns begin to understand that they must plan and save in order to realize their dreams.
In addition, each intern is required to open a savings account with Wells Fargo and WPFSI as a custodial, through the WesGold Fellows Savings Account Program. 10% of each of their bi-weekly earnings through the WesGold Fellows program is automatically transferred to this account. The interns are not only exposed to banking and the process of opening a bank account, but they also participate in paying themselves first. Through this savings program, the interns are encouraged to continue saving after the summer internship is over. Those dollars are matched one-to-one from $500 to $2000 for educational expenses. The paid internship program is designed to be a challenging, exciting and fiscally rewarding program centered on goal-based saving and financial education. The vision of the program is to forever change the way young people think about money so that they can create a saving plan with intent and Commitment. This is an investment in themselves, thereby learning financial responsibility and accountability. These attributes are especially valuable in a demographic where it is traditionally not believed that youth have these skills. What we learn While Young can Truly Help our Future
Programs like the WesGold Fellows Savings Account Program teach young people that a savings culture goes beyond financial management. Learning to save from a young age is a discipline that gives way to the learning of other disciplines in life. A saving culture teaches one patience, persistence and the value of short term decisions that pave the way for long term goals and dreams. Above all a savings culture gives confidence to an individual because it provides them with the opportunity to take their lives into their own hands. Thus the importance of a savings culture lies in the fact that it not only nurtures a sensibility of financial management, but also one of life management.
Juliana Muganza is WPFSI’s Community Enrichment Coordinator. Juliana oversees our Community Enrichment Programs including the WesGold Fellows. If you know someone who should participate in the 2014 WesGold Fellows program (Philadelphia high school upcoming juniors or seniors), or if you wish to donate and help fund this initiative, please contact Juliana Muganza on 215-452-0100 or email juliana@wpfsi.com.
Skip to content
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Leave A Comment