Students learn fiscal responsibility

By Courtney Llewellyn

Reminder Assistant Editor

EAST LONGMEADOW On Nov. 27, State Treasurer Tim Cahill hosted an event called "Financial Smarts for Students," an awareness breakfast for advocates of youth financial education.

"As we prepare to enter the year 2008, a great resolution is to make youth financial education a priority in the Commonwealth," Cahill told those in attendance.

East Longmeadow was already ahead of the curve, however.

"The Premier Source Credit Union approached us about two months ago with the idea for a program to build financial skills for elementary students," school superintendent Edward Costa said. "They were offering to open up a savings account for each student with no minimum deposit requirement."

Costa added that after two months of dialogue with the credit union, the savings program will begin after the students at Mapleshade and Mountain View elementary schools return from winter vacation in January.

"We realize there's a growing demand for financial education for our younger generations," Carmen Bastos of Premier Source Credit Union said. "We're sending out letters of invitation to the savings program to about 650 students."

Both Costa and Bastos see the program as an opportunity to teach elementary school students an important life lesson in saving.

"This is stuff as adults we've had to learn while we're doing it," Costa stated.

"Through saving, we're teaching them to become responsible young adults," Bastos added.

Savings deposits will be collected every Tuesday at Mapleshade Elementary and every Wednesday at Mountain View Elementary by Bastos herself, starting Jan. 8 and 9.

Every student who participates will receive a small deposit bag with his or her name and the school's name on it and the student can check his or her account online on the credit union's Web site.

Carolyn Wallace, principal at Mountain View, said she believes there will be a lot of interested students when the program begins.

"It's really important," she said. "Some kids don't have a concept of money but want to buy larger ticket items earlier in life. I think the students will really like the online aspect of this."

Wallace added that she sees the savings program continuing "indefinitely" at Mountain View.

Principal Wayne Wilson of Mapleshade shares his colleague's sentiments.

"This is a wonderful opportunity for the kids," Wilson stated. "It's not just a vehicle to save money -- it's an education program. It's something new for our students in the way it's being presented. I think it will really gain some interest."

Once a student saves up $25 or more, his or her account will begin to accrue interest. If a student wants to make a withdrawal, though, he or she will have to visit the credit union to do so. Only deposits will take place in the schools.

"We [Premier Source Credit Union] are the pioneers of a program like this in East Longmeadow," Bastos said. "I definitely see savings programs expanding to the junior and senior high school levels as well. We want everyone to participate."

Superintendent Costa wants as many of his students to participate in saving as well.

"I'm so proud of the credit union for initiating this program," he said. "It's everything I would've dreamt of and more."