$mart $tart: Student credit union helps to instill 'financial literacy'

Credit: Journal Photo by Jennifer Rotenizer

Sen. Kay Hagan, D-N.C., a sponsor of supporting legislation, speaks at the credit-union opening.

By: By Kim Underwood | JOURNAL REPORTER
Published: September 29, 2009

When Tyler Mankins was 12, his father helped him open an account at Allegacy Federal Credit Union.

"It helped me a lot saving money," Tyler said.

Now a senior at Glenn High School, Tyler is one of 10 students helping other students learn to handle their money prudently.

During lunches on Mondays, Wednesdays and Fridays, the students in Glenda Head's business advanced-studies class are running an Allegacy branch that opened earlier this year in the high school's cafeteria. The students can open checking and savings accounts and make deposits and withdrawals at the branch.

Yesterday, Sen. Kay Hagan, D-N.C., was on hand for the official ribbon cutting. The first bill she introduced as a U.S. senator was "The Financial Literacy for Students Act of 2009," which would supply money for financial training for students in grades 6 through 12. The bill, which was introduced June 24, is still in committee.

Speaking in the auditorium to students, state and local school officials and credit-union officials, Hagan said that the financial crisis of the past year is the worst since the Great Depression and that, to avoid such problems in the future, it's crucial that the students of today become the financially literate adults of tomorrow.

"It's not rocket science, but we just haven't taught financial literacy," Hagan said. "I believe that we can do more and that is what you are seeing right here."

The Bobcat Student Credit Union at Glenn is the fourth branch that Allegacy has opened in high schools in the Winston-Salem/Forsyth County school system. The first opened at Reagan in 2008. One opened at Atkins earlier this year, and, last week, one opened at West Forsyth.

Ike Keener Jr., the president and chief executive of Allegacy, said, "Our mission is to help people make smart financial decisions."

Opening credit unions in high schools is in keeping with that mission, he said, and Allegacy officials are talking with officials at other local high schools about opening branches.

Kiana Anorne, a senior in the business advanced-studies class, said she hopes that working in the Bobcat Student Credit Union will help her pursue a career in accounting or banking.

"I like working with money and helping people out," Kiana said.

kunderwood@wsjournal.com | 727-7389