Goodrich – Oxford Bank isn’t scheduled to open until later this month, but bank officials are already finding a place in the community.
Oxford Bank is offering Cemark’s ‘How to Do Your Banking? program at no charge to area schools, beginning with Goodrich.
As of last week, Goodrich High School was among the first in Genesee, Lapeer, and Macomb counties to take advantage of the bank’s free program to educate students on checking accounts, budgets, credit cards, and the borrowing-lending process.
‘A couple weeks ago I asked the kids how many have checking accounts,? said GHS business management teacher Sally Dickinson.
While many of the students have checking accounts, when asked how many balance their accounts regularly, ‘many didn’t know what I was talking about,? said Dickinson, who welcomed the opportunity to arm youth with real-life skills.
Teenagers, who are often ardent consumers, spent $175 billion in 2003, according to Teenage Research Unlimited.
According to MSNBC, nearly 94,000 borrowers who filed for bankruptcy last year were younger than 25.
‘We feel it is important that young adults have a chance to practice money management in the classroom, where mistakes won’t cost real dollars,? said Oxford Bank President and Chief Executive Officer Jeffrey Davidson in a media statement this week.
Oxford Bank representative Debbie Hansen visited Dickinson’s class this month, to give students a first-hand look at a lender’s perspective.
‘It makes a difference to get somebody in here from the real world to talk about issues that come up in class,? she said.