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Financial literacy partnership gains momentum
By JACQUELINE GHOSEN
Reporter Contributor
After joining forces one year ago to bring an innovative personal finance curriculum into area high schools, the School of Management and M&T Bank are building momentum with the curriculum now being used at 37 local schools, up from 16 schools in last year's pilot program.
Through this public/private collaboration, the two organizations are reaching out to area high schools to help them integrate MoneySKILL® into their curriculum.
The School of Management and M&T co-hosted a Teacher Recognition Reception last week at the Jacobs Executive Development Center to acknowledge the 57 teachers who are using MoneySKILL. Guests included Robert M. Bennett, chancellor of the New York State Board of Regents.
"We are off to an incredible start," says John M. Thomas, dean of the School of Management. He notes that 58 percent of schools in the eight counties of Western New York now have teachers who are trained to use MoneySKILL, so the number of participants next year will be even higher.
"Ultimately, we would like to see every school in Western New York adopt this program," Thomas adds.
MoneySKILL is a free, interactive Internet curriculum designed to educate students to make informed financial decisions on a variety of personal finance issues, including income, money management, spending and credit, and saving and investing. It was developed by Lewis Mandell, professor of finance and managerial economics in the School of Management, in collaboration with the American Financial Services Association Education Foundation.
Financial-literacy scores of high school seniors hover in the low- to mid-50 percent range, according to Mandell, who, since 1997, has conducted a biennial nationwide survey for the Jump$tart Coalition for Personal Financial Literacy to determine how well 12th graders know the basics of personal finance.
"This indicates that despite the attention now paid to the lack of financial literacy, the problem is not about to resolve itself anytime soon," says Mandell.
Although New York State requires high school students to complete at least one-third of a semester of study in personal financial management, there are no resources to help schools achieve this objective, nor are there penalties for failing to do so.
"We believe this curriculum provides students with some basic financial skills and helps them become more prepared to make important financial decisions as they move into either college or a vocation," said M&T Bank President Mark J. Czarnecki.
The outreach to schools is being funded by a grant of nearly $44,000 from the M&T Charitable Foundation. In addition, M&T has provided a significant amount of staff and volunteer support to work with the School of Management in this effort.
The School of Management and M&T provide free teacher training and technical support for MoneySKILL, making it easy for teachers to use. And because the program can be completed online by students outside of regular class time, teachers don't have to change their daily lesson plans.
In addition, a built-in grade book electronically records each student's test scores and course grade, and MoneySKILL is regularly updated as tax regulations and financial products and services change. The next free teacher orientation session is being scheduled for August.
"We were pleased to add four Buffalo public schools during this past academic year and hope to help other city high schools implement the curriculum next year," Thomas says. "As we gain momentum, I believe we can make a real difference in our community."
Teachers or school representatives interested in learning more about MoneySKILL should contact Cynthia Shore, assistant dean for corporate and community relations in the School of Management, at cshore@buffalo.edu.