Glen Cove High School students recently had the opportunity to learn how to manage their finances through a Financial Literacy Workshop sponsored by Assemblyman Charles Lavine, in conjunction with Working in Support of Education (W!SE). About two dozen students attended the workshop, which was organized by Ryan Adell, a junior at King’s Park High School and a former participant in Lavine’s Summer Student program.
“I have done other internships but this was by far the best I ever had,” said Adell. “One unique aspect is that it was totally open to coming up with ideas throughout the summer season, which is how this workshop came about. We weren’t closed off to doing one single repetitive thing over again.”
Adell said he did research during the summer program and created a summary that shows a correlation between the importance of financial literacy education and whether the students who receive that information are less likely to go into debt later on in life or have financial struggles than students who do not receive it.
“Since students are not required to learn this in school, they should have some alternative means of learning it,” said Adell. “This education is relevant to all high school students, no matter what career path they take.”
The workshop was led by David Anderson, executive vice president of W!SE, who taught the students key principles of personal finance, including how to use credit cards safely, the variety of different products they will encounter and loan management. The students were divided into teams and the concepts were taught through interactive games.
“I had a chance to watch part of the program and it was very entertaining and very engaging for the students,” said Lavine.
The topic has become increasingly important, especially as student loan debt continues to rise. Data released from the Financial Industry Regulatory Authority’s Investor Education Foundation reveal high school students who are required to take personal finance courses have better average credit scores and lower debt delinquency rates as young adults.
“Financial literacy education is critical to the future of our youth and the nation’s economy,” Lavine said. “There is legislation in the Assembly that would make this a key component of school curriculum and I intend to make it part of my agenda in Albany this coming session.”