Avery Sterling, 20, successfully completed a financial literacy course offered through One Summer Chicago this summer and he said the information and work experience will help him become a better father to his 1-year-old daughter.
High school students will soon start receiving the same financial literacy course during the academic year that was once only available to participants of the city program. On Monday Mayor Rahm Emanuel shared news about a new partnership between Chicago Public Schools and TCF Bank. Commissioner Evelyn J. Diaz from the Chicago Department of Family and Support Services, Cook County Board President Toni Preckwinkle and other elected officials and guests were in attendance at the recognition breakfast, which was held at the Chicago Cultural Center.
More than 22,000 young people between the ages of 13 and 24 participated in the city’s summer program, which provides Chicago youth with summer jobs and internships. They receive mentoring and career coaching as they work with government institutions, nonprofits and private companies.
This year, more than 6,400 students completed the financial literacy component. The comprehensive program is designed to teach them about mortgages, overdraft fees, taxes, budgeting, how to protect themselves against fraud, how credit cards work and more. It is sponsored by TCF Bank and EverFi Education Company developed the interactive software.
Tom Jasper, vice chairman of funding for TCF Bank, said it is crucial that youth are taught financial literacy at an early age.
“Whether you’re going to be an artist or an accountant, you’re going to need those skills when you grow up,” he said.
The teachers will have about six to eight hours of content to deliver to their classes.
Sterling said he retained everything, but understanding taxes, interest rates and assets really caught his attention.
“I had no idea that once you buy certain things, they go down in value and some go up,” he said.
There is also a game that helps the youth participants understand the importance of budgeting. Sterling described the engaging lesson as “addictive,” and said he completed it more than once.
That kind of enthusiasm towards the course is what TCF encourages, said Jasper. The program isn’t supposed to be dull and the technological interaction makes it more engaging.
“That’s how kids want to learn, instead of looking up at it on the chalkboard, they want to get in and experience it,” said Jasper.
Heaven Bellock, 16, said the course was very helpful.
“Most teenagers just know spend, spend, spend and this is what I want at this moment, but that actually taught them okay I have to save and put aside for emergencies, I can’t just spend all my money now and not have nothing for later,” she said.
Jasper said that the idea to create this course came from looking back on the mortgage and financial crisis in 2008. He said there were a lot of people who didn’t make the best financial decisions because they lacked the right knowledge. TCF didn’t want to see a new generation make some of those same decisions so with the support of CPS, they are equipping youth with tools that will help them throughout their lives.
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