(Chelsea Update would like to thank John Mann for the information in this story.)
Five years ago when Chelsea State Bank spearheaded a new financial literacy education program, Chelsea and Dexter High School students immediately became the benefactors of The EverFi, Inc.
EverFi is a web-based program using the latest in media technologies – video, animations, 3-D gaming, avatars, and social networking – to bring complex financial concepts to life for today’s digital generation.
“As the local community bank, it’s important to us to support our families and their students,” said Chelsea State Bank President and CEO John Mann. “The EverFi platform speaks to the spirit of community banking which is to serve our communities, including our schools.”
The EverFi program has been a big hit since its introduction, as expressed by students who have benefitted:
- “I liked how all the terms in the Chelsea State Bank Financial Scholars Program were clearly defined and were easy to understand.”
- “My favorite thing about the Chelsea State Bank Financial Scholars Program was the video lessons. They seemed interesting and informative.”
- “My favorite thing about the Chelsea State Bank Program was getting to experience a little bit of how a business is run.”
Chelsea State Bank has aligned with EverFi to bring the interactive financial management program to these high school students at no cost to the schools.
Follow-up testing clearly supports the bank’s decision. After completing EverFi financial literacy courses, students are more knowledgeable and better prepared to manage their financial futures. Chelsea and Dexter students increased their assessment scores by an average of 68 percent.
“Financial literacy is a skill that all young people need to succeed,” Mann said. “When these students enter the real world, whether it is college or the work force, responsibly managing their finances is a key to their ultimate success in life.”
Most recent data shows what these high school students are now prepared to do after participating in the EverFi – Financial Literacy Program last year:
- 84 percent of students are ready to choose the right type of bank account for their money, up from 51 percent before the course.
- 85 percent of students are ready to file their taxes and evaluate insurance options and understand what they mean, up from 48 percent before taking the course.
- 82 percent of students are ready to apply for financial aid or loans to help pay for college, up from 32 percent before the course.
Chelsea State Bank and community banks in general have an important responsibility and role to promote financial education in schools. “Spending is starting earlier in life and many young people have little understanding of finance and economics,” Mann said. “They are spending and borrowing without knowing the consequences – in some cases following the bad example of their parents. It’s important to not let credit card spending get out of control.”
He also noted that it is no secret that financial literacy in our society needs improvement. “Financial literacy needs to be front and center in our schools and this is a great way to do it, using the technology and tools that this generation of consumers has been using since kindergarten.”
Mann emphasized reaching high school students is also critical since many will soon be making serious credit and loan decisions as they make their college choices. The 9-unit course offers programming aimed at teaching, assessing and certifying students in a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, and savings.
“With April designated as Community Banking Month, we are proud to showcase our community support by providing the EverFi Financial Literacy Program to our high school students,” said Mann. “Because we are the local community bank we feel honored to give back to the communities that so generously support us.”
About Chelsea State Bank
Chelsea State Bank is a full service financial institution with offices in Chelsea and Dexter. The bank was formed over 100 years ago by local business leaders to provide timely financial solutions to individuals, families and businesses in the community. This tradition of community service continues today. For more information, please call 734-475-1355 or visit www.chelseastate.bank.
Member FDIC.
