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Financial Literacy Program results in knowledge improvement of financial issues

CSB-logoChelsea State Bank and EverFi™, a financial literacy program, will start a third year with a new group of students at Chelsea and Dexter high schools this fall.

An EverFi™ Educational Impact Report Card, assessing the effect of Chelsea State Bank’s Financial Literacy Program with the high schools over the past two years, found solid improvement in student knowledge of financial issues.

Chelsea State Bank President and CEO John Mann says the program gave students access to the EverFi™ Program, an innovative online platform that uses gaming and simulations to teach high school students the core concepts of financial responsibility.

“A pre- and post test was administered to measure knowledge gains,” Mann says in a press release. “The test was scored with a passing grade of 70. The average pre-assessment score was 69. The average post assessment score was 87, with an 18-percent knowledge gain boost in all areas evaluated.”

The Impact Report showed positive outcomes certifying 82 students at Chelsea High School and 40 students at Dexter High School in nine core financial areas.

Knowledge gains were measured in nine subjects testing an understanding of Savings, Banking, Payment Types, Credit Score, Financing Higher Education, Renting vs. Owning, Taxes and Insurance, Consumer Fraud and Investing.

Mann says the top modules with the highest growth in knowledge were Taxes and Insurance and Investing. “The end result suggests that the program is providing greater benefit for the students with the highest need,” Mann says.

The Chelsea State Bank Financial Literacy Program is part of a statewide financial literacy initiative powered by local educators and businesses to equip students with the knowledge they need to become financially capable. It speaks to the spirit of community banking to serve local families and businesses.

“It’s important for us to support our communities and this is a perfect way to do that. Because we are the local community bank we feel honored to give back to the communities that so generously support us,” Mann says.

Chelsea State Bank has aligned with EverFi™, Inc. to bring the interactive financial management program to these high school students at no cost to the schools.

“Financial literacy is a skill that all young people need to succeed,” Mann says. “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. I only wish that more students would take advantage of it.”

About EverFi
EverFi is the leading education technology platform company to teach, assess, and certify students in critical skills including Financial Literacy, Student Loan Management, Digital Literacy, and Health and Wellness.

The company is already powering a national movement in 50 states that enables students to learn using the latest technology, including rich media, gaming, high-definition video, and simulations.

EverFi teams with banks, major corporations and foundations to provide the programs at no cost to schools. To date, more than 3 million students have completed EverFi learning platforms. Learn more by clicking here.

About Chelsea State Bank
Chelsea State Bank is a full service financial institution with offices in Chelsea and Dexter. Local business leaders formed the bank over 100 years ago. It provides timely financial solutions to individuals, families, and businesses in the community.

This tradition of community service continues today. Member FDIC. For more information, please click here or call 475-1355.

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