Westchester Teens Plan for Strong Financial Futures

From Patriot Bank: Westchester youth are gaining some much-needed financial skills, learning to balance budgets, build credit, pay for college, and save for retirement with money lessons and insight from local experts.

Mount Vernon Mayor Richard Thomas recently joined 100 students at Mount Vernon High School to help them plan for their financial independence in adulthood. Teens learned best practices for saving money, building credit, buying a home or car, saving for college and retirement, and investing during an interactive discussion with Patriot Bank EVP Judith Corprew, Mount Vernon Chamber of Commerce VP Rey Hollingsworth, and Northwestern Mutual Financial Advisors Brad Reid and Larry Kennedy.

Nearly half of Americans lack basic financial literacy, and many young people are not being educated in this crucial topic, according to a new report from Patriot Bank, N.A. Overall, 43% of U.S. adults lack a basic understanding of financial skills, including proficiency in simple concepts of saving, investing, and debt, according to the report.

“Knowledge is power. This is why I’m proud of the work we’ve done to teach financial literacy to the youth of Mount Vernon. Most mistakes with managing money happen right after high school graduation. That is why it is so important for us to empower young adults with the knowledge to protect themselves from committing avoidable costly errors, which can stop their future. Starting early in educating young people about fiscal responsibility will create a more possibilities for long-term prosperity,” said Mayor Richard Thomas.

“Financial literacy is critical at every stage of life and can play a huge role in helping to determine your future,” said Patriot Bank President Richard Muskus, Jr. “That is why Patriot Bank is partnering with local schools and community organizations to help empower the next generation with the tools and resources they need to make smarter financial decisions.”

Patriot Bank recently held a financial seminar “Understanding Money & Credit” at the Boys & Girls Club of Northern Westchester. About 20 young adults learned how to create a budget, use credit wisely and commit to a savings plan in the two-part seminar led by Patriot Bank Vice President Kathleen Reilly.

The bank is also providing a complimentary web-based financial literacy program, Banzai, to local schools, including Graham Elementary School, Mount Vernon High School, Thornton High School, Port Chestor Senior High School, White Plains Senior High School, Lincoln High School, and Yonkers Middle School.

Patriot Bank’s report Commitment to Financial Literacy 2017 emphasizes the importance of teaching financial literacy and helps identify opportunities for young people to acquire the financial skills that will help better secure their future. It outlines:

• What financial literacy is and its lifelong importance
• Financial literacy impacts on everyday life
• Why financial literacy education in New York was graded “B”
• Free resources & educational tools for educators and parents

To learn more, download Commitment to Financial Literacy 2017.

Image via Patriot Bank