Security Federal Savings Bank has partnered with Warren County High School to teach students about ways to properly manage their money.
The bank has purchased a software program called “EverFi – Financial Literacy” that’s being used at the high school. The software is helpful in teaching a financial management course the state requires before graduation.
Security Federal employees Michael Griffith and Tanarra Grissom volunteer as guest speakers during the course. They provide a basic banking overview and offer insight about investments students might want to consider in the future.
“The course is geared toward teens and it deals with some of the real-world issues that will soon affect them,” said Griffith. “They might ask a question like ‘If I don’t make my car payment, how will it affect my credit score?’ It’s things like that. The course offers a savings component, an investment component and it discusses major financial decisions like buying a car or a house.”
Security Federal made a three-year commitment to sponsor the program and purchase the EverFi software. The software has a target audience of students in grades 9-12 and can be used day or night.
One page of the EverFi website talks about Anthony, a 23-year-old who plays guitar and likes to have the latest technology. Anthony works 40 to 60 hours a week to give him a monthly income of $3,200.
But even though Anthony has a solid income, he has many expenses. By the time he pays for his cellphone, transportation, health insurance, housing, utilities, food, and credit card, he has spent $600 more than he has earned. That spells trouble.
This is the first year for Security Federal to offer the school system this software. To date there are 172 students using the software, including 92 who are fully certified.
The website is www.everfi.com/everfi.