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Dollar
4 Dollar IDA Program
Promotes
Financial Literacy
By Junious Ricardo Stanton
A unique partnership between the West
Philadelphia Financial Services Institution Sovereign and United
Banks, the Philadelphia School District and State Senator
Vincent Hughes has resulted in a dynamic new program designed to
alter the way young people think about money, setting goals and
savings. The Dollar 4 Dollar Youth Individual Development
Account Program is a way for one hundred students of University
City, West Philadelphia and Overbrook High Schools to have their
personal savings, up to two thousand dollars, matched dollar for
dollar by The West Philadelphia Financial Services
Institution.
Baronese Stokes the Program Manager for WPFSI
conceived the Dollar 4 Dollar Youth IDA Program as a way to
promote financial literacy, give high school students the
experience of saving, learning about money, banking, how money
impacts one's goals and quality of life and to be rewarded for
saving money by matching their savings in a special account that
they will have access to upon completion of the two-year
program. The Dollar 4 Dollar Youth IDA Program is the only
program of its kind in Pennsylvania and one of the largest
programs in the country.
| Ms Stokes a native of Kansas, has been in
Philadelphia two years. She conceived the idea.
"We're the only Youth IDA Program in Pennsylvania
but we're one of nineteen in the country. I did about a
year of research to identify the need in the community
and see how we could pull it together. So far we're the
second largest one in the country. The partnership
includes Sovereign Bank, United Bank, and the schools.
Senator Hughes got involved because of his passion for
the community as well as his representation on the state
level. He's actually here making the check presentation
on behalf of the Department of Economic and Community
Development. |
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The Dollar 4 Dollar IDA Program is designed
to be a challenging and fiscally rewarding program for high
school students grades 9-12. The idea is to produce an asset or
develop an asset whereby the young people save at least ten
dollars a week and we match it dollar for dollar up to two
thousand dollars and we give them two years to actually save. At
the end of the savings period they actually withdraw the money,
their savings in addition to our match and they purchase an
asset and that asset can be related to post secondary education,
career enhancement, or business ownership.
"An asset is anything that generates
money, an asset can be tuition for education, equity to go into
a business or they can purchase a computer, books for school, or
to go to trade school, uniforms, tools or instruments. Assets
are things that help you generate money whatever they may
be." Explained Ms Stokes.
"Financial literacy is a major part of
the program. In fact we hire counseling coaches from the
University of Pennsylvania's Wharton School of Business to teach
financial education in the high schools twice each month. So the
students are actually participating in financial literacy twice
a month for ninety minutes per class every month. The criteria?
We have some income guidelines but all we require is the
students do two things, save a minimum of ten dollars each week
in their account, and the other thing is to attend two financial
education classes in their high school. Right now we have sixty
four students and we have one hundred slots so we anticipate
filling the remaining slots in the fall of next year. This is a
labor intensive program. We provide one-on-one counseling to the
students."
WPFSI staff, board members, parents, school
administrators and students from all three schools were present
for the check presentation ceremony. Senator Vincent Hughes is a
supporter of the program and presented a symbolic check for
$219,000 to WPFSI and the Dollar 4 Dollar IDA Program. Hughes is
ecstatic about the program and its implications for the
community.
"This program is fundamentally about
financial literacy. We do not educate our children to the level
we should about the importance of money about where money is in
this society. We're a capitalist society and so much of America
is based on finances, dollars and sense, and unfortunately we
spend too much time educating our children about how to spend
money and consuming so that a dollar comes in one hand and goes
out the other. This is a vehicle not only about helping some
young people save some money but also educating them about the
importance of saving and the power of saving, investing,
compound interest and all the other things that go into a
program like this. That's why we're supportive of it."
Several of the students in attendance shared
why they joined the program. Deshaun Sherrill (17), a student at
University City High School, aspires to be an artist. He
participates in the program because "I know I needed some
extra money for books and stuff for college and I can use the
money to achieve the goals I want for myself. This program is
helping me to save money and having it matched is extra
special."
LaJuan Tucker (17), a junior at Overbrook
High School a straight "A" student shared, "I got
in the program because I plan to attend Duke University in
Durham North Carolina so I can have a cushion fund for when I
get out of high school. I plan to get a scholarship so I'll use
the money for room and board."
Rashedah Henderson (16), an "A"
student attends Overbrook High School says, "I joined the
program so I will be able to afford a laptop computer for
college and books. I enjoy the program and all the meetings I
attend."
Isabell Cornish (16) an honor student who
attends University City High School stated, "I joined the
program because I found it to be very interesting and wonderful
that they're giving youth a chance to save money and do
something useful with it. My personal goal is to save up for
college and buy something to help myself such as a lap top or
books."
The Dollar 4 Dollar IDA Program is showing
young people how their money can work for them
POSITIVELY BLACK
posted 6 May 2003 |
