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Taking Math Lessons Into Account

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By LIZ BLEAU, The Tampa Tribune

Published: February 9, 2008

Updated: 02/07/2008 06:22 pm

VALRICO - Michael Desmond has started saving for college, stashing away money he earns washing and waxing his parents' cars.

"It's like getting ready for real life, and for what is ahead of you," he said.

Michael is 10.

The fifth-grader is among dozens of students at Alafia Elementary School getting an early start learning the importance of fiscal responsibility, thanks to a pilot program offered by Suncoast Schools Federal Credit Union.

The Alafia Mint is the first branch the credit union has set up in an elementary school. There are 11 branches in high schools, operated by student volunteers assisted by a credit union employee.

Suncoast hopes to expand the program to other elementary and middle schools, said Dottie Dunn, manager of the credit union's Valrico branch.

Students save money and make deposits in their accounts when credit union representatives visit each Wednesday.

Michael was depositing $10 into his account Jan. 30.

Banking may be an annoyance for some adults, but Michael has taken a fancy to personal finance.

"It's fun coming here," he said.

Suncoast's Youth Marketing Manager, Juli Lewis, said when the bank branch opened at Alafia in October, accounts were available only to fifth-graders. Now first-graders have opened accounts, and other grades will be phased in by the end of the school year.

Participation has been brisk, she said; 57 students have opened accounts. As a special offer, the credit union pledged to double each initial deposit, up to $5 each.

Students who open an account also get a zippered notebook packet with a pencil and a small stuffed alligator.

Cameron Robertson, 10, also put $10 in his account last week.

"I earn most of my money, but sometimes my grandpa gives me money," he said. "I'm saving for a car in the future." His mom, Gail Robertson, said her son is a saver - a trait he likely inherited from her. Robertson makes a habit of putting money aside for the future.

Nicole Didona, 10, deposited 19 cents into her account.

"It was all I had. I found some coins around. I want to save up for college. My parents have my first year paid for, but I want to help out," she said.

Opening a credit union branch at the school was teacher Stacey Hirn's idea. Her daughter, Juliana, several years ago opened an account at a school bank when the family lived in Michigan.

"She would just collect her father's loose change and put it in the bank each week," Hirn said. "I was so surprised when we left at the end of the year and she had $90."

Hirn said she approached several banks and finally got a response from Suncoast.

Since then, the whole school has gotten involved. Teachers have incorporated school banking activities into lessons.

Principal Ellyn Smith said the fifth-graders eagerly took advantage of the credit union's offer to double the first deposit, which raised participation.

"The real-life application of math concepts we expect to learn are not always easy to find," Smith said. "But this is one that is meaningful. In addition, in today's economy, children need to learn about saving. Our fifth-graders are figuring compound interest on their own accounts."

Suncoast Chief Executive Officer Linda Darling said the students are learning lifelong lessons about money.

"We are concerned about children learning about money. This is a tool for life," she said

Peter Hanhan, 10, is putting the lessons to work. He deposited $2 in his account last week.

"I try to get in as much I can," he said, estimating he has $50 in his account.

He's close to his goal of having enough for a bicycle.

"The bike I wanted is maybe $60, so maybe next week I will go shopping for it," he said. "It will feel nice to buy it with my own money."

Reporter Liz Bleau can be reached at (813) 865-1557 or lbleau@tampatrib.com

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