HFC and Dearborn Public Schools pilot new state financial literacy program
Earlier this week, HFC, along with Dearborn Public Schools and officials from the State of Michigan, announced the launch of a new Financial Empowerment Curriculum to teach youth the basic principles of managing their money.
HFC President Russell Kavalhuna and Dearborn Superintendent Dr. Glenn Maleyko were among the special guests at Monday’s announcement that also included:
- Lt. Governor Garlin Gilchrist II
- State Treasurer Rachael Eubanks
- Michigan Bankers Association Executive Vice President of Government Affairs Patricia Herndon
- Various Financial Empowerment Curriculum stakeholders
Earn college credit as you learn how to balance your checkbook
“It’s always an exciting day when we have an opportunity to open up opportunity,” said Gilchrist. “The new curriculum will help young adults find a more solid financial footing by introducing them to concepts like budgeting, financial goals, insurance, loans and savings. Topics like investing, employee benefits, retirement funds, and more will also be covered.”
The pilot program in Dearborn represents the beginning of anticipated programs and partnerships between other Michigan school districts and community colleges. Officials hope it will be a first step to better equip Michiganders for life’s financial challenges. During this pilot, students attending one of the Dearborn district’s three high schools – Dearborn High School (DHS), Edsel Ford High School (EFHS), and Fordson High School – can enroll in a Personal Finance class concurrently with HFC, gaining valuable financial life skills while earning college credit.
Personal Finance or BFN 141 begins in the Winter 2021 Semester
Personal Finance or BFN 141 will be available starting with the Winter 2021 Semester at HFC. High school students interested in taking the class should contact their school counselors. The 3-credit college course will be taught by HFC instructors or by district teachers who are qualified to teach at the College.
Starting in the Fall 2021 Semester, all students enrolled in one of the district’s dual enrollment programs with HFC, such as Henry Ford Early College (HFEC), will be required to take the class. The class will count as a fourth-year math requirement for high school seniors.
The Financial Empowerment Curriculum will have specific measures to see if it is helping students, such as surveying students on how many open bank accounts and how many complete the Free Application for Federal Student Aid (FAFSA). The curriculum could be modified to improve those outcomes before the pilot is duplicated in other parts of the state.
“This program could not come at a better time”
Last year, the Michigan Department of Treasury was part of a financial literacy program held at HFC. During that event, the department heard from experts that residents at every level need a better understanding of finances, but it is especially important to get young adults off on the right foot.
Gilchrist noted planning for the course started before the pandemic and stated he was glad the program could launch in the midst of the current situation.
“This program could not come at a better time,” he said, noting the pandemic has shed a stronger light on financial disparities in some communities. The financial damage from the pandemic was made worse for many people because they were not prepared to weather any financial upheaval.
Herndon noted everyone could gain better financial stability and greater financial success by understanding topics like investing, banking, and the costs and benefits of interest rates.
“As my kids say, ‘This is learning how to adult,’” said Herndon.
“You need to understand how to make money work”
Kavalhuna stated the class fits well with the student-centered focus for both the College and the district. Improving financial literacy for Michigan residents helps the individual, their communities, and businesses, according to Herndon.
“Part of our mission is to build better lives and help people succeed,” he said. “Understanding how money works from a young age is important to lifelong success.”
According to Kavalhuna, he opened his first checking account when he was 15 and learned money was slow to earn but quick to spend. Having a good job is only one part of financial success. Surveys show almost half of Americans have no savings and one-third carry more than $16,000 in credit card debt.
“If you are going to live anywhere in the United States, you need to understand how to make money work,” said Kavalhuna.
Maleyko is proud that the strong partnership between the College and the district allowed them to pilot this important program in Michigan.
“Financial Empowerment is a good name for this initiative because that is what this class will do; it will empower students to understand and take control of their own finances as adults,” he said. “Hopefully, this program will benefit them throughout their lives.”
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