PHOENIX (AZFamily) — Americans are carrying more than $1 trillion in credit card debt, and almost 30% of people trading in used cars have negative equity in their vehicles.
It all speaks to challenges with financial literacy, but at a Phoenix high school, students are getting a hands-on education in money before they reach the real world.
Eva Falcon is a senior at Metro Tech High School in Phoenix. She has big plans for college and an internship already under her belt. She’s one of six students interning at the Copper State Credit Union branch inside the halls of the high school.
“If someone has questions about wanting to save up for their senior prom dress, they come up to us and we give them those financial options and we can open an account for them,” Falcon said.
Brittany Nuno is also an intern at the credit union. “Money is a tough topic, but with finance class and learning how to manage money through class and the internship, I feel like it’s become easier,” she told On Your Side.
“We are doing real banking,” said Christina Lamar, the vice president of member services at Copper State Credit Union. “We’re very passionate about financial education in our school systems, so starting them out here really gives them the foundation. A lot of our students have bought cars and just did it responsibly and are educated and comfortable with the process.”
“I would love to have this, honestly, in all high schools,” Lamar added. “I think it’s very useful. I think the kids love it and it’s really setting them up for the future.”
Financial literacy is a challenge, hovering around 50% among U.S. adults, according to the World Economic Forum. That means people struggle to answer questions about borrowing, saving, and financial risk.
“Financial literacy is super important,” said Jeff Howard, who teaches a finance course at Metro Tech. He says several lessons transcend the classroom.
“A rainy day is always going to happen, so saving for that,” he said. “Looking toward the future and having some long term goals, and then the biggest part is don’t get into debt. Credit is a huge problem.”
Falcon says she’s confident in her money plan because of the lessons she’s already learning. “Everyone loves to say, ‘Oh, I want to be rich. I want to own a yacht, cool things like that,” she laughed. “But I think before all those things, it’s about just building that base. Once I build that base, I can keep on living that dream.”
Copper State Credit Union’s teen accounts are free.
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