“Fulfilling and mutually-beneficial.”
These words leap to Lauren and Alex LaBelle’s minds when recalling the feeling of co-presenting a financial literacy workshop for teens at The William George Agency for Children’s Services.
The workshop they developed was designed to help high-school-aged youth learn the basics of budgeting and smart spending so that youth could manage their finances more effectively and confidently. The course was presented over three sessions in January to twenty–seven youth.
When asked to cite one new thing they learned as a result of the training, participating teens responded:
“The 50/30/20 Rule… 50% of your money toward needs, 30% toward wants, and 20% towards savings.”
“Budgeting tips and real world spending.”
“How much everything really costs.”
Before graduating this past month, the LaBelles were enrolled as MBA candidates in the SC Johnson College of Business, Park Fellows Leadership Program at Cornell University. For their requisite community project, the married couple chose a project that would improve financial literacy among children. It was a topic dear to Lauren ever since she had lived in Louisiana, and one that held new meaning for the duo now that they had a toddler of their own.
“While helping a colleague who was volunteering at a local middle school, I saw how little basic financial knowledge the students had through no fault of their own.”
Lauren thought about the reasons for such a lack of financial knowledge. Poverty, as a major influence, couldn’t be ignored. Living paycheck to paycheck didn’t lend itself to long term planning, she surmised. How could kids be expected to know about basic budgeting if their parents didn’t know and teach them, she questioned. Children were destined to follow the same generational curse unless they were taught a different way.
“That’s the moment I knew I wanted to do something to help break the cycle. When it came time to pick a theme for our project in business school, it was an easy decision,” says Lauren.
That, and the fact that only 57% of American adults are considered financially literate.
“Making financially responsible decisions involves understanding,” says Alex. “Understanding about the lure of impulse buying, the consequences of debt, predatory lending, the types of tools available to help build personal wealth, and the importance of self-discipline, management, and planning. People don’t automatically know these things. They learn it by studying finance or being taught by someone who has knowledge of the subject or personal experience. Fortunately, like most things in life, financial literacy is a skill that can be developed. It’s never too late to learn and adjust behaviors to improve your financial security both in the present moment and for your future.”
“We’re thankful to have the Cornell Park Leadership Fellows program so close to us, and grateful to the LaBelles for choosing to share their financial knowledge with youth on our campus,” says Helen Hulings, executive director at The William George Agency for Children’s Services. “The feedback from the workshop has been encouraging, with more than a few participants indicating they would change their behavior to save more and be more careful with their money as a result of what they learned.”
The William George Agency has worked with Cornell Park Fellows in the past. Prior projects include a culinary arts and hospitality program that introduced teens to the hospitality and the restaurant industry and a business analytics project that enhanced The Agency’s reporting capabilities.
“Ours is a learning culture that aims to set youth up for success by adopting healthier attitudes and behaviors not just toward people, but toward other important aspects of life, such as finances,” says Hulings. “The idea that it’s never too late to learn and to change is fundamental to our work. Through workshops like this, we hope the young people we serve come to appreciate learning as a lifelong opportunity that can improve their personal and financial freedom. Judging by workshop feedback, we’re off to a good start.”
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