NEW ORLEANS – Fidelity Bank of Louisiana announced that it was selected to participate in Phase II of the FDIC (Federal Deposit Insurance Corporation) Youth Savings Pilot Program, which consists of 12 banks throughout the country. The goal of the Youth Savings Pilot Program is to financially educate young students regarding how to effectively manage money at a young age.
Fidelity Bank selected Rudolph Matas Elementary School in Metairie, LA, as a partner for the new program, and the bank plans to partner with other schools in the near future. The new pilot program will provide three financial education sessions for approximately 80 students at Rudolph Matas.
The first financial education session was conducted Wednesday, January 13, 2016, at Rudolph Matas, in which Fidelity banking team members discussed short and long term financial goals, savings tips and budgeting practices. The second financial education session took place Wednesday, January 20 with a final session scheduled for Wednesday, January 27. During these sessions students learn about risk evaluation, smart purchasing habits and calculating interest. Fidelity Bank also provided the parents of students with information that will enable them to help their child learn the importance of money and budgeting as well as how to schedule savings goals and invest money.
The financial education sessions directly correlate with the lesson plans and classroom objectives of the math department at Rudolph Matas.
The FDIC’s Youth Savings Pilot Program is versatile in its design and is tailored to the needs of individual schools and school districts. “We want the students to begin thinking about their financial future and even possible career paths now rather than later,” Alton McRee, President and CEO of Fidelity Bank, said. “Overall spending and saving habits among American adults are abysmal, and if we can get young minds to develop healthy fiscal patterns, they are much more likely to grow into financially responsible adults.”
Fidelity’s partnership with Rudolph Matas will conclude on Thursday, February 4, with a school field trip to the Fidelity Bank branch at 3829 Veterans Blvd. where students will tour the bank, interact with bank employees and participate in a question and answer session. “I’m excited to see our students learn how to become financially disciplined,” Pat Helmstetter, Principal at Rudolph Matas Elementary School, said. “The students are learning skills that most people discover through trial and error, so we are very grateful that Fidelity Bank selected our school as a partner. I hope our students can take their newfound knowledge back to their respective homes and are able to teach their families about healthy spending, savings and budgeting habits.”
The FDIC created the Youth Savings Pilot Program to maximize the success of bank and school partnerships. The program financially educates young students about financial services and school-based savings programs to help them manage their money more effectively as they mature. At the conclusion of the partnership, Fidelity Bank will open a free savings account for every student that participated in the program.
Founded in 1908, Fidelity Bank is a mutual financial institution chartered by the state of Louisiana with 18 branches throughout Southeast Louisiana.
