Mayor Endorses Savings Challenge

Mayor Bill Bell stopped by Rogers-Herr Middle School on October 16 in support of the school’s first Classroom Savings Challenge pep rally. Mayor Bell endorsed the challenge with a proclamation, and First Citizens Bank donated $500 for the campaign to purchase EE savings bonds.

The Classroom Savings Challenge is an extension of an in-school curriculum called the Youth Financial Education Program (YFE). The Challenge encourages young people to save their money by making daily or weekly deposits into their savings jar during class.

Activities will correspond with scheduled YFE sessions and a class project. Teachers will coordinate with their students who will retain and track their deposits to determine the classes’ total savings. Over the next two months, students will learn about money matters and how saving money is central to becoming a responsible adult. The winning class will be announced on Dec. 14.

Studies show that managing personal finances can be a serious problem for young people. Fewer than half the teens in a 2006 Charles Schwab Foundation survey understood how to budget their money, and the average college freshman has $1,500 in credit card debt. This program aims to stem those numbers.