Financial literacy

VyStar Announces Latest Financial Literacy Initiative in Duval County Schools – Action News Jax

JACKSONVILLE, Fla. — Did you graduate from high school knowing how to create and manage a budget? Do you understand how credit and interest rates work? What about investment fundamentals and compound interest?

If you haven’t, you are far from alone.

The consequence of having virtually no financial literacy in early adulthood often plays out exactly as one would expect, becoming a significant barrier to economic opportunity and mobility in adulthood.

American financial illiteracy Cost the US $350 billion last year on things like overdraft fees and high interest loans. In a 2021 report According to the Milken Institute, an independent economic think tank, many people in the United States, young and old, lack the basic knowledge and skills needed to make sound financial decisions, posing a significant threat to their prosperity. and their financial well-being. Fundamentally, financial literacy is key to driving economic growth.

the National Center for Education Statistics reported that one in five 15-year-old Americans do not understand basic financial concepts. For students, poor money management skills can lead to depleted credit cards, late bills, and lost degrees.

But some lawmakers are intervening. In March, Florida joined more than 20 other states in passing the financial literacy bill. SB 1054, requiring high school students to take a personal finance course before graduation. DeSantis said the course aims to teach teens the fundamentals of finance and money management, including bank accounts, credit scores, taxes and debt management.

This week, VyStar Credit Union announced its latest financial literacy initiative with the launch of its High School Debit Card Rebate Programproviding financial support to 18 local high schools with VyStar branches.

According to VyStar, each high school involved in the VyStar Academy of Business High School Branch Program has a unique debit card bearing the logo of its school and accessible to anyone with a personal current account. Through the Give Back program, VyStar will donate 5 cents to the corresponding school for every purchase made with that school’s debit card. Then, once a year, Vystar will donate money (up to $10,000) to each school.

Debit cards are available at the following schools in Duval County:

  • Wolfson High School
  • Ribault High School
  • First high school on the coast
  • Fletcher High School
  • Mandarin High School

“The High School Debit Card Give Back program makes contributing to these educational institutions as easy as using a debit card for everyday purchases,” said Michael Rathjen, vice president of school programs for VyStar. “From students to graduates to parents – or anyone proud of their neighborhood school – we hope the community will use these debit cards to generate funds and give back in a special way.”

“Our high school branches teach students the importance of building a strong foundation, which can lead to a life of financial well-being,” said VyStar EVP/Chief Operations Officer Chad Meadows. “We believe that today’s students will become tomorrow’s leaders, and it is our responsibility to help them reach their full potential.

Vystar says financial education is one of its most important philanthropic initiatives. The organization created its Secondary Schools Branch Program in 2006, allowing students to discover key financial services. According to Vystar, since the program’s inception, more than 1,500 paid student internships have been completed, more than 85,000 students have received financial training, and more than 60 graduate students have been hired for full-time positions at VyStar.

Vystar has branches in the following high schools in Northeast Florida:

  • Bartram Trail High School
  • Fleming Island Secondary School
  • Pedro Menendez High School
  • Wolfson High School
  • Ribault High School
  • Orange Park High School
  • West Nassau High School
  • Middleburg High School
  • First high school on the coast
  • Palatka High School
  • Matanzas High School
  • Fletcher High School
  • Mandarin High School
  • Yulee High School
  • Fernandina Beach High School
  • clay high school
  • Bradford Secondary School
  • Belleview High School