Many schools across the country are experimenting with student-run banks in their buildings that offer young people a hands-on way to learn how to take control of their money and their financial future. Next year, students at One City Schools will be able to bank at their school as Summit Cresaid Union announced the opening of a student-run branch for students, families, employees and other members of the One City Schools community at the new Pleasant T. Rowland Leadership Campus in Monona.
Summit Credit Union will contribute $75,000 towards the construction of a branch in One City, located at 1707 W. Broadway Street, and “will work with academics to ensure that each of them is financially literate after graduation. of his degree,” according to a press release from the organization.
Each scholar will open a savings account and a stock account, says Kaleem Caire, founder and CEO of One City Schools, and early next year students will be trained to work at the bank which he says will should be operational after the winter holidays.
“It will be a student arm of Summit Credit Union. People can make deposits and withdraw money and things like that,” Caire told Madison365. “Our children will learn finance and banking and we will also open bank accounts for all our children. So they will all have savings accounts.
Cairo says they will deposit money into these accounts every year.
“We want our children to learn how to manage a bank account. We are going to do financial education with our students,” he says. “They are going to do financial education with our students and also get involved in our math curriculum. So it’s gonna be awesome. »
Cairo says the credit union is already being built within the school.
“We are thrilled to add to One City’s impact through a student-run Summit Credit Union branch. Financial wellness is a fundamental and transformational practice at Summit Credit Union, and we know it’s best to start early in life to learn it,” said Kim Sponem, CEO and President of Summit Credit Union, in a statement. “One City, which focuses on preparing students of color for college, is the perfect place for area businesses to support this important work and create a future diverse workforce in the county. of Dan.”
Did Cairo hear about this finance when he was a young man growing up in South Madison?
“Shit, no! I’m just brave enough now to tell people I was a latecomer when it comes to financial things. I did not invest. I was afraid of the stock market. I just kept my money in the bank,” he says. “I didn’t know anything about finance. Corn I want our young people to have the financial knowledge they need from an early age.
Understanding the importance of finance and investing are key, he adds, to closing the racial achievement gap.
“I tell people that one of the reasons why white people are so far ahead of so many of us is because their family members have passed down homes and wealth for two or three or more generations now,” says Caire. . “There is equity and wealth accumulated in there. They pass on things like life insurance policies – black people couldn’t get life insurance policies until the late 60s, early 70s in most places.
Beyond disparities in heritage, financial literacy was simply not part of black culture, adds Caire.
“So we are going to make it part of the culture. Any kid who comes to One City will understand banking and finance,” he says. “We will open a stock account for them and Bitcoin.”
One City’s goal is to eventually enroll children in grades 2 through 12. This fall, students from One City Elementary School (grades 5-5) and One City Preparatory Academy (grades 6, 9, and 10) will take classes at the Rowland campus. Registration for the 6th, 9th and 10th grades started on Monday.
“The first 2 hours, we had almost 40 candidates. For a new school, it’s really good,” says Caire. “We know that to fill the 250 places we have, we will probably enroll children for the summer. While primary school has a lot of visibility now. We only have one place left in fifth year. Otherwise, the waiting list is long.
To register A Towna public school accredited by the University of Wisconsin system, a student need only reside in Wisconsin.
“Next year, when One City reaches capacity for 6th, 9th and 10th graders, we will serve over 600 students,” Caires says. “We started with 6 children at the time. From 6 to 600 since 2015. We are delighted with the growth.