JACKSONVILLE, Fla. — Did you graduate from high school knowing how to create and manage a budget? Did you understand how credit and interest rates work? What about the fundamentals of investing and compound interest?
If you didn’t you’re far from alone.
The consequence of having virtually no financial literacy upon entering adulthood often plays out exactly as one would expect, becoming a significant hindrance to economic opportunity and mobility into adulthood.
Americans’ financial illiteracy cost the United States $350B last year on things like overdraft fees and high-interest loans. In a 2021 report from the Milken Institute, an independent economic think tank, many people in the US—both young and old—lack the basic knowledge and skills required to engage in sound financial decision-making, significantly threatening their prosperity and financial well-being. Basically, financial literacy is essential for driving economic growth.
The National Center for Education Statistics has reported that one in five American 15-year-olds does not understand basic financial concepts. For college students, poor money management skills can lead to maxed-out credit cards, late bills, and dropped degrees.
But some lawmakers are stepping in. Back in March, Florida joined over 20 other states with the passing of the financial literacy bill SB 1054, requiring high school students take a personal finance course before graduation. DeSantis said the course is intended to instruct teens on the fundamentals of finance and money management, including bank accounts, credit scores, taxes, and managing debt.
This week VyStar Credit Union announced its latest financial literacy initiative with the launch of its High School Debit Card Give Back Program, providing 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 that is branded with its school logo and is available to anyone with a personal checking 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) back to each school.
Debit cards are available at the following Duval County schools:
- Wolfson High School
- Ribault High School
- First Coast High School
- 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, VyStar’s Vice President of School Programs.
“Our high school branches teach students the importance of creating a strong foundation, which can lead to a lifetime of financial wellness,” said VyStar EVP/Chief Operations Officer Chad Meadows. “We believe that today’s students will go on to 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 High School Branch Program in 2006, enabling students to experience key financial services. According to Vystar, since the program was created, more than 1,500 paid student internships have been completed, over 85,000 students have received financial education, and over 60 student graduates were hired for full-time positions at the company.
Vystar has branches at the following Northeast Florida high schools:
- Bartram Trail High School
- Fleming Island High School
- Pedro Menendez High School
- Wolfson High School
- Ribault High School
- Orange Park High School
- West Nassau High School
- Middleburg High School
- First Coast High School
- Palatka High School
- Matanzas High School
- Fletcher High School
- Mandarin High School
- Yulee High School
- Fernandina Beach High School
- Clay High School
- Bradford High School
- Belleview High School