RICHMOND, VA (WWBT) - Call it economics 101, second grade style. Franklin Federal Savings Bank teaches second graders how to spend, save and share wisely.
"When the economy went south, we realized that we needed to make a difference in how people are choosing to use their money and spend their money," said Michelle Mogel, Financial Literacy Program Manager.
The program started this year with the hopes of empowering these students.
"The object of the exercise is to teach these students how to handle money responsibly, and hammer home the old adage that money doesn't grow on trees," said Michelle.
Through a series of readings, role playing and discussions, the emphasis is on setting goals and knowing what it takes to achieve them.
"To learn that using your money wisely feels good, to make responsible decisions is a lifelong skill and that it's cool to save your money," she said.
Michelle Mogel wrote the program and specifically chose 8 and 9 year olds.
"They are at that tender age where they hang on every word you say, they're eager to listen, they're thirsty to learn new stuff and they like to have fun," Michelle said.
These children understand the difference between wants and needs, and acting it out helps solidify that foundation.
"You're laying that foundation, that groundwork for how to be a grown up. The skills that we learn as children follow us our whole lives," she added.
This program is currently being taught in Richmond, Chesterfield and Hanover. The plan is to continue these lessons for next three years.