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Hofstra University and Capital One Bank’s “Money & Me” Program-A Program Designed to Bring Financial Literacy to Local Fourth and Fifth Graders

Hofstra University has partnered with Capital One Bank for a program designed to bring financial literacy into the elementary classroom. Undergraduate and graduate students will offer instruction to fourth and fifth graders about personal money management skills. The interactive curriculum incorporates mathematics and ELA concepts, as well as practical applications, in every lesson. The curriculum  consists of approximately 9 lessons, with one lesson presented each week.

School of Education and Zarb Business School students are paired to teach the lessons to the elementary school students. These Hofstra students, called Financial Corps Members, are compensated for teaching the curriculum.

Curriculum Highlights:

  • Wants vs. Needs – Students learn to differentiate between wants and needs, discover how money is spent, and understand the consequences of poor spending habits
  • Savings Accounts – Students gain an understanding of the differences between types of savings accounts, and develop the skills necessary to maintain accounts
  • Sources of Income and Expenses – Students are introduced to the concept of earnings and how these funds are allocated to living expenses.
  • Budgets – Students learn how to create a budget, which carefully plans for future saving and spending.
  • Checking Accounts – Students develop the skills necessary to maintain checking accounts, including writing checks, reconciliation of checking accounts, and using ATMs. The dangers of identity theft are also covered.
  • Credit and Debit Cards – Students learn about responsible use of credit and debit cards and the implications of poor practices. The benefits of establishing strong credit ratings are also discussed.
  • Inflation – Analyzing product costs over time allows students to see how prices are affected by inflation.
  • Investments – Students gain a basic understating of bank, stock, and bond investments and the risks associated with each.

The Virtual Savings Account

  • Each class has a virtual savings account. Throughout the program, the class earns “money,” which is deposited into this account.
  • These virtual savings accounts earn interest, reinforcing the benefits of savings versus spending
  • Two class bank tellers are appointed for each lesson. They are responsible for counting the money earned and depositing funds into the virtual savings account.
  • The class will withdraw virtual money from their saving accounts to purchase program rewards.
Hofstra University and Capital One Bank Launch “Money & Me” Program