Franklin Federal hires teachers to instruct children about money

Franklin Federal Savings Bank is making money count in more ways than one.

The western Henrico County-based bank has hired teachers to go into elementary schools in the Richmond area to teach second-graders about money and why it counts.

Before the hour is over, 7- and 8-year-olds can say "money is a finite resource" in squeaky tones like a mouse. They can roar the words quietly like a lion and they can sing them like rock stars while playing air guitars.

They get to put stickers on their shirts that say, "I have big goals, so I am a saver. Are you?"

"Second grade is the sweet spot for learning," said Michelle Mogel, the financial literacy program manager for Franklin Federal.

"They are young enough that they still like to use their imaginations."

The bank started "Making Money Count, A Financial Lesson for 2nd Graders" last spring with one teacher — Mogel — teaching the class in nine schools in Richmond and one in Chesterfield County.

It hired four teachers this academic year to roll the program out to 81 elementary schools, including all 29 schools in Richmond, 38 in Chesterfield and 14 in Hanover County. The teachers go once to each second-grade classroom for the one-hour class during the academic year.

The plan is to hire two more teachers next school year to bring the class to Henrico public schools, private and home schools.

Many companies provide financial support and volunteers who work directly with students.

Virginia Credit Union, for example, hired a financial education instructor four years ago to take financial literacy into the community and form partnerships with schools and libraries, said Glenn Birch, director of public relations for Virginia Credit Union.

The credit union taught financial literacy to about 6,000 students, mostly at the high school level, last year.

Support from the credit union, the Virginia Bankers Association and other businesses will be even more critical this year with a new requirement that high school students in Virginia complete course work in economics and personal finance, said Sarah Finley, executive director of the Virginia Council on Economic Education.

Teachers in the Richmond area can participate this summer in weeklong institutes in personal finance and economics funded by the financial services industry at Virginia Commonwealth University.

Franklin Federal's Making Money Count program is outstanding, said Joyce Lanier, principal at Evergreen Elementary School in Chesterfield. Lanier observed the classes and said the students were mesmerized.

"I am impressed that Franklin Federal hired four highly qualified elementary teachers to deliver the instruction," Lanier said. "It is unusual for a business to invest so much in terms of time and resources."

A former teacher, Mogel was administrative assistant to the president of Franklin Federal before rewriting her job.

She devised the curriculum, and hired and trained the teachers.

"I tried to incorporate a little piece of something for everyone, so if art speaks to you or if music speaks to you, you can get something out of it," Mogel said.

She uses reading, writing and arithmetic — "and hand signals for the wiggle worms" — to make points about spending, saving and sharing.

"The bank has always given generously to the community and been a good corporate citizen. But were we really making a difference?" said Jennifer Merritt, the bank's director of marketing, explaining the appeal of the program.

Franklin Federal made an initial three-year commitment to fund the program.

The board then voted unanimously to expand the program. The cost this year, with the additional teachers, is about $90,000, Merritt said.

The bank and its foundation typically give about $300,000 a year in community contributions. This program is extra, she said.

"So much is expected of the schools," Mogel said. "So much is on the shoulders of teachers. But their budgets keep getting cut."

Mogel and Merritt pitch the program by telling schools that the bank wants to help them achieve their Standards of Learning goals. The class gets points in language arts, civics and math.

Teaching at the second-grade level has a practical side as well. It doesn't interfere with intensive SOL testing in the first and third grades, Mogel said.

Each one-hour class is the same, but the lesson changes with the students.

"Every classroom is different," said Kristin Davis, one of four new teachers. "The kids are so different. You really have to be on your toes. … At that age, you can still be silly with them and make learning fun."

Students clapped as Davis entered a class last week at Clark Springs Elementary School in Richmond. She asked for their help and for their ideas.

"She had them very engaged, and this is a tough crowd, very talkative," said Rebekah Calder, the full-time teacher.

"We believe we are really making a difference," Mogel said. "What I hope children will take away is a sense of empowerment, that making responsible decisions about money is cool."

The bank gets a plug with every presentation.

The children get a lesson in setting goals and saving money. A second-grader at Clark Springs Elementary last week drew a picture of a house as her goal. Another wanted to save money for food.

The students get goodie bags. For the class at Clark Springs, the best part was a savings card with one quarter tucked inside and slits for enough coins to save $5. They also "oohed" at a certificate of graduation.

chazard@timesdispatch.com

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