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Financial Literacy for Students | Gate City Bank Boosts Education

Education is often the key to long-term success and happiness – to a better way of life. It’s especially important to embrace a culture of financial education early in life, which is why Gate City Bank is helping to enhance financial literacy for students in the communities where its team members live and work.

In recent years, Gate City Bank has partnered with Banzai and Everfi, which specialize in providing financial education for students, to bring innovative, fun, practical and hands-on learning experiences to multiple area middle and high schools. Thanks to the Bank, “Financial Literacy 101” has been added to curriculums across North Dakota and central Minnesota.

“Gate City Bank exists to create a better way of life for customers, communities and team members,” says Amanda Torok, Senior Vice President of Culture. “We understand why financial literacy is so important, and we’re truly thankful for the opportunity to give kids a head start on financial success.”

Prioritizing Financial Literacy for Students

What is financial literacy and why is it so important?

Investopedia describes financial literacy as the ability to understand and effectively use various financial skills. When introduced at a young age, it can increase kids’ chances of achieving long-term financial well-being. According to OppU, 53% of adults are financially anxious and 78% of them live paycheck to paycheck, which is all the more reason why financial literacy needs to start early for students.

For years, Gate City Bank has understood the importance of teaching financial literacy. Since 2015, the Bank has donated more than $60,000 toward free financial literacy education for students, benefiting over 5,000 children and helping to provide approximately 5,000 hours of online learning.

Additionally, schools have the freedom to tailor the program to their curriculums as they see fit. Through Gate City Bank, students have learned about financial literacy basics such as the following:

  • Saving for College
  • Budgeting Properly
  • Using Credit Cards
  • Addressing Fees
  • Making Payments
  • Setting Savings Goals
  • Staying Out of Debt
  • Setting Aside Emergency Funds
  • Navigating a 401(k)
  • Understanding Interest Rates
  • Securing Loans
  • Preparing Taxes
  • Practicing Risk Management
  • Enhancing Credit Scores
  • Preventing Identity Theft

Teachers in a Good Position to Provide Best Tips for Financial Literacy

Gate City Bank’s program has been instrumental in establishing financial literacy lesson plans for teachers in area schools, who have openly expressed their institutions should teach financial literacy.

Benjamin Dossenko, a business and computer teacher at Mandan (ND) Middle School, is one of the educators who strongly believes schools should teach financial literacy. Additionally, he says it’s been great to see school administrators further realize why it’s important to teach students financial literacy.

“We’re appreciative of Gate City Bank for sponsoring this program for our young people,” Dossenko says. “We were able to have some great conversations about finances and clear up some pretty big misconceptions. The students were so engaged, and it made my job a little easier for a couple days.”

Gate City Bank looks forward to continuing to improve student financial literacy for years to come.

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