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Financial literacy push in AL schools, bill could be introduced in 2022 session

Published: Jul. 6, 2021 at 9:13 PM EDT
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PHENIX CITY, Ala. (WTVM) - When kids at Russell County High school get back in the classroom, they’re going to be exposed to something most kids don’t learn in school - how money works.

It’s hard to prosper if you don’t understand how to make money work for you, not against you.

Buying a car, buying a house, earning equity or investing in a 401k - it can be very overwhelming, almost a foreign language to many students as they work toward becoming independent.

“As we all know, sometimes students come out of high school, they don’t know how to balance a checkbook. They don’t know how to pay their taxes. They don’t understand how credit works, how credit scores work,” said Allison Allen, Alabama Credit Union Association.

Bridgeway Credit Union saw this as an issue and took the problem right to the students as they opened a branch inside of Russell County High School. The new branch is actually run by students.

That’s a small step forward for a bigger issue in Alabama, one that very well could be a signature piece of the 2022 legislative session in Montgomery.

“We are seeing a lot of students across the state who could be better prepared for financial literacy and skills when they’re going off to college or going off to a job or starting out on their own,” Allen added.

The end goal is to make sure that students entering into a world full of responsibilities can make informed decisions about their finances without fear.

“Being able to purchase a vehicle, understanding how financing works - just going into the credit union and opening an account. Again, understanding how credit works,” Allen explained.

News Leader 9 will provide us as we learn more about a possible bill for financial literacy classes in Alabama schools.

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