By Emma Iffrig
“They came in and said they were going to teach us about saving money,” says Marquis Cain a camper at a summer financial literacy camp that just celebrated their completion. Cain, along with several other participants, had the chance to attend the camp that taught them how to save, spend, and what was a need compared to a want. They were taught financial literacy. This was made possible by Bishop Luther D. Baker, President of Man of Valor Inc. We decided to ask him further about it as well as some of the campers!
Why this financial camp?
This was an opportunity for Man of Valor,Inc. to show its commitment to the families and residence of University City. To help empower the children of our community in financial literacy. The pre-test proved that they had a sense of financial insight. All we did was help groom them in some key areas that would give them the ability to understand what their parents are faced with weekly and monthly.
What was the ultimate goal?
Our ultimate goal was to open their college saving accounts. By the time we got to that point they we ready and excited about this accomplishment. We taught them their 30 second college saving account conversation. A child is seven times more to go to college who has a college saving account. We were propelled to get this started and help build as they go forward. There are different incentives in place to help build the account.
What was your favorite part of the camp?
The climax of the summer financial literacy program was Ms. Latoya Jackson, and the financial [advice] that she brought from Electro Savings Credit Union. This was the eye opener for our summer campers. That really gave them insight into the real world of providing and responsibility for a family.
While On The Money was there, we learned that they were trying to solve high school level financial problems, that even some adults may not be able to handle. Check out what some of the campers learned!
“A budget is how you plan your money out [with] your lifestyle," Kamryn Jones teaches another camper who also attended the financial literacy camp.
“I learned how to invest money and I learned that parents do a lot of things like adding and stuff,” says camper Keelynn Dunn.
By the end of this camp, campers found that:
Some campers were spenders and some campers were savers
Some campers were in debt and some campers had money saved up for later
Having your child attend a financial summer camp may not be what they want to do, but it will help in the long run.