Teaching financial literacy to local youth
Continuing its “Commitment to Financial Literacy 2018” initiative, Patriot Bank, N.A., recently held several seminars on creating a budget, determining goals, and saving money with students at Academy of Information Technology & Engineering, following on similar programs at Stamford High School and Trinity Catholic High School.
To explain the concept of budgeting to the more than twenty student participants, bankers David Malloy and Sharissa Ryan of Patriot Bank presented example of how a high school student could save money obtain from an allowance or a part-time job to meet their expenses, from dining out and going to the movie to saving for college and making car payments.
The seminar also discussed the enormous benefits of investing from an early age, demonstrating how small but consistent contributions to an investment portfolio could generate enormous returns after several decades. An investment of $200 every month into an account that earns a 7% average annual return, for example, will grow to almost half a million dollars in forty years.