Establishing student bank branches at each campus of the Pine Bluff School District allows students to learn an important life lesson not always taught in school — saving money.
“It’s an important skill all of us need to know,” assistant Superintendent Phillip Carlock said.
“I wish I would have had that skill a little earlier in life. I would be farther along. But we want to teach our kids the basic skill of saving money.”
Youngsters at Forrest Park/Greenville Pre-K campus will have a head start, as will students at James Matthews Elementary School, on lifelong saving thanks to the establishment of FBT Bank’s on-campus branches.
The district teamed with FBT and the Pine Bluff Regional Chamber of Commerce Redcoats for grand openings at the campuses Friday.
Independent reporting for Pine Bluff & Jefferson County since 1879.
“We want to build a strong financial foundation here in Jefferson County,” Carlock said to a packed hallway of community supporters at Forrest Park/Greenville.
“Our next generation of bankers will be a lot stronger than we are now because they’re learning in pre-K.”
The occasion even drew Pine Bluff Mayor Vivian Flowers, who explained how financial literacy goes hand-in-hand with education.
“I was reflecting how, in my time in the Legislature, we cast a bill mandating that kids learn how to write in cursive, because, for whatever anyone thought — and it was controversial — you can’t write your signature if you don’t know how to write in cursive. So if we’re not taught our ABCs, we can’t learn how to read. If we’re not taught how to count, we can’t do math. So why in the world would we ever think that if we can’t provide this kind of foundation for kids, a foundation for financial literacy, they would then be financially literate?”
Students will only be allowed to deposit into their savings at each branch, Carlock said, but they can also earn incentives for their good habits.
“Every time they save even a dollar or a dime in their bank account, we want to encourage them to do that, keep it there and put it toward college or career-readiness, or even purchase their first home,” he said.
Young students will even work jobs to manage each branch. At Forrest Park/Greenville, a bank day will be held once a month when students will deposit their money and some of their peers will serve as tellers.
“The most exciting thing is for a student to be able to see that they can save money, and they’ll be able to utilize that in their lives,” PBSD Superintendent Jennifer Barbaree said.
“Learning what saving is at a young age, hopefully, will continue with them and grow their ability to be able to save money and be able to utilize that for something when they really need it.”
LaTasha Randle, FBT’s director of community outreach, said the student bank concept is the “district’s baby,” but the district allows the bank to “babysit it” at times.
“What we’re planning to do is be great babysitters, to invest in these children, to invest in this community,” Randle said.
“Because whatever those kids are, so are we. Just because they didn’t come from money or their parents didn’t come from money, that doesn’t mean they shouldn’t.”
The PBSD plans to launch other branches with the assistance of Simmons Bank at a date to be determined.
Carlock hopes student banking will encourage the children to talk with their parents about saving money and other practices of financial literacy.
“When you earn money and you put your money in your pocket, we want students to know that you’re responsible for it,” Carlock said.
“We want you to use it wisely.”
