University at Buffalo (UB)
Release Date: June 5, 2007 This content is archived.
BUFFALO, N.Y. -- After joining forces one year ago to bring an innovative personal finance curriculum into area high schools, the University at Buffalo School of Management and M&T Bank are building momentum with the curriculum now being used at 37 local schools, up from 16 schools in last year's pilot program.
Through this public/private collaboration, the two organizations are reaching out to area high schools to help them integrate MoneySKILL® into their curriculum.
The UB School of Management and M&T will co-host a Teacher Recognition Reception from 4-5:30 p.m. on June 7 at the Jacobs Executive Development Center to acknowledge the 57 teachers who are using MoneySKILL. Guests will include Robert M. Bennett, chancellor of the New York State Board of Regents.
"We are off to an incredible start," says John M. Thomas, dean of the UB School of Management. He notes that 58 percent of schools in the eight counties of Western New York now have teachers who are trained to use MoneySKILL, so the number of participants next year will be even higher.
"Ultimately, we would like to see every school in Western New York adopt this program," Thomas adds.
MoneySKILL is a free, interactive Internet curriculum designed to educate students to make informed financial decisions on a variety of personal finance issues, including income, money management, spending and credit, and saving and investing. It was developed by Lewis Mandell, professor of finance and managerial economics in the UB School of Management, in collaboration with the American Financial Services Association Education Foundation.
Financial-literacy scores of high school seniors hover in the low- to mid-50 percent range, according to Mandell, who, since 1997, has conducted a biennial nationwide survey for the Jump$tart Coalition for Personal Financial Literacy to determine how well 12th graders know the basics of personal finance.
"This indicates that despite the attention now paid to the lack of financial literacy, the problem is not about to resolve itself anytime soon," says Mandell.
Although New York State requires high school students to complete at least one-third of a semester of study in personal financial management, there are no resources to help schools achieve this objective, nor are there penalties for failing to do so.
"We believe this curriculum provides students with some basic financial skills and helps them become more prepared to make important financial decisions as they move into either college or a vocation," said M&T Bank President Mark J. Czarnecki.
The outreach to schools is being funded by a grant of nearly $44,000 from the M&T Charitable Foundation. In addition, M&T has provided a significant amount of staff and volunteer support to work with the UB School of Management in this effort.
The UB School of Management and M&T Bank provide free teacher training and technical support for MoneySKILL, making it easy for teachers to use. And because the program can be completed online by students outside of regular class time, teachers don't have to change their daily lesson plans.
In addition, a built-in grade book electronically records each student's test scores and course grade, and MoneySKILL is regularly updated as tax regulations and financial products and services change. The next free teacher orientation session is being scheduled for August 2007.
"We were pleased to add four Buffalo public schools during this past academic year and hope to help other city high schools implement the curriculum next year," Thomas says. "As we gain momentum, I believe we can make a real difference in our community."
Teachers or school representatives interested in learning more about MoneySKILL should contact Cynthia Shore, assistant dean for corporate and community relations in the UB School of Management, at cshore@buffalo.edul.
The Wall Street Journal ranks the UB School of Management 10th in the nation among schools with strong regional recruiting bases. In addition, BusinessWeek ranks the school as one of the country's top 5 business schools for the fastest return on MBA investment, and Forbes cites it as one of the best business schools in the U.S. for the return on investment it provides MBA graduates. For more information about the UB School of Management, visit mgt.buffalo.edu.
M&T Bank, a subsidiary of M&T Bank Corporation (NYSE:MTB), was established in 1856 and is among the 20 largest commercial banks headquartered in the United States with more than $56 billion in assets and more than 13,000 employees. Reflecting a history of well-managed growth, M&T serves over 1.6 million households and operates more than 660 full-service branches and a network of more than 1,500 ATMs in New York, Pennsylvania, Maryland, Virginia, Washington, DC, West Virginia and Delaware.