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| October 1 , 2006 | The
Newspaper of the NYSSCPA |
Vol.
9, No.17 |
Financial Literacy Starts at an Early Age
By Lois Whitehead, Public Relations Manager
The significance of financial literacy is an important concept to understand, even from a young age. A program called Commerce Plaza—initiated by NYSSCPA members—is based on this principle, and works to teach students in the fourth and fifth grades in the Long Island school system about financial literacy and entrepreneurialism.
Commerce Plaza is a unique, hands-on educational program that introduces students to the business community through a simulated work environment. Its overall goal is to operate a model business community, which simulates an actual business environment. In this setting, students have the opportunity to learn to be viable citizens, managers, workers and consumers, while learning practical economic and business realities. Since its establishment in May 2000, more than 14,000 students from more than 50 school districts have participated. The program is administered through the YES Community Counseling Center, a nonprofit organization in Massapequa, N.Y.
Michael Goodman, a member of the NYSSCPA’s Personal Financial Planning Committee and its Subcommittee on Financial Literacy, cofounded Commerce Plaza with fellow Society member Karen Tenenbaum.
“We realized there were no real hands-on practical financial-literacy learning tools for kids in our area, and decided to change that,” said Goodman. “Ultimately, Commerce Plaza promotes systematic change within the educational system by developing the means to prepare students for employment and a successful vocational future.”
The original curriculum for Commerce Plaza was purchased from a similar educational program operated in Florida and was rewritten to fit the needs of Long Island students and to comply with New York state education standards, Goodman said.
In the program, students are exposed to the world of business and basic economic principles. They learn about the free enterprise system, careers, economics, citizenship and the general skills needed in the workplace. As part of the program, students receive simulated paychecks, make bank deposits, write checks, operate businesses, prepare cost sheets, think critically and work as a team.
The students participate in a full-day field trip experience to the Commerce Plaza site, which integrates lessons from the classroom with an actual work environment. Students also learn about serving in public office, as there is a “mayor” elected for Commerce Plaza for each field trip. The mayor’s office is responsible for determining census information of the attendees and hearing the concerns of “constituents.” The mayor also surveys the employees for their experiences for the day and, at the end of the day, reports to everyone in a state of the plaza speech.
Goodman said this program is a financial literacy model that can be duplicated throughout New York state.
“This is a rare opportunity to involve children directly with businesses in our communities,” he said. “Local businesspeople serve as role models, demonstrating leadership, teamwork and entrepreneurialism.”
Lois Whitehead can be reached at lwhitehead@nysscpa.org.
