Learning the ABCs of financial literacy in Morristown

MORRISTOWN – Some 25 youngsters learned the basics of budgeting and banking Saturday during a Financial Literacy Expo presented by Our Youth Their Future.

The program was the first that the local nonprofit, founded by Morristown Councilwoman Toshiba Foster, presented with the help of JPMorgan Chase volunteers, who taught the children at the Marion Sally Residence Center.

Junior Achievement of New Jersey provided the hands-on teaching materials.

"There's a big lack in financial literacy," Foster said. "JPMorgan's Good Works Volunteers and Junior Achievement New Jersey have the kids playing games as they're learning.

"That's a fun way to learn," she added. "In high school, I had personal bookkeeping. You had to know Excel. You had to put numbers in a spreadsheet—what you make versus what you spend. But it was hard to understand how money works."

The children, ranging in age from seven to 17, were broken into three groups so they could learn age-appropriate concepts and practices under the tutelage of JPMorgan analysts, vice presidents, analysts, and managing directors.

Emily Overton, an analyst with JPMorgan Chase Private Bank, worked with 10- to 12-year-olds on making choices. Playing a Monopoly-inspired game, her group rolled dice and landed on spots that presented a player with financial options, such as whether to spend a small windfall on a snack, save it toward something he wants more, or make a deposit in the bank.

"We learned not to spend all of our money before we start thinking about it," said Laila Jackson, 10, of Lake Hiawatha School. "We learned to save it until we have enough. Say you like this bike and it costs $100,000. You should save up until you have thirty hundred thousand dollars."

Meanwhile, the older group, under the guidance of Jennifer Zambri, executive director at JPMorgan Chase Private Bank, listed places they'd like to take dream vacations.

"I want to go to Belize," said Sekayi Rudolph, 17, of Pope John XXIII Regional High School in Sparta. "We went there last year on a cruise, and I liked it. So I will go back."

Then came strategizing on ways to pay for the trip. The session veered into budgeting and how much money people spend if they eat brown bag lunches every day versus going out to a restaurant—$250 and $650, respectively.

Christy Tighe, education and training specialist for Junior Achievement, a 100-year-old, Princeton-based nonprofit, was on hand for the expo.

"Today the kids are taking some of the concepts that they're already learning in their day-to-day math and social studies classes and tying them to the real world," said Tighe, adding that the program is unique because it's taught by professional volunteers who also serve as role models.

New Jersey is one of the few states, she added, that requires students to take a financial literacy curriculum in order to graduate high school.

By lunchtime, when the Sophisticated Steppers, a community step team for girls, performed, many of the students were buzzing about what they'd learned.

"I learned that you can withdraw and deposit all your money into any banks," said Jazmya Pace, 10, of Mt. Tabor School. "I also learned about interest and percentage."

According to 8-year-old Gabrielle Neely of Alexander Hamilton Elementary School in the Morris School District, her sessions with Nana Kikuchi, capital advisory analyst with JPMorgan Chase Private Bank, and Ann Billak, vice president of trading technologies, was the coolest.

"I learned about how different businesses work," Gabrielle said. "I liked when they taught us about making donuts."

Ultimately, Foster wants the expo, which will be presented annually, to evolve into a workshop series, complete with financial incentives for those who finish.

Staff Writer Lorraine Ash: 973-428-6660; lash@gannettnj.com