HOOKED ON FINANCE: BANKING ON OUR FUTURE

Allison Hebert, University of Louisville, Brown

Fellows Class of 2014

This summer I volunteered with a U.S. based non-profit organization called Operation Hope. They are dedicated to financial literacy and economic empowerment. The ultimate goal is to provide the underserved with the tools, knowledge, and resources to be successful in a capitalist economy. In their South African branch, they run a program called Banking on Our Future, which teaches predominantly children how to be successful through financial literacy education and entrepreneurship. The thought is that by teaching kids how to handle their money they will never be put in a position where they can not sustain a decent living.

“There is a difference between being broke and being poor. Being broke is a temporary economic situation, but being poor is disabling frame of mind, and a depressed condition of one's spirit, and we must all vow to never, ever be poor again.” –founder of Operation Hope, John Hope Bryant

THE PROGRAMThe Banking on Our Future program is taught through 6 modules:

1. A Course in Dignity: This module focuses on being respectful, not only in your financial life, but also in your day to day activities. This is the foundation that all the other modules are based off of.

2. Basics of Banking: Focuses on the differences between needs and wants along with how to use a budget. It also gives tips on how to be a smart shopper.

3. Savings: The main point of this module is to explain the concept of savings and bank accounts. The different types of bank accounts, how these accounts function, how to access them, and how to keep track of the money in those accounts is all taught within the lesson. Advantages and disadvantages of each are also taught.

4. The Power of Credit: Covers the concepts of credit including interest, hire-purchase, loans, and retail accounts. It also has elements of the different types of fraud that can occur such as identity theft.

5. Entrepreneurship: Gives tips on how to start your own business. It covers characteristics of entrepreneurs, difference between goods and services, how to form a business plan, some marketing strategies, and why entrepreneurship is important to society.

6. Investments: The last module gives a brief overview of the different types of investments and how they work. It is not a guide on what to invest in.

WHERE I’VE BEEN AND THE FUTURE• First Year: Vietnam and Cambodia introduced me to Southeast Asia. It was a

bit of a culture shock but I gained valuable experience with bartering in markets.

• Second Year: Study Abroad in Prague, Czech Republic with two economics classes. The biggest lesson from this summer was through the people I met from various parts of the world. They used their real life situations to enhance our class discussions.

• Third Year: Volunteering in Cape Town put me on the path of non profit or volunteer work within the business field. This has now let me work at a private and non profit organization that I can compare to determine which area I would potentially work in upon graduation.

• Next Year: Washington D.C. I want to work in a government setting to see if being involved in the mess that is our government would be worth it. Potential positions range from working in a government official’s office to working in an agency. Who knows where I will end up?

TASKS1. Input data to gauge if students learned into computer2. Visited schools to watch volunteers rollout the program3. Helped facilitate a volunteer session in the prisons4. Taught the program to adults5. Took inventory

CONCLUSIONS• I didn’t get to teach children like I wanted but I did learn how

to run a non-profit organization. I feel that I could start a Banking On Our Future office here in Louisville.

• South Africa is still struggling with how to handle being independent. Some of their cultural and political views were different from what I was used to.

• A major area overlooked in helping the underprivileged is financial literacy. Many people don’t know how to handle their money and that is why they are in debt. This knowledge should be known by all people to help guarantee a bright future.

• Overall I believe the project was successful. The reason I volunteered this summer was to make a difference in a child’s life even if it was only a small one. I accomplished that and learned a lot about myself in the process.

FAVORITE MOMENTWhen we went to St. Agnes primary to take pictures of volunteers teaching the program. The classes being taught were 3rd, 5th, and 6th grade. The learners were all extremely eager, constantly raising their hands to answer questions and even asking me questions about America. I received many smiles and hugs that day, giving me a sense of fulfillment. Plus kids are just so cute!