A high school class where students earn real money? Sounds like a class most students would love! At Olympia High School, students have the opportunity to do just that with the Personal Finance class. Teacher Skip Fabritius partners with Olympia Federal Savings (OlyFed) to bring to life the lessons in his textbooks and give students a positive jump on learning to handle their own money.
“We start with what makes you happy; an important step before allocating your money,” Fabritius says about the class curriculum. “Decision making and goals; statement of net worth, income statements and budgeting; investing in yourself and career exploration, government programs and taxes, savings and credit and a whole lot more!”
Olympia High School has had a Personal Finance class for nine years, and before that Fabritius says he included personal finance in the accounting classes they offered.
OlyFed Employees Attend Olympia High School Classes to Teach About Saving Money
Fabritius reached out to OlyFed because he wanted to make sure his students really were understanding and applying what they learned. “My overarching objective for the course is that students will change their behaviors and begin the habit of savings,” he explains. “A student who leaves the personal finance course with an A, but doesn’t build a habit of savings has missed the point.”
“Over the past few years OlyFed has invested significantly in community-based financial education in an effort to ensure more young people in our area have a strong and sound financial future so that they have the resources to someday purchase a home and achieve their greatest pursuits,” shares Ryan Betz, OlyFed SVP chief strategy and marketing officer, on why they were excited to answer Fabritius’ call. OlyFed has long partnered with other youth-focused organizations such as Big Brothers Big Sisters of Southwest Washington and Boys & Girls Clubs of Thurston County. They were happy to find yet another way to help youth have a successful future.
“Over time, educators and community partners have heard about our high-quality learning programs and have asked us to support their financial education initiatives,” shares Casey Kilborn, OlyFed VP retail banking manager. “Skip asked us to partner with him and bring our insight and expertise to his curriculum and classroom lessons on topics from budgeting and investing to taxes and insurance.”
Personal Finance students would open a savings account with compounding interest at the beginning of the class so that by the end of the school year, each student would have made money while learning about saving. Thus, setting them up for success.
“If you were to ask a student in the class what the most important aspect of getting rich is they (should) tell you time,” explains Fabritius. “For compounding to take effect, anybody who saves will benefit from time. As a 15–18-year-old, all my students have time on their side. Nearly every person will tell you when it comes to finances that they wish they would have started saving sooner. Many people learn from their mistakes, and I do my best to identify many of the mistakes that people make in an effort for them to recognize and avoid them.”
OlyFed jumped in by creating a special savings account for students, the Student Saver CD. It’s a 12-month Certificate of Deposit (CD) that earns the highest interest rate possible for the account. Students can save up to $1,000 and can add to the CD at any time. They can also withdraw from it at any time without penalty.
In addition, both Kilborn and Betz visited the Personal Finance classes at Olympia High School, teaching students about how banks work, their impact on the local economy, managing credit and account security. “For lots of kids, they don’t learn about money at home so when they get out into the world, they can be overwhelmed by the decisions they have to make and by what can be an intimidating amount of information,” shares Betz. “Finance is almost its own language, so it’s important for students to understand what’s being said and what’s in their best interest. If you are young and don’t understand how credit cards work, you can quickly find yourself in challenging financial situation. When you have a good foundation of knowledge and habits, you are more likely to set yourself up for future success, especially when it comes to saving for things like college, a first home and/or that dream trip around the world.”
OlyFed’s tips for students are to save young and learn about Roth IRA at an early age because they provide a lot of benefits later in life. “Pay attention to how you spend your money so you can make good financial decisions,” adds Kilborn. “Understanding your expenses and your spending choices will help you pivot early before any bad habits lead you astray. Lastly, bank with OlyFed! We’re a mutual bank that puts our customers best interests and needs above the bottom line. Even better your deposits with OlyFed help your fellow community members buy homes and start businesses.”
Olympia High School ‘Bringing The Bank’ Night
Parents, students and OlyFed representatives attended a special event on November 14, 2024, at the Olympia High School library where students opened their Student Saver CD accounts, asked questions and learned about banking.
“It was a wonderful event, and we are so thankful for the interest rate that was negotiated on behalf of our student,” shares one parent. “Brendan was able to contribute $300 that he had personally saved from his dog walking job. He exceeds his goal of $20 a week.”
“I think saving money is a great way to set me up for a future of financial independence and happiness,” shares student Connor O’Brien.
To learn more about saving for the future with your student, visit the Olympia Federal Savings website.
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