CLEVELAND — The Cleveland Federal Reserve is continuing a program designed to give high school students real-world financial skills and encourage them to consider careers in economics and finance.
The initiative, called Fed Futures, is a four-year paid internship that includes professional development, job shadowing and hands-on work experiences.
Kevin McCoy, now a sophomore at the University of Akron, completed the program and said it gave him lessons he never received in a classroom.
“I don’t think traditional school did teach me a lot of those concepts. Like the financial literacy [and] budgeting,” McCoy said. “I knew in the real world you should make a budget and try to plan out finances but I never knew the little details.”
Those details included planning for groceries, gas, bills and discretionary spending.
“As you get older there are more things you have to put into consideration,” he said. “I’ve started thinking about the future.”
A March survey from Wakefield Research found that 42% of teens are afraid they won’t have enough money to cover their future needs and goals.
That is why program leaders say early exposure is critical.
“When we connect with the students we’re starting from ground zero with them. So we’re tackling just the definitions of budgeting and investing,” said Davonta Milbry, who works in external engagement for the Cleveland Fed.
Milbry said students are also taught about retirement and pension planning.
“As soon as you get into your salary position sign up for your retirement… sign for your pension,” Milbry said. “Understand your matching program because that’s the difference between being a millionaire and a thousandaire.”
The program also emphasizes the importance of networking and developing workplace skills.
“A lot of networking skills is what I’ve picked up… just being able to have these conversations, being able to guide them,” McCoy said.
Applications for the next program open in February. CLICK HERE for more information on the program.
