Five Questions With: Kathleen A. Charbonneau

Kathleen A. Charbonneau is vice president and director of community relations at BankNewport. / COURTESY BANKNEWPORT
Kathleen A. Charbonneau is vice president and director of community relations at BankNewport. / COURTESY BANKNEWPORT

Kathleen A. Charbonneau is vice president and director of community relations at BankNewport. Developing community partnerships is one of Charbonneau’s responsibilities at the bank, which she talks about with Providence Business News. On April 13, the bank will hold its fourth annual Financial Education Fair with Rogers High School, which has worked on developing financial literacy skills with the bank.
PBN: Can you tell our readers a little bit about your partnership with Rogers High School in Newport?
CHARBONNEAU:
In 2012, BankNewport reached out to Rogers High School to propose a partnership to present a formal financial education program for the 11th- and or 12th-grade students. The bank, in conjunction with a consultant and curriculum writer, implemented the program with principal and teacher engagement and a focus on class scheduling to garner the most student participation. Different financial education delivery models exist, however, we believe it is the relationship between BankNewport representatives and the Rogers students and teachers that make all of the difference. We “team teach” the monthly classroom presentations and customize topic demonstrations and ice-breaker exercises to maximize our interaction. Such engagement allows our employees to share real-life scenarios to help students understand the importance of building a secure financial future. The program concludes with a fair where students put into practice what they’ve learned based on their chosen careers, corresponding monthly income and living expenses.
PBN: What sort of financial literacy skills do you teach high schoolers?
CHARBONNEAU:
Now in its fourth year, our Rogers program features monthly presentations on careers, savings and checking accounts, debit cards, electronic banking and bill payments, credit and budgeting, in addition to a financial planning session conducted by the bank’s insurance partner, OceanPoint Insurance Agency. We present the material so students better understand the financial challenges and lifestyle decisions they will face as adults. No matter the topic presentation, our reps begin by sharing their own education and or work path to hopefully connect with the students and illustrate how everyone’s path is unique, and to be open to opportunities that may potentially bring them to a career they might not have considered. BankNewport President Sandra Pattie is an active presenter, and the students enjoy meeting a “bank president” and hearing her personal story related to education, her career path and advice to never stop learning, both personally and professionally. A culminating financial fair held in the school gym places the 100 participating seniors through a realistic budgeting experience where they make a series of spending decisions interacting with local businesses. The bank is grateful for the support from the business community, as their participation reinforces the “reality” expenses that impact one’s monthly budget.
PBN: Why do high schoolers need to learn financial skills?
CHARBONNEAU:
It’s essential for individuals to become financially literate at an early age so they are better prepared to make sound financial decisions throughout their adult life. High school students report that their parents rarely or never discuss household budgeting or financial matters with them. Financial education teaches youth how to make good decisions and how there are consequences for bad ones; it puts their financial skills into a larger framework of how to manage their everyday life. Studies show that individuals who learn to save early in life usually make smarter financial decisions later. Knowledge is power and we want them to begin early to develop a bright financial future.
PBN: Do you have a partnership with any other schools, or are you considering it?
CHARBONNEAU:
Yes. BankNewport actively focuses on financial education for all ages. We have created a flexible, hands-on approach to respond to the varied (and increasing) financial education requests that are received from schools, youth groups, housing authorities, colleges and social service agencies. We have the ability to modify our catalog of topic material based on age and audience, and deliver it in a way participants will most benefit. Our Rogers initiative is more structured versus partnerships we have with other schools, afterschool programs, nonprofits, etc. For example: In April we will begin our second-year partnership with the Narragansett Housing Authority to present a four-part series for their Family Self-Sufficiency Program focusing on household budgeting, understanding credit scores and planning for small/large purchases; we’ve conducted “lunch and learn” awareness for seniors to help them protect their credit, prevent ID theft and avoid scams, as well as education sessions for small groups of adult learners where English is a second language, to reinforce that banks are safe and the types of banking options.
PBN: What does BankNewport get out of the experience?
CHARBONNEAU:
As a community bank, sharing our financial expertise is integral to our mission – thus all BankNewport employees are stakeholders in the success of our financial outreach. Whether students choose to enter the workforce or pursue formal education after high school, we want them to be confident in their financial choices and achieve success as future employees, parents and members of our community. BankNewport will soon be celebrating a 200th anniversary – and we take great pride in the generations of families who have trusted in our financial institution. We hope that when a student or adult is introduced to our bank through a presentation at their local schools, agencies and libraries that they establish a relationship and grow their financial stability with us. Our employees are so often recognized outside of the “presentation room,” either at the grocery store, coffee shop, etc., further reinforcing how community relationships are extremely valuable to us.

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