Dawn Arpin is the director of marketing at BlumShapiro, where she is responsible for marketing and business-development strategy, advertising, public relations and community relations for the Rhode Island office.
Arpin is co-chairwoman for the office’s Charitable Giving Committee, leading the execution of the firm’s $eeds for $uccess financial literacy program, which recently graduated a class at Cranston High School West.
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PBN: We all might have a slightly different concept for the term “financial literacy.” Could you give an overview of the objectives of the $eeds for $uccess financial literacy program, and name some of the major pieces of the curriculum?
ARPIN: Financial literacy is a broad subject area, ranging from comparatively simple skills [such as] knowing how to set and maintain a personal budget to more complex tasks [such as] investing your income to save for retirement or taking advantage of various tax incentives.
Our goal while writing the curriculum for the $eeds for $uccess financial literacy program was to help students build a wide, baseline knowledge on the subject. As is the case with learning just about any subject, once you know the basics, the more complicated material comes a bit easier.
During our pilot programs at Cranston East and West High Schools, students learned how to balance a checkbook and set a monthly budget. We also reviewed subject matter such as saving money and managing debt, picking the right bank, prioritizing expenses, taxes, building credit and much more.
PBN: Why is this important knowledge for high school students and other young adults to acquire?
ARPIN: It’s no secret: Managing your money can be tricky for anyone, at any age. High school students have so many different paths they can take after graduation day, and each decision comes with its own financial obstacles. Students choosing to move on to college may need to know how to manage their loan debt. Students who decide to enter the workforce need to learn what their gross versus take-home pay is each month, as well as the differences between necessities and luxuries and how to allocate their earnings.
The first few years after high school present new and complex challenges for these young adults – and the financial decisions they make during that time will have a significant impact on their lives. Learning these skills in high school – or, in an ideal world, even earlier – will help them avoid some of the financial mistakes we all make, and help them get off on the right foot toward financially independent futures.
PBN: In the absence of a program such as $eeds for $uccess, how are young people getting educated about these topics, at school or at home, if at all?
ARPIN: Thanks in large part to the leadership of Treasurer Seth Magaziner, Rhode Island’s commitment to financial literacy education has improved dramatically over the past four years. Many schools throughout the state teach this material in the classroom, and there are certainly parents out there who are teaching their kids at home. But the truth is: If it’s not taught in schools, there’s no way to guarantee that every child is receiving the same opportunity to learn these skills.
Knowing this was a major motivational factor behind the $eeds for $uccess financial literacy program. At Blum, we believe very strongly in giving back to the local community; as an accounting, tax, audit and business advisory firm who is engaged in the world of finance daily, we felt that this was a natural fit.
PBN: What kind of problems might people face during their lives without a reasonable degree of financial literacy?
ARPIN: If we’re being honest, there are too many to list. On the short term, you could fall into unmanageable credit card debt, or you could make a huge, life-changing purchase – say, buying a house or a car – before you have enough cash saved. On the long term, you could work hard your entire life and – 30, 40 years later – realize you don’t have enough saved to retire.
These things could happen to anyone; in fact, according to recent Census Bureau data, close to 75 percent of Americans are behind on their retirement planning. But all of these potential pitfalls are avoidable. With the right preparation, education and skill set, basic personal financial management can be as simple as making a grocery list. But as with anything else, if you don’t know the rules, you won’t be prepared to play the game.
PBN: So far, the $eeds for $uccess financial literacy program has been offered to three populations: high school students, students with developmental disabilities and disadvantaged adults. Why were those groups chosen?
ARPIN: While we were developing the program, we wanted to make sure we were making as large an impact as we could. Our partners and our Rhode Island office charitable initiatives committee felt these groups of individuals – high school students, students with developmental disabilities and economically disadvantaged adults – had the most to gain from personalized financial literacy training.
Blum was thrilled to launch the program in the Cranston school system this year; all our volunteer teachers had a great time connecting with so many hard-working, wonderful students and we can’t wait to add to the program. We absolutely consider the pilot program a success, and we look forward to expanding the $eeds for $uccess financial literacy program to more groups in the years to come.
Mary Lhowe is a PBN contributing writer.
