FORT MYERS, Fla. — Colonial Elementary School has partnered with Suncoast Credit Union to bring real-world financial literacy directly into the classroom, giving young students hands-on experience with banking while building habits that could benefit them for life.
The program allows elementary students to open actual savings accounts and conduct banking transactions right at their school. As a United Way community partnership school, Colonial Elementary was able to leverage additional support to bring this innovative financial education program to its students.
Jacqueline Rodriguez from Suncoast Credit Union outlined how the partnership serves both educational and community development goals.
"This is about more than just teaching kids to save money," Rodriguez said. "We're building financial habits early and creating connections between the school and the broader community."
Principal Eric Washington explained how the initiative works to create lasting impact beyond the classroom walls.
"Bringing Suncoast Credit Union here is going to increase financial literacy with our students and hopefully our parents as well," Washington said. "What we want to do is this is going to be in alignment with our school improvement goals, also in helping us with our mathematics."
Madison Mitchell, chief impact officer for United Way, emphasized the importance of bringing financial education programs to community partnership schools.
"Our community partnership schools really look at how we can layer on social services and enrichment to the benefit of the students and the families," Mitchell said. "And so having a piece like this bringing in that financial empowerment to teach these kids at an early age the importance of saving it's just critical."
The school has set up a functional banking system where students can make deposits, check balances, and learn fundamental money management skills. Washington emphasized the hands-on nature of the program with Suncoast Credit Union.
"In the mornings, they'll come in, they'll be able to see what's in their account, be able to check and see how much they want to add to their account, and kind of balance their checkbook if their parents so chooses to take money out," Washington said.
Mitchell described the collaborative effort that brought the program to Colonial Elementary, highlighting the multi-organizational approach that made it possible.
"Just being able to come together as an organization with our community partnership school team and the school district and Suncoast has just been a phenomenal journey," Mitchell said. "And we are just so glad to be here today and we're seeing kids already signing up and opening those savings accounts. So it's amazing."
Washington believes the program will help students develop skills that extend beyond financial literacy into academic performance.
"Students who are able to balance a checkbook will also be able to calculate math problems inside the classroom," Washington said. "So this is going to help us, not only with their financial literacy, but also help them in their math scores."
The initiative also creates opportunities for students to share their learning at home, potentially benefiting entire families. Washington noted how the program could change family conversations about money.
"The students can go home and teach their parents how they are doing with the financial literacy and how they are balancing the checkbook," Washington said. "Think about you at home, and your kids are asking for you to buy this and to buy that. But now you can say, hey, what's in that checking account? What's in that savings account? Let's see. Is that really going to work?"
Mitchell sees the banking program as a perfect example of how community partnership schools can provide enhanced services to students and families.
"Having Suncoast come in here and do this at Colonial Elementary is a win win for everybody," Mitchell said.
The partnership began after school officials visited another successful program to see how it worked in practice.
"We started this last year. This conversation, we actually was invited to go up to a school in Punta Gorda to check it, because they have a student led bank from Suncoast Credit Union," Washington said. "So we went, took the field trip up there, saw how they was implemented in their school, and we thought it would be a great access to our school."
The Suncoast Credit Union representative stated they have four student-run branches in Lee County, and the next school on their list is Orange River Elementary.
"I am so proud and happy that this is finally coming to Colonial Elementary," Washington said.
Mitchell noted how the community partnership school model has evolved over recent years to support initiatives like this banking program.
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