Fifth Third Bank reaches out to the community

Fifth Third teams with school to teach teens
Program at Polly Fox Academy is aimed at young mothers
Hughes, Clyde. Toledo Blade, Jan. 4, 2006, pg. J5.

Balancing a checkbook and improving one's credit score are tasks some adults have difficulty mastering, but they can be even bigger challenges for a teenager with the pressure of raising a new child.

For the past two years, employees at Fifth Third Bank (Northwest Ohio) have been teaching a financial literacy class at Polly Fox Academy in the hope that teenagers facing the challenges of raising children and going to school can acquire the knowledge to make good decisions about the money they make, officials said.

The program was developed by members of the Minority Leadership Council at Fifth Third Bank. Terri Ellis, financial center officer of Fifth Third's Lagrange branch, said the council was looking for a social service project in the communities it served.

She said teaching financial literacy was a good fit for many of the employees. Larry Sykes, a vice president at Fifth Third Bank and a longtime member of the Toledo Public Schools Board of Education, suggested Polly Fox as a good place for the pilot program. Polly Fox, a TPS charter school located near downtown Toledo, caters to teenage students throughout the district who are pregnant or have already given birth.

"A lot of times these girls are living with family members and some may be living in foster care, and the minute they turn 18 they are independent," Ms. Ellis said. "Immediately, they need to know how to do a budget. They need to make decisions about their family."

"Being young, we try to teach them how to make a mature decision. Do I buy Pampers? Do I get my hair and nails done? These are situations they are facing," Ms. Ellis said.

"We're trying to teach them how to budget, the difference between needs and wants, and being able to see it clearly and make a good solid decision when it comes to your baby." Jan Kilbride, the chief academic officer with Toledo Public Schools, said any effort to improve the financial literacy of students, especially those facing unique challenges of raising a family, are beneficial.

"I see [the program] as a need all around, but obviously if you are a parenting teen and you're going into the world of work or the world of school, you have additional financial responsibilities," Ms. Kilbride said.

Linda Ewing, a vice president at Fifth Third, said many of the bankers have become mentors to the girls over the two years Fifth Third has operated the program at Polly Fox. Ms. Ewing said she hopes the guidance will give the girls and their new families a stronger financial foundation.

"It's amazing that many of the young ladies simply don't have anyone to sit down and talk to them about those things," Ms. Ewing said. "We've been mentors as well and opened our doors to them," she said. "We talk about employment opportunity, how to present themselves and build a resume."

Reginald Temple, the financial center officer at Fifth Third's Swayne Field branch, said he thinks one of the reasons the program has been a success is because the girls are learning skills they can quickly apply to their lives.

"They need to understand how to save money for their child's future, even if it's six months from now," he said. "The reason why we are so committed to it is because we know what we're teaching them today is what they can use tomorrow. These are real-life skills for them."

Ms. Ewing said Fifth Third will talk with Waite High School about expanding the program to that high school soon and other high schools in the area afterward. Ms. Ewing said Fifth Third also plans to contact community organizations and churches to increase its outreach as well.