Bucky Beaver
Before someone can be successful in the business world, they must first establish a strong foundation in good banking practice. COSIFE implemented the Bucky Beaver savings program to help young kids learn more about personal finances. This continued project addresses banking, checking, and savings-- an area of need that is not currently addressed in our school system.
In a project sponsored by Hawthorne Bank, COSIFE reached out to second grade students in Branson with the Bucky Beaver Savings Program. COSIFE encouraged second grade students to open a savings account for just $5. The students received monthly newsletters as an added incentive to open their savings accounts. COSIFE suggested and Hawthorne Bank agreed to match the original deposit made by the elementary students.
Using a three-part lesson plan, COSIFE, Bucky Beaver, and the employees of Hawthorne Bank, taught second grade classes at Branson Elementary the concepts of personal banking. In the first lesson we taught students how to compound interest and make savings deposits. Realizing the impact of interactive lessons, we introduced a mock toy auction and gave each student $20 in Bucky Bucks to buy the toys. The children who saved their money the longest were rewarded with more valuable toys and immediately recognized the benefits of saving for the future.
In the second lesson, we trained students with mock checking accounts. We gave each student their own check and helped them write all the basic information. Emphasizing the responsibility of maintaining an account, we introduced an ethical problem of writing checks without sufficient funds.
During the third lesson, COSIFE presented each student with a debit card. We designed an ATM and allowed the second graders to use a pin number to withdraw Bucky Bucks.After they had completed their transaction, we set up a mini store where they could purchase items.
COSIFE conducted pre-and-post tests to determine the students knowledge and we are pleased to say that the second graders showed a 73% increase in their learning. This was the fourth year for the Bucky Beaver project. As a result of our involvement, over 500 grade school students have been introduced to the basics of personal banking.
