Although April is officially designated “National Financial Literacy Month,” many tribes have already started hosting financial education and money management workshops for their youth. Most recently, faculty members at Muckleshoot Tribal High School, in partnership with the Office of the Special Trustee for American Indians (OST), organized two back-to-back financial education workshops for 30 of juniors and seniors.
Most of the students were Muckleshoot tribal members and beneficiaries of the tribe’s minors’ trusts. Tribal members are required to complete a senior portfolio of various projects and activities. They are required to complete 15 activities, including two that focus on savings/investment and budgeting.
First Nations’ financial education consultant Shawn Spruce led two workshops in February that helped students meet these requirements. The first workshop focused on financial skills development and fraud awareness. Students learned about goal-setting and budgeting, using a bank account, basic investing, homeownership, and fraud prevention.
Shawn helped develop the second experiential workshop, $pending Frenzy, approximately three years ago. $pending Frenzy encourages creative interactions with bankers and other financial institutions while educating tribal youth about money and responsibility. Shawn carefully tailors each workshop to meet the specific needs of each tribe and/or tribal community. To date, he has helped organize more than two dozen $pending Frenzy financial skills simulations.
At Muckleshoot Tribal High School, he worked closely with English Teacher Rick Ancheta and OST Fiduciary Trust Officer Marianne Jones to help educate young tribal members on the value of saving, managing personal finances, and healthy credit practices. Approximately 20 volunteers participated in $pending Frenzy, managing various merchant booths such as a shopping mall, car dealer, grocery store and even the IRS.
Financial education classes and workshops need to keep youth interested to be effective. “Teens relate well to experiential learning opportunities like the $pending Frenzy,” says Shawn. “They figure out pretty quickly the costs of living on your own and the importance of avoiding impulsive purchases. Moreover, they seem to appreciate the uniqueness of a financial education program tailored specifically to the needs of Native youth.”
One student who participated wrote this afterward: “Speaking for myself and many other students, I have to say having Shawn come to our school was really wise. Being that many of us are going to receive our trust fund, we learned how we can budget and manage our money but also how fast it can go. I can’t thank you enough for providing the chance for us to attend this workshop. It was a great learning experience.”
It is never too early to get started on the path to financial literacy. For more information about hosting a $pending Frenzy workshop in your community, please contact First Nations Program Consultant Shawn Spruce at email@example.com.
By Sarah Hernandez, First Nations Program Coordinator