Doral Bank expanding financial literacy program in Fla.

Written by  //  August 6, 2013  //  Banking, Financial District  //  No comments

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Doral Bank Doral launched the program that teaches essential money management and financial life-skills in 2012. (Credit: © Mauricio Pascual)

Doral Bank launched the program that teaches essential money management and financial life-skills in 2012. (Credit: © Mauricio Pascual)

Just in time for the start of the new school year, Doral Bank, a wholly owned subsidiary of Puerto Rico-based Doral Financial Corporation, announced Monday it is expanding its financial literacy program for high school students in Bay County, Florida.

Since the spring of 2012 when Doral launched the program that teaches essential money management and financial life-skills, more than 1,000 students at four Bay District high schools have completed the financial literacy program.

To broaden the reach of this program, two more schools will be added to the program this month. The program was created in partnership with Bay District Schools and EverFi, Inc., a curriculum developer.

Students taking part in the training program utilize an interactive, online learning platform that is also used as part of senior-level economics courses.

“We are delighted that a growing number of Bay County schools have decided to incorporate the financial literacy e-learning program into existing curriculum,” said school’s manager Laura Mayfield of EverFi. “Our online program uses the latest in new media technologies — adaptive pathing, 3-D gaming, social networking, online animations, video, and messaging tools to bring complex financial concepts to life.”

By participating in the program, students become certified in a number of topics related to personal finance, including budgeting, saving, using credit cards wisely, and financing higher education.

“Studies indicate that financial stress is the number one reason students leave college before graduating. As a community bank, Doral is proud to partner with Bay Schools and provide a financial education foundation in topics such as debt management and establishing and maintaining good credit, which are invaluable as they embark in a new stage in their lives,” said Steve Bornhoft, Doral Bank’s Florida marketing director.

In addition, they are introduced to the stock markets and the Federal Reserve. The program seeks to reduce the number of students who abandon college due to financial stress.

“The partnership represents an innovative private-sector solution to financial literacy in our education system by implementing programs that provide students with critical skills to help them succeed in life, at no cost to the taxpayers,” Mayfield said.

“As a former economics teacher, I understand how difficult it is to teach these extremely important subjects in our schools. Doral Bank and our other partners have created a program that not only provides our students with the skills they need, but provides them in a way that keeps them engaged and willing to learn,” said Bay County Schools Superintendent Bill Husfelt. “This program gives our students a financial head start on the rest of their lives.”

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