BBVA Compass Bank Executives and Prichard's Mayor Share Knowledge of Financial Literacy to BHS Business Academy Students
BBVA Compass Executives
By: Juanita Veale
As part of their vision of working towards a better future for the community, BBVA Compass representatives Mark Fillers South Alabama Market President, James LeDoux Global Wealth Senior Vice President & Market Executive, and Marc Jackson Commercial Banking Vice President along with Mayor Troy Ephriam spoke to BHS Business Academy students about Identity Theft and sound Financial Management.
Mayor Ephriam spoke on Financial Literacy and why it is important to invest towards the future. In his address to the students, Mayor Ephriam said:
1. Basic personal financial management skills, will include an understanding of income, money management, saving, investing, spending and credit;
2. Young adults should gain or seek knowledge in their ability to make critical financial decisions and;
3. It is important for young people to know how to manage money, use credit effectively, build wealth, and make good financial decisions.
At the conclusion of Mayor Ephriam’s address, Mr. Jackson spoke to the students about Identity Theft. Mr. Jackson said, “Identity Theft happens when someone steals your personal information and uses it without your permission.” Identity Theft is a serious crime that causes serious financial hardship, it weakens your credit, and it takes time, money, and patience to resolve. Students were also cautioned about the careless use of social media. It is a known fact that citizens have been targeted and their identity compromised through the use of social media. This situation occurs due to a lack of consumer knowledge regarding the protection of identity online. Individuals become content with, and trust in, social platform providers which opens the door for predators who targets innocent victims thus identity theft occurs.
Mr. Fillers and Mr. LeDoux spoke of their personal experiences with Identity Theft and sound Financial Planning. It was said that the overall goal of financial planning is to maintain and improve one’s standard of living, to have the ability to control spending in order to live well not just today but in the future hence good financial planning accumulates wealth.
Lastly, the students were given a sample budget to complete. The students were provided dollar amounts for this activity; salary, mortgage, car payment, insurance, groceries, entertainment, and a family. The students were asked to complete this activity and share their results. By the end of this assignment many students were amazed with their budget total. They had very little to no income left by the end of the month and some incurred deficits in excess of $2,000.
The Administrators, faculty, staff, and students were delighted to have Mayor Ephriam and BBVA Compass representatives Mr. Fillers, Mr. LeDoux, and Mr. Jackson for sharing with us about the importance of Financial Literacy.