Academic journal article ABA Banking Journal

"So Many Challenges, So Little Time"

Academic journal article ABA Banking Journal

"So Many Challenges, So Little Time"

Article excerpt

I recall a picture of a young boy sitting on his front porch surrounded by toys of every type and description. Under the picture was the caption: "So many toys, so little time!"

As my ABA chairman's year heads to the finish line, I could say the same thing. "So many challenges, so little time." With that in mind, it's time to focus on a challenge that is near and dear to me: financial education. Over my 40 years in banking, I've witnessed many people struggle with financial problems. In most cases, these problems are the result of poor choices. Poor financial choices tend to compound and can lead to a lifetime of struggle. If parents make poor financial choices, their children often make the same mistakes.

Can this cycle be broken? Can bankers make a difference? I believe that the answer to both questions is a resounding, "Yes." It is our responsibility, as community leaders, to make financial education part of our banks' missions. Who is better positioned or equipped to invest in financial education?

Gothenburg State Bank has made a significant commitment of resources, people, and dollars to this effort. We have programs for grade school and high school students and adults. I'm proud that our staff has taken on the challenge because it's important, and they know that they can make a difference. In May, we celebrated with the graduates from three high schools who had completed the EverFi program. EverFi is a learning platform that uses the latest technology--video, animations, three-dimensional gaming, avatars, and social networking--to bring complex financial concepts to life for today's digital generation. …

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