September 23, 2010

In an effort to help their students become more financially literate, Albemarle High School has opened its own bank.

The ribbon cutting ceremony was held Thursday afternoon for the new Patriot Pride branch of the University of Virginia Community Credit Union. The student-run bank is a partnership between Albemarle County Public Schools and UVA Community Credit Union.

Around 33% of high school students already have and use a credit card. Faculty at AHS believe the new bank branch will be very useful, as many students prepare for the financial independence of college life.

"More young people now-a-days are filing for bankruptcy than graduating from college. Youth under 30 are most at risk because of their social networking and their lack of financial literacy," said Albemarle High School principal, Jay Thomas.

The Patriot Pride branch will be open twice a week during the school's four lunch periods. Students will be able to withdraw money, make deposits and learn about money management, all in an effort to promote good financial citizenship.

"The money that I do have, I will be able to manage throughout the week for food and supplies," said senior, Clarissa Smith.

This is the second student-run bank branch in our area. The Lion Nation branch opened at Louisa County High School in 2008.