By Carolyn Merryweather
March 7, 2005

Quincy (IL) Mayor Chuck Scholz and Federal Reserve Bank President William Poole announced on February 23, 2005 a major partnership, called Paycheck, to educate teens about how to manage their personal finances. The initiative is part of the U.S. Conference of Mayors National Dollar Wi$e Financial Literacy Campaign which now has over 40 participating cities.

The new initiative will offer two-hour financial literacy skills classes to teens who are sponsored by their first employer. Each "Paycheck" class will be taught by specially trained college students who will help the new job-holders to understand their paycheck, spend wisely, and reach their financial goals through planning and saving.

"The long-term financial well-being of our citizens and the health of our local economy depend critically on how well people manage their money," said Mayor Scholz. "Reaching our teens as they enter the job market is exactly the right time to deliver that message, and having the first employers of these young people encouraging sound money management is an extraordinary community service."

President Poole said, "The St. Louis Federal reserve Bank is pleased to be a partner in this local initiative. Financial education works best if it is delivered at a 'teachable moment' by a credible source."

The program will be managed by the Quincy Area Chamber of Commerce. Two large teen employers, County Market and the Herald-Whig newspaper, will encourage their teen employees to participate when they receive their first paycheck. Students from Culver Stockton College and Quincy University will be specially trained to teach the classes at the St. Louis Federal Reserve Bank, where they will also learn how the bank operates.

"This is a unique convergence of educational interests," said Culver Stockton President William Fox. "College students learn about a Federal Reserve Bank and at the same time are trained to teach money management principles to younger teens."

Quincy joins cities such as Miami, Detroit, Providence and others in developing unique programs for the Dollar Wi$e Campaign, which is run by the U.S. Conference of Mayors Council for the New American City. For more information on Dollar Wi$e and how your city can participate, contact Carolyn Merryweather at cmerryweather@usmayors.org