Webster Bank Opens First Connecticut Finance Lab
Students in Fairfield County have a new opportunity to learn important financial literacy skills.
Webster Bank partnered with the Wakeman Boys & Girls Club to open the bank’s first Connecticut-based finance lab.
The Webster/Wakeman Boys & Girls Club Finance Lab is funded by a $100,000 grant from the bank.
The program is part of Webster’s initiative to help partners in low-to moderate-income communities improve youth financial literacy.
The goal is to provide students skills they need for financial empowerment and well-being.
“Webster is committed to investing in programs that broaden financial empowerment opportunities and help build our future workforce,” said chief corporate responsibility officer Marissa Weidner.
The Finance Lab is located at Wakeman BGC’s newest clubhouse on Madison Avenue in Bridgeport.
The facility is located near nine area schools and can serve 2,000 youth from pre-school through high school.
The lab features dedicated space for students to participate in financial literacy during after school and summer hours.
The grant funds from Webster will pay for programming with a dedicated instructor and students will have hands-on learning opportunities including job shadowing, internships, and sessions with mentors from Webster Bank.
“With the guidance from Webster financial professionals, WBGC staff can continue to offer our members tools for a successful future” said Wakeman Boys & Girls Club CEO Sabrina Smeltz.
In a recent Webster report, just 27% of U.S. consumers reported receiving financial education in middle or high school.
And those who did take financial literacy classes were almost twice as likely to feel in control of their finances.
Connecticut is one of 23 states that requires the completion of a personal finance curriculum to graduate from high school, with the legislature enacting that requirement this year.
“Having Webster’s financial empowerment programs for children, teens and families allows Wakeman to support the Bridgeport community in the most meaningful way,” said Madison Avenue Community Clubhouse unit executive director Carlos Collazo.
Webster announced three additional Finance Lab locations earlier this year.
Two of them are in Connecticut with another in southeastern Massachusetts.
Webster expects to further expand the initiative in 2024.
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