Q&A: New Synchrony Financial Literacy Lab Puts Students “In A Financial Frame Of Mind”

Five Questions with El Modena High School's Business and Personal Finance Teacher

• A new Synchrony Financial Literacy Lab has opened at El Modena High School in Costa Mesa, California
• The lab helps high school students build practical personal finance and credit education skills
• The lab is part of Synchrony's Empowering Financial Futures philanthropic initiative to advance personal finance education in classrooms nationwide

The next Synchrony Financial Literacy Lab has opened at El Modena High School in Costa Mesa, California, giving its students a real-world learning environment to study money management skills.

The lab is one of 10 Financial Literacy Labs being built in high schools across the country as part of Synchrony's Empowering Financial Futures philanthropic initiative. Through Empowering Financial Futures, Synchrony has invested $3 million into this initiative to advance K-12 personal finance education by funding teacher development, classroom resources, Financial Literacy Labs in U.S. high schools, as well as provide free financial counseling services for teachers. The initiative also trains employee volunteers to help teachers deliver financial literacy at scale.

Principal of El Modena High School, Bob King, noted that schools have traditionally focused on financial theory, but students also need to learn how to create a budget, understand credit, manage debt, and plan ahead.

"Teaching these skills in a high school course promotes equity by ensuring that every student receives this instruction, not only those who learn about finances at home," said Principal King.

The new lab includes a new stock ticker, monitor, interactive learning posters, calculators, and a "Financial Futures Learning Library" stocked with games and books that students can borrow. All of these materials can help students connect classroom lessons to real-world money decisions.

Beginning with the class of 2031, more than 70 El Modena high school students will take a standalone personal finance course this year as part of a new state requirement to graduate. Another 73 students will also be taking AP Business and Finance this year with teacher Clay Stiles. Mr. Stiles, who has been teaching business classes for 26 years, said the Lab will strengthen his personal finance instruction by giving students access to resources they can use in class and at home.

Here are five questions we asked Mr. Stiles about the new lab.

Five Questions with Business and Personal Finance Teacher Clay Stiles

1. How will the Lab support your teaching of personal finance?

Thanks to Synchrony, we now have an outstanding financial library that students can check out books to read at home. They also have access to a whole class set of financial games to help portray the real financial world.

2. What element of the Lab is a highlight for you?

The stock ticker and all the many financial books available for the students.

3. What have your students' reactions to the Lab been like?

They were definitely surprised at all the stuff that Synchrony provided. Without Synchrony's support, we would never have all the resources we have for a professional looking financial classroom that puts the students in a financial frame of mind as soon as they enter the room.

4. The new lab also supports lessons on one of the most important topics in personal finance - credit. Why is credit education so important?

We are currently doing a whole chapter on credit and credit cards. I wish I had been taught about credit cards and how they work when I got my first credit card at 18. No one taught me anything about FICO scores, Credit Utilization Rate, etc. I did not know all the aspects of credit cards until I started teaching credit 26 years ago.

5. What is the next lesson you are teaching?

Tomorrow we will be going over my [personal credit card] statement in detail.

Through Empowering Financial Futures, Synchrony is helping close the financial literacy gap and prepare more young people with the knowledge and confidence they need to build brighter financial futures.

FAQs

What is the new Financial Literacy Lab in Costa Mesa?

The new Financial Literacy Lab at El Modena High School is a classroom re-designed to help students learn practical money skills such as budgeting, credit, and savings.

What is Empowering Financial Futures?

Through $3 million in grants, an employee-led Financial Literacy Service Corps, and strategic partnerships with leading nonprofits and schools, Synchrony's Empowering Financial Futures philanthropic initiative is equipping teachers, students, employees, and communities with the tools to help make smarter financial decisions and build a stronger financial future.

To learn more about Synchrony's Empowering Financial Futures philanthropic program and access our nonprofit partners' resources for teachers, please visit synchrony.com/about-us/corporate-citizenship