Two Rye Country Day School juniors recently hosted a financial literacy workshop at the Rye Free Reading Room, introducing young attendees to the basics of investing and budgeting.
“Counting Cash: An Introduction to Investment,” was led by Henry Harvey and Adrian Lallemand, a Rye resident. The introductory course covered the basics of economics and smart fiscal habits.
The audience of primarily students from Rye Middle School, saw a multimedia presentation that introduced basic investing concepts and included activities and videos focused on budgeting and smart financial habits. Topics included an overview of the stock market, including the difference between individual stocks and index funds, and the principles of safe and risky investments.
During the 60-minute presentation, participants completed an activity demonstrating how assets may grow over time and saw a budgeting simulation and a video explaining compound versus simple interest.
A major portion of the presentation focused on the importance of allocating assets in a diverse portfolio so that a young person can save for the future while also accounting for their current financial wants and needs.
To buy or sell stocks on the open market, you must be 18 or older, but the presenters introduced the audience to the concept of a custodial account, which allows minors to invest with parental supervision. “I’m going to ask my parents if I can start one,” said a Rye Middle School student during the presentation.
At the conclusion of the presentation, several students asked the presenters additional questions about investing and whether they planned to host future sessions. The program is scheduled to be repeated at the library on April 21.
During an activity involving Jolly Rancher candies designed to demonstrate how investments grow over time, students eagerly collected candy “assets” and asked questions about how their investments could grow in real life.
Harvey and Lallemand, who have been involved in the Business and Entrepreneurship Club and the Finance Club at Rye Country Day, said they created the workshop to get kids interested in economics. They have also presented the free program in Stamford.
“It doesn’t matter what age they are,” said Harvey, so long as they find value in the program and leave with a basic understanding of the stock market. The workshop leaders said they wanted to give kids with no background in economics or finance a “head start” on learning about investing.
“It’s kind of geared towards kids that don’t necessarily have that background,” Lallemand added. Lallemand’s interest and passion for economics, he said, comes from knowledge about his parents’ finance-related careers.
