Romona’s Story
Romona is a single mother with two children. With one son already in college she is focusing on her second child, Michael, and what he will be doing after high school. Romona says Michael, a junior in high school, talks about becoming an automotive engineer. “He entered high school with honors and may graduate early” she says, “He wants to go to Texas, Florida or California”. While her son has spent time researching where he would like to attend college his savings habits have not always been as ambitious. “He has an addiction to Nike” says Romona, “When you get to college you realize you have to buy books and all these extras, but when you are young it is just spend, spend, spend”.
Recently Michael opened a savings account at a local bank. After this, Romona saw a positive change in his savings habits which she attributes to the account. “He’s focused now”, she says. When asked if she thinks Michael’s situation would be different if he had a savings account opened at birth, paired with financial education and restricted until he turns 18, Romona enthusiastically responds “Yes I think it would have helped a lot”.
If Michael was able to focus on saving and reduce his spending a few months after opening an account, just think of what he would have been able to accomplish in 18 years.