Banking on the future: checkbooks are becoming a backpack staple for school students.

• Author: Grenn, Ben
• Position: Wells Fargo Bank N.A. joins patnership with Elementary schools

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Here's a quick checklist for your junior or senior high school student who's rushing out the door on his or her way to school in the morning:

* BOOKS

* NOTEBOOK

* PENCIL/PENS

* IPOD

* CELL PHONE

* LUNCH MONEY

* CHECKBOOK

Whoa! Checkbook? Not so fast. According to a 2006 national study of high school seniors, only 16 percent have taken a course in money management or personal finance.

But several banking institutions have implemented programs in an effort to curb that alarming statistic and to better prepare young adults and adolescents as they go about their everyday lives learning how to become financially stable and responsible.

Two years ago, Denali Alaskan Federal Credit Union opened a mobile credit union branch at Wendler Middle School, the first at the middle school-level in Anchorage. Through a school/ business partnership, Wendler and Denali Alaskan have worked together to give students a hands-on opportunity to practice good savings habits.

"We want to give the students a chance to develop a lifelong habit of saving. The earlier teens start, the easier it will be for them to continue as they grow," said Erika Williams, Denali's marketing officer and coordinator for the school branch program.

Along with the visiting mobile branch, a Teen Power finance club was created to get teens excited about the idea and to incorporate student involvement with the branch.

Earlier this year, at Chugiak High School, a credit union was developed with the help of school business partner Matanuska Valley Federal Credit Union. It's called the Mustang Money Co-Op. Accounting class students help run the banking operation.

BY THE NUMBERS

There are several other stark statistics that illuminate the need for more financial education to prepare our youth to enter financial independence. The average amount of student loan debt rose from $12,393 in 2001 to $14,379 in 2006. Forty-five percent of college students are in credit card debt, the average credit card debt being more than $3,000. The number of 18 to 24 year olds declaring bankruptcy has increased 96 percent in 10 years. In 2002, more people filed for bankruptcy than graduated from college. Students now graduating from college leave with a diploma and an average of $19,000 in debt. And finally, the average student receives less than two hours of financial literacy training and education before they graduate.

Wells Fargo Bank has set up a school-banking program at Anchorage's East...