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Bankers and Economics Arkansas
Likeminded Champions of Economic Literacy
By Claudia Utley • Economics Arkansas
For more than 50 years, the annual ABA Chairman’s Campaign has raised funds to enhance economic opportunities for Arkansas teachers and students.
ironically, that patronage began with a locked door. The Arkansas Council on Economic Education was founded in early 1962 to teach educators how to integrate economic and personal finance education into the elementary and secondary classroom curriculum. The thinking was—and still is—that school students who master sound decision-making skills, learn how to manage money and understand the principles of the American free-market economy will be more likely to thrive as adult citizens, consumers, and members of the workforce. Immediately after the council’s inception, a major challenge emerged: No money was available for initial teacher training. About $10,000 was needed to send 52 Arkansas teachers to economics summer workshops at various, out-of-state universities; none of the required courses were offered locally. The council’s first executive director, Bessie B. Moore—legendary for her determination and passion—sprang into action: She gathered 22 bankers and business leaders in a conference room of the Marion Hotel in Little Rock and explained the problem. Then she locked the door and announced it would remain locked until the necessary sum was pledged.
The sum was pledged within the hour, the door, unlocked. Since then, that door has opened many opportunities for Arkansas teachers and students, thanks to consistent funding from Arkansas’s business leaders for economics training and resources.
The funding has continued despite many changes over the years, even the name of council: it is known today as Economics Arkansas.
Bankers have been among Economics Arkansas’s most steadfast supporters, even though today’s fundraising efforts are much less dramatic. In 1968, the ABA Chairman Campaign was launched, which continues as a letter-writing campaign on Economics Arkansas’s behalf. Headlined by the annual ABA chair, it is the only one of its kind, as ABA bylaws restrict the association’s financial support to Economics Arkansas and any other organization. To date, the campaign has raised almost $2 million.
Why bankers? In Bessie B. Moore’s own words: “More than other businesses, bankers recognize the need for economic education. The very nature of banking assigns them responsibilities to help eradicate economic illiteracy. Every day they witness tragic results to individuals who cannot manage the family budget, who do not understand the nature or use of credit and who do not realize the value of saving.” (from The Arkansas Banker, July 1966)
That assessment still rings true. Economics Arkansas reached out to several bankers to ask why they have supported the organization for many years. Here is what they shared:
Donny Story, Arvest Bank, Fayetteville President:
As a banker, I know that local economic prosperity goes hand in hand with sound money management skills. Every business owner, every individual needs to learn how to handle money wisely: save some, spend some, invest some, and give some. Economics Arkansas does a superb job of personal finance education. I know that the students who receive that education today will be smart, confident citizens tomorrow. They will strengthen their communities and build better lives for us all. By supporting Economics Arkansas, Arvest and I help build that future.
Rob Robinson, Simmons Bank, Community President/Senior Credit Officer, El Dorado, and 2019-20 ABA Chair:
Like most banks, Simmons is vigorously participating in our community. We go into the local schools to teach financial literacy. We see how important it is to teach saving and budgeting concepts, especially in elementary school. Our volunteer engagement dovetails with what Economics Arkansas does with schools. The more groups reach out to these elementary school students, the better chance they have to learn how to handle money. These are concepts the students need for life.
Gary Canada, CEO, Bank of England:
We notice that basic economic knowledge is lacking among customers. We want to encourage economic education in schools. A lot of students don’t understand debits and credits and they need to learn that in high school. They need to understand that they have to have some income before you take on debt.
Economics Arkansas invests all support in Arkansas teachers and students by offering training and resources. All trainings are approved for professional development credit by the Arkansas Department of Education, standards-aligned, grade-appropriate and project-based. Each year, the organization trains approximately 2,800 teachers in grades Pre-K through 12.
More information about the organization, plus a secure online giving portal, can be found at www.economicsarkansas.org.
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