FINANCIAL LITERACY at Magnificat

The fact that many Magnificat alumnae go on to successful careers in finance and business comes as little surprise. A longstanding tradition of educating young women about financial literacy through a multifaceted approach today spans Lemonade Day Camp for grade school girls through AP Macroeconomics for upperclasswomen. Coursework in math and economics and a variety of co-curricular activities provide every student with engaging learning opportunities, and a curriculum expansion prompted by new State of Ohio requirements will further deepen students’ understanding of the world of finance.

“Economics and personal finance impact students every single day, all day long,” social studies teacher Peg Szczesniak said. “Studying these subjects makes them better decision makers.”

Economics has long been a required class taken during 11th Grade that covers the fundamentals of microeconomics and macroeconomics, including types of economies, the stock market, supply and demand, types of business organizations, the Federal Reserve System, economic indicators, personal finances, and the filing of income tax forms. Most students are unfamiliar with these topics coming in, Peg said, so the addition of a 10th Grade Personal Finance class will help lay a stronger financial foundation.

Former faculty member Dottie Perez with a student.

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The new curriculum is being developed in partnership with AlphaJump, created by Saint Ignatius teacher Dan Hess and catered to the needs of Magnificat students. Students will take a total of 60 hours of self-paced, online modules about topics such as long-term savings, how to apply for a job, entrepreneurship, digital citizenship, artificial intelligence, crypto-currency, and more. The class will satisfy the one half-credit of financial literacy required for graduation by a state law passed in 2021 beginning with the Class of 2026.

“This course offers opportunities to focus on the specific areas of finance that aren’t typically focused on,” Dean of Faculty and Academics Colleen Greller said. “It’s additional instructional time for kids to expand their knowledge.”

Magnificat owes a debt of gratitude to former faculty member Dottie Perez for building business education into the school day decades ago, elements of which remain today. Dottie established a Business Technology Center on the school’s lower level, where students learned business accounting and computer skills. She started the course Business and Finance, now called Entrepreneurship, that follows a University

of Iowa curriculum through which students can earn 3 college credits by passing the final exam.

Faculty member Peg Szczesniak teaching economics.

Dottie also forged a partnership with the Veale Youth Entrepreneurship Forum, which provides grants and learning opportunities for students, and she expanded student cookie and popcorn sales in the cafeteria into a formal Business Club that went on to sell smoothies and Mitchell’s ice cream.

“She’s really the reason why we have all of this,” said faculty member Krista Slife, who now teaches the Entrepreneurship class and moderates the Business Club. “She laid the groundwork from the beginning, and she paved the way.”

Today, students highly interested in pursuing careers in business or finance can prepare by taking courses in AP Macroeconomics, AP Statistics, and Calculus in addition to the Entrepreneurship elective. Many choose to participate in the KeyBank Immersion Program for their Genesis experience, including at least 11 students taking part this summer. In addition, a new concentration diploma in business is being added during the 2023-2024 school year to help students focus their interests and demonstrate to colleges their interest in potential majors.

Students can complement their classwork with hands-on experiences on campus. The Business Club manages ice cream sales through the Brew Streaks Cafe, and last year the Marketing Club worked on branding and marketing for the Seeds of Service Club’s honey production. When the Smith Snack Shack opens this fall, students hope to be involved in food and merchandise sales. Even future Blue Streaks entering Grades 4-6 can learn about social entrepreneurship at the popular Lemonade Day Camp, which raises money for a chosen non-profit organization each year.

Lemonade Day Camp is a popular Magnificamp held in partnership with the Veale Foundation about social entrepreneurship.

“I think we do a great job across the curriculum empowering girls to feel confident in their ideas, speaking about them, and advocating for themselves and others,” Krista said.

The benefits can last a lifetime. Whether students go into business or not, they are better equipped to manage their own finances at home and in their chosen careers. Many cite their all-girls experience at Magnificat in helping them navigate traditionally male-dominated financial fields.

Dean Greller sees more opportunity ahead for continual enhancement of the curriculum and co-curricular activities, especially as computer programming and artificial intelligence introduce changes and challenges. She plans to bring more alumnae entrepreneurs and financiers back to campus to meet with students and make connections between academics and the outside world.

“We need even more offerings,” she said. “We have a lot of alumnae who own businesses that can speak to our students. So that’s one of my big goals for the next few years.”