Alumni rally around Center for Financial Literacy

North Central’s Center for Financial Literacy (CFL) equips students from majors across the College, both in the School of Business and Entrepreneurship and outside of it, with the knowledge, life skills and confidence to talk about and manage money while they are in college and beyond. It’s a cause that several alumni have rallied around by sharing their expertise and providing gifts of time and donations that make a tangible difference in students’ lives.

Everyone’s path to financial literacy is unique, and the personal nature of the CFL program makes it possible for alumni to think creatively and give of themselves as they help students become proficient in understanding loans and other debt, investing, insurance, and retirement planning.

Dr. Ryan Decker ’07, assistant professor of economics and finance, directs the CFL and is grateful to have alumni involved. “I am ecstatic to have alumni interested in the Center for Financial Literacy — the fact that they reached out to me shows us that there is a need for this,” Decker said. “We survive thanks to people who believe in our mission. We are proud to report that we are 100 percent financed through donors and grants. With more we can do more, but we are happy with the extensive reach we currently have.”

The Gift Of Access And Information

As founder and managing partner of Insight Financial Partners LLC, Michael K. Smith ’96 knows the value of the lessons students gain through financial literacy. He was inspired to give back to the College by contributing an institutional membership to Barron’s Investing in Education, giving students access to news, articles and experts to help them gain industry knowledge and apply what they learn in their classes. Two students also receive scholarships for being Investing in Education coambassadors.

Smith liked the idea of a gift of information as a means of connecting with students. “I've always been a passionate believer in continuous education, and that certainly holds true for our practice as well. We constantly look to improve ourselves. We're in a business where you have to keep learning new things in order to remain competitive … and to ultimately deliver the kind of value you want to deliver to your client relationships.”

Gifts Of Scholarships And Expertise

A few years ago, Bill Norris ‘96 contacted the College to see how he could get more involved. He is the team executive and managing director for the Boston office of CIBC Private Wealth.

“Dr. Decker asked me to come present on various investment and retirement savings topics,” Norris said. His support has since grown to include an annual scholarship for students.

“Young people today are not given the necessary tools at an early age to build basic financial skills that are so important throughout their entire life,” he said. “The more students the Center can attract the more impactful it will be, not just at NCC but in the broader community and later in life as students graduate.”

Gifts Of Free Books

Alumni working with the CFL get the chance to pass on what they have learned in an impactful way. When Del Kenter’59 attended North Central College, he earned his way through school by working during summers as a carpenter, and he used books to build the foundation of a successful career as an entrepreneur. Kentner makes his impact by ensuring students have access to practical texts. Since 2018, he’s funded copies of “How to Talk About Money” by Jonathan Clemente and “I Will Teach You to Be Rich” by Ramit Sethi for every student in Decker’s personal finance class, which is a course that supplements the work of the CFL.

“I hope the students will learn there may not be free lunches, but there are free books once in a while,” Kentner said. “Perhaps they will learn that somebody out there values the concept of learning about financial matters.”

Gifts Of Knowledge And Networking

Dan Ryan ’74 is a retired pension fund administrator. By tackling the subject of saving for retirement, he gives back to the College in a way that is faithful to his experience. For example, he has encouraged education majors to participate in whatever public employee retirement plan options are available to them when they are working. A believer in the power of networking, he also provides funds that enable groups of students to have dinner with successful financial professionals to discuss career paths and preparation.

The Unexpected Gift

Smith spoke with CFL participants in April 2023, and like many alumni he was surprised by the impact it left on him.

“There were things that I learned from that first hour together that I would take with me going forward,” he said. “One of their questions was, ‘How do I establish and develop my own business?’ It was a great entrepreneurial-spirited question. I loved it and would love to share that question with students on an ongoing basis; make sure that they know that, too, is an option. You may decide that you don't want to look for a job, you want to create your first job or a job at some point in the future.”

Just as important as the guidance and practical information, Decker said alumni provide an example that helps students visualize their own success and grow in self-belief. “It’s empowering to hear success stories from alumni who went through the same college experience and lived, or live, in the same area as our students.”