Newburyport - Friday was a momentous day for Bresnahan Elementary third-graders as well as former Mayor Mary Anne Clancy as she celebrated her upcoming retirement from the Institution for Savings with one final lesson on finances.
Mary Anne Clancy and Mary Elizabeth Pritchard, Francis T. Bresnahan Elementary, Newburyport“I am so excited to be here today,” Clancy said.
For 20 years, Clancy led the bank’s financial education effort, and Friday she stood ready for one last lesson in the center of the gymnasium of the elementary school named after her late father, Francis T. Bresnahan, surrounded by colleagues, students and current Mayor Sean Reardon.
Beginning at 11:45 a.m., Clancy presented “Be a Smart Saver” to the third-grade students.
One of her first questions was, “What is money?”
“It’s the stuff you need when you want to buy something like a house,” one student called out.
Clancy agreed, noting that it is currency that allows someone to get something. She then went over the four things people can do with money: spend, save, earn and donate.
First, she went over how to earn money, asking the students if any of them do any chores around the house for an allowance. Babysitting friends’ pets, doing the dishes and gifts were among the methods of earning kids came up with.
She then asked how many students had run lemonade stands, smiling when more than half in the room raised their hands.
Next, she discussed savings.
“Anyone in this room want to be a millionaire?” Clancy asked, much to the excitement of the students.
She spoke about how money can be saved for short-term, long-term and emergency reasons.
Discussing where folks can save money, students mentioned piggy banks and wallets, before eventually landing on banks.
“Banks keep your money safe,” Clancy said.
She said they also help grow people’s money.
Later, she discussed wants vs needs, with her daughter, third-grade teacher Mary Elizabeth Pritchard, reading “Rock, Brock, and the Savings Shock,” a book that promotes the value of saving rather than spending frivolously on fleeting wants.
One character winds up “waist deep in toys” but unable to afford what he needs while another raised $500 to buy nicer things such as a telescope and clothes.
Following the reading, students were selected to come up and spin a gameshow-style wheel with wants and needs on its, being asked to identify each one.
“And here is the thing, just because something is a want doesn’t mean you can’t have it, you can just find a way to spend less,” Clancy said.
The first spin landed on McDonald’s food. Clancy explained how it would be a want right now, but that on a long drive it could become a need.
Another spin landed on the Minecraft video game, which students correctly identified as a want. Other wants included ice cream and a guitar.
One definitive need that students recognized was groceries.
“No doubt on that one,” Clancy said.
At the end, students all got goodie bags with piggy banks and little toys, and then they gave Clancy a round of applause while a small group of students came up to hand her flowers.
“Thank you so much, this is my favorite thing to do,” Clancy said. “I love being able to talk money with you.”
Matt Petry covers Amesbury and Salisbury for The Daily News of Newburyport. Email him at: mpetry@northofboston.com.