How Commerce Bank helps young adults at Drumm Farm understand personal finance.
October 11, 2024
At Commerce Bank, we’re committed to doing what’s right. One of the ways we bring this core value to life is through the financial literacy work we do in the community — such as the ongoing program we offer to young adults at the Drumm Farm Center for Children in Independence, Mo.
Among the many services Drumm Farm provides is its COMPASS program, which offers housing, life skills development, job readiness and other services for youth who are striving to overcome housing instability, homelessness, or have aged out of foster care. Since 2022, Commerce has been offering financial education to the 17- to 22-year-old young adults in the COMPASS program.
The relationship stemmed from a desire to help young people learn how to manage their money. “We have a grant matching fund; if one of the young adults saves $2,000, we match that amount,” says Samantha Gilkey, the COMPASS program manager at Drumm Farm. “We didn’t want to provide the match without some guidance to help them use it wisely. We wanted them to learn about saving money, about how debt works, about smart uses for their money.”
The Drumm Farm staff partners with Jureau Bowman, a senior community outreach and banking officer for Commerce in Kansas City, to teach the COMPASS program participants about a wide range of financial topics.
Bowman will also have individual sessions with youth who aren’t able to attend her group classes due to their work schedules. “I’ll meet someone for coffee, and we’ll go over various things,” she says. “I can help them create a budget, which they can start using right away.”
Bowman keeps her lessons grounded in real-life situations so the young adults understand how the concepts can be applied in their lives. “For example, one of the young adults had purchased a car, and I talked with her about how vehicle warranties work,” she says. “It helped her realize she bought a car as-is with no warranty. She decided to start setting money aside for future car repairs. It’s rewarding to me when I can help them like that.”
The coursework has helped many of Bowman’s students. “It’s all done to give them a strong basis so when they are on their own, they make good banking decisions,” she says. “It’s to help them for the next level of responsibility so they can be financially stable.”
As Drumm Farm associate director John Tramel explains, Bowman’s coursework is part of a larger effort to help the young adults in the COMPASS program to succeed.
Bowman finds working with the youth at Drumm Farm to be fulfilling. “I enjoy teaching,” she says. “I’m thrilled when one of the people I’ve taught tells me they applied some of that knowledge and it worked for them. Watching that transformation has been rewarding for me. It’s been a great relationship that we’ve had with Drumm Farm, and I’m looking forward to continuing it.”
As Tramel notes, Commerce’s participation helps the young adults develop a positive relationship with banks. “Some of our youth, particularly if they have struggled with houselessness or other issues, may have had negative experiences with financial institutions,” he says. “It’s great for them to develop a sense of trust with banks, and Jureau helps with that. Because of her, they know Commerce will ensure they are treated fairly. It helps to build a foundation of trust that can help them make good decisions in the future.”
Bowman says she appreciates Commerce’s desire to help people in the communities we serve. “We care about people’s financial wellbeing,” she says. “In this instance, we’re helping young adults be prepared to have a financially stable household and to make great financial decisions. We want to make sure we help people prosper. When they’re setting out their pathway for the rest of their lives, they can carry this financial knowledge with them.”
The Drumm Farm staff partners with Jureau Bowman, a senior community outreach and banking officer for Commerce in Kansas City, to teach the COMPASS program participants about a wide range of financial topics.
“We meet in group sessions two days a week, and we cover banking basics.”“This includes things like opening checking and savings accounts, budgeting, credit, credit cards, car lending, and car insurance. We even talk a little about 401(k) accounts.” says Bowman.
Bowman will also have individual sessions with youth who aren’t able to attend her group classes due to their work schedules. “I’ll meet someone for coffee, and we’ll go over various things,” she says. “I can help them create a budget, which they can start using right away.”
Bowman keeps her lessons grounded in real-life situations so the young adults understand how the concepts can be applied in their lives. “For example, one of the young adults had purchased a car, and I talked with her about how vehicle warranties work,” she says. “It helped her realize she bought a car as-is with no warranty. She decided to start setting money aside for future car repairs. It’s rewarding to me when I can help them like that.”
The coursework has helped many of Bowman’s students. “It’s all done to give them a strong basis so when they are on their own, they make good banking decisions,” she says. “It’s to help them for the next level of responsibility so they can be financially stable.”
As Drumm Farm associate director John Tramel explains, Bowman’s coursework is part of a larger effort to help the young adults in the COMPASS program to succeed.
“We’re trying to prepare these young adults for living on their own, maintaining stable housing, and maintaining a stable financial situation, all so they never end up in a situation where they’re struggling or have housing instability.”Tramel adds that working with Commerce has allowed Drumm Farm to offer more consistency in their financial literacy efforts. “In the past, we’ve had different partners who would do a class here and a class there,” he says. “Commerce has given us the opportunity to have consistent ongoing support to provide financial literacy education to youth in our program, and it’s great because this is something we always need.”
Bowman finds working with the youth at Drumm Farm to be fulfilling. “I enjoy teaching,” she says. “I’m thrilled when one of the people I’ve taught tells me they applied some of that knowledge and it worked for them. Watching that transformation has been rewarding for me. It’s been a great relationship that we’ve had with Drumm Farm, and I’m looking forward to continuing it.”
As Tramel notes, Commerce’s participation helps the young adults develop a positive relationship with banks. “Some of our youth, particularly if they have struggled with houselessness or other issues, may have had negative experiences with financial institutions,” he says. “It’s great for them to develop a sense of trust with banks, and Jureau helps with that. Because of her, they know Commerce will ensure they are treated fairly. It helps to build a foundation of trust that can help them make good decisions in the future.”
Bowman says she appreciates Commerce’s desire to help people in the communities we serve. “We care about people’s financial wellbeing,” she says. “In this instance, we’re helping young adults be prepared to have a financially stable household and to make great financial decisions. We want to make sure we help people prosper. When they’re setting out their pathway for the rest of their lives, they can carry this financial knowledge with them.”
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