Here at NGPF, we pride ourselves on finding high quality resources, suitable for high school students, from a wide variety of places. We’ve got some trusty standbys– websites on which we can reliably find interesting content– but we also go outside our comfort zone if that’s who’s got the best stuff. In Checking Alternatives, we go highbrow international with an article from The Economist.

Put Your Money Where Your Mail Is

What is it? This article covers the proposal that the US Postal Service should start offering basic banking services, as sort of a government hybrid between a traditional consumer bank and a check cashing business.

Why is it cool? This Economist piece addresses one of my favorite topics in personal finance — the un- and underbanked — and presents reasons for why the underutilized postal system might be a great help to these populations. It also offers a brief historical and international perspective on the role of post offices in banking. And, finally, why wouldn’t you want your students exposed to The Economist on an accessible topic.

Questions I Might Ask:

1. For comprehension:
   • Who has more employees — Walmart or the Post Office? Who has more locations?
   • What does it mean to be unbanked or underbanked?
   • What are some reasons the author and/or the inspector-general feel the post office should start offering basic financial services?
2. To further the thinking:
   • Why do you think the author includes a section on the role of post offices in personal finance in other countries?  Is this section persuasive in your opinion? Why or why not?
   • The author says opponents see this idea as “a delay of the necessary ‘right-sizing’ of a massive agency that does far less than it used to.” What does that mean? Do you agree or disagree? Why?
   • The author mentions Walmart a few times. Why do you think this is the case? Do some online research about Walmart and banking; what do you find?

Where is it located in the NGPF collection? This is resource 13 in “Checking Alternatives” in our Checking unit.

About the Author

Jessica Endlich

When I started working at Next Gen Personal Finance, it's as though my undergraduate degree in finance, followed by ten years as an educator in an NYC public high school, suddenly all made sense.