Imaginary Librarians as Investment Consultants—What?

I have one urgent task to perform today: I have to go to the library! I have some overdue materials that are starting to turn into a tight ball in my stomach as I think of the quiet disapproving looks of my local librarians. It’s the problem with being a regular anywhere—if you mess up and make a mistake, there is no anonymity. There’s a friend who just barely refrains from shaking her head and sucking her teeth, telling you “You know, you could have renewed that.”

I visit the library on a regular basis; usually, my son and I go together on Monday afternoons or evenings to return our old batch of CDs, books, videos, even video games. I’ve been a little off track lately, which has led to my overdue status. I am also pretty sure that I missed a book they had on hold for me.

When I go to the library, it’s usually just with a plan to pick out some material. I may have ordered books through interlibrary loan, I may have a list, or I might just browse. I don’t usually, however, partake of any of the library programs that are offered. Mostly, this lack of participation is due to the fact that nearly all of the library programs are offered at the main library, not at my satellite branch. It’s the difference between a 4 minute walk or a 15 minute drive.

The reason there are no programs held at my branch is because it is in desperate need of renovation. Right now, there is an entire second floor that cannot be used due to damage and unsafe conditions. It’s the reason all programs at the branch were canceled or moved to the main branch. The status of that plan is now in limbo; how can we justify that kind of construction when we’re laying people off just to meet our operating budget? Maybe there’s a capital fund. I live in a relatively rural area that is not rich. With the economic downturn, we’re taking the hit just as most NJ library systems are. We lost six librarians from our library system already, including my favorite at my local branch, and though we’re not in danger of closing any branches (that I know of), I know the operating budget has taken a hit. All state subsidized organizations have taken a hit!

What got me thinking about the plight of my local library branch was an article I read on NPR.org this morning (yes, I know most people listen to NPR, but I read it, because I’m a maverick). According to the article, “A number of libraries around the country are getting grants to train librarians and set up programs to teach people about investing through a collaboration between FINRA and the American Library Association

I want to know what librarians are getting training because in my state, librarians are disappearing at an alarming rate. I know that the libraries provide valuable services, especially for people in transition, but I am a little distressed to see librarians being called upon to add duties at the same time that resources for libraries, and staffing for libraries, are being reduced.

It’s happening all over as more and more people get laid off, the survivors are left to shoulder the work burdens of people and positions that have been let go. What I don’t understand is how we can decide to offer additional services, when organizations are already strained to shoulder the burden they are already carrying. Can’t we funnel some of this money to save some of these jobs FIRST so that libraries are better positioned and provisioned to provide these added services? Entire libraries are closing in my state, or are in danger of closing, and I cannot imagine adding training for investing on top of the added burden of managing new traffic into the library on reduced staff and operating budgets.

Additionally, I think the biggest call for libraries right now is helping people find jobs and develop job skills. Where libraries need the biggest help is in the technology sector for all types of uses, from job searching, to education needs, to finding financial aid, or finding out about government services. According to a report published by The University of Illinois, working with the Pew Internet Research Group, the largest library user group are people between the ages of 18 and 30. They are also the largest users of the internet, mobile technology, and social networking sites. They are the technology generation.

Most people in this age range are more concerned about school expenses, starting to live on their own, bills, cars, entertainment, and let’s be honest, sex and where they can get it. Their earning power is also not the same as someone with more work experience. This age group, I contend though I have no figures to support it, may not be the best demographic for a librarian trained to teach about investing. If they are interested in learning about investing, chances are good they will refer to online resources rather than an investment librarian.

There is a class divide between users who use the library and those who don’t. If you have money to invest, chances are also good you have money for, or access to, a certified financial planner. Library patrons are often people who are looking to save money, people who don’t have computers or internet access at home, or who can’t afford to buy books. Right now, a lot of patrons are people who don’t have jobs!

Maybe the idea is that this is the demographic they need to reach, but I just don’t see it. I’d rather see funds go in a different direction, to improve existing library services, particularly in the technology sector, or on other capital improvements. On a personal level, I’d like to see funds that would allow my favorite librarian to get her job back and I’d like to see the unsafe conditions at my library remediated.

On that note, I have 40 minutes until my branch closes and I have to track down two wayward CDs!

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