Dublin, OH (October 31, 2006) –
Students returned to school this fall to learn about subjects that
will help them succeed in life. But one critical element missing
from most Ohio primary and secondary school students’ curriculum
is financial education.
The average teenager has at least $1,500 of personal credit card
debt when they enter college, according to MSNBC.com, because they
didn’t learn personal financial skills at home or in school and
fell into a cycle of debt early in life. Ohio’s credit unions are
working to change that by teaching students sound financial
practices that will result in a lifetime of wise financial
decisions.
During the 2005/06 school year, credit unions distributed nearly
5,200 student financial education packets to 77 schools, career
centers, youth programs, and correctional facilities throughout
Ohio. The exciting, teen-oriented financial education course was
developed by the National Endowment for Financial Education (NEFE).
Credit unions distribute the financial education materials at no
cost to public and private high schools. This is possible through
a powerful three-way partnership between the Credit Union National
Association, NEFE, and Cooperative Extension Services. The goal is
to create a nationwide program to teach young people to manage
their money wisely, based on the philosophy that discipline in
managing money is best achieved if it is learned early in life.
Throughout Ohio, credit union employees volunteer their time to
teach the financial education classes with the teachers. Credit
unions have also used the financial education materials to teach
students in college, individuals living at a YMCA, and students at
a deaf school.
The NEFE High School Financial Planning Program (HSFPP) teaches
teens to: identify and prioritize their personal money management
goals, develop a budget, track their income and spending, stay
within a budget, understand the cost of using credit, protect
their assets as they begin to accumulate money, and comprehend the
impact of time on the value of their money -- especially important
in reaching savings goals. The six units function as "mini"
courses that can be completed in as few as 10 classroom hours. The
HSFPP was designed for and with teachers to ensure easy classroom
implementation. Teachers accept the HSFPP because the materials
are concept-based and don't sell products or promote a specific
financial institution.
“By teaching basic financial skills, Ohio credit unions are
helping build a brighter future for Ohio and Ohioans,” said Paul
Mercer, President of the Ohio Credit Union League. “We’re teaching
the state’s future leaders to make wise financial decisions –
starting them down a path to home ownership, higher education, or
a good job. We’re helping them create opportunities for a better
life.”
Credit unions throughout Ohio organize a variety of financial
education outreach programs. Some recent examples:
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More than 400 high school students from 17 Northwest Ohio
schools learned about personal finance issues that await them in
the “real world” during in the Northwest Chapter of the Ohio
Credit Union League’s annual “Finances 101: Walk the Walk, Talk
the Talk.” Students traveled a life-sized, interactive personal
finance game that taught them about budgeting, saving for
emergencies, and more.
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Superior Federal Credit Union in Lima bused more than 400
seniors from every Allen County high school to its third annual
financial education day to learn basic personal finance
concepts.
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The Education Credit Union of Clark County participates in a
work-study program at two area high schools in which non-college
bound students save 25 percent of their earnings.
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Universal 1 Credit Union in Dayton opened a student-run branch
of the credit union in Oakwood High School to serve the
students, faculty, and staff members. Student volunteers run the
branch with the assistance of a teacher advisor.
“Credit unions are founded on the philosophy of People Helping
People and strive to fulfill it by taking on the much-needed role
of financial educator for their members and communities,” said
Mercer.
