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                                    Contact:  Patrick Harris

                Director of Media Relations

                Ohio Credit Union League

                800-486-2917 or 614-336-2894

FOR IMMEDIATE RELEASE

Lack of Financial Literacy in Ohio Discussed at Forum

Dublin, OH (October 29, 2007) - Only five percent of Ohio adults recall being taught personal finances when they were younger.  This lack of financial literacy prompted the Ohio Credit Union League to focus on the critical need for financial education at the League’s 2007 Credit Union Forum on Public Affairs in Columbus.  Ohio Governor Ted Strickland addressed credit union leaders at the forum, reinforcing the importance of financial education and thanking credit union leadership for their commitment to providing financial education opportunities within their communities.

“I appreciate the work of credit unions to keep young people from finding financial difficulties,” said Governor Strickland during the closing luncheon.  “Thank you for the considerable contribution to the wellness of Ohio and the economic health and vitality of our state.”

A recent survey, commissioned by the League, found several alarming statistics, including:

• Only 23 percent of Ohioans make any effort to encourage financial literacy in their families;

• 57 percent of Ohioans rated their financial family health negatively;

• 46 percent of Ohioans surveyed reported decreasing savings and growing debt levels; and

• Few parents teach their children the financial “facts of life.”

These statistics, combined with Ohio’s growing foreclosure and mortgage delinquency rates, sound an alarm that requires immediate action.

In 2006, the Ohio General Assembly mandated that all public high schools teach financial education starting in 2010.  In the last three years alone, Ohio credit unions have educated more than 20,000 students in nearly 200 Ohio schools about financial matters.  Representatives from nine credit unions presented recent examples of financial education success stories at the forum.

Additionally, the League previewed its new financial education campaign, MoneyAndStuff, which will help reverse financial literacy trends through interactive educational outreach.  A public unveiling is under development.

“Fiscal responsibility is a growing struggle among Ohioans, and the Credit Union Movement is determined to change current financial education trends in Ohio by reaching out to school-age children,” League President Paul Mercer said.  “Teaching financial responsibility is a part of the credit union mission and we have educational success stories across the state which we will continue to build on.”

Other distinguished guests in attendance at the 2007 forum were Mary Martha Fortney, who serves as President and CEO of the National Association of State Credit Union Supervisors; Ohio Division of Financial Institutions Deputy Superintendent for Credit Unions Rose Bartolomucci; Ohio Treasurer Richard Cordray; and State Representative Bill Batchelder (R-Medina).

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Credit unions are member-owned financial cooperatives which are democratically controlled by the members. As not-for-profit financial institutions, credit unions return earning to their members in the form of dividends, lower loan rates, higher savings rates, and improved service. Credit unions consistently rank the highest in customer satisfaction of any financial institutions, and have been Number 1 in every American Banker/Gallup poll conducted since 1989.