Pressroom > News Release:
Ohio CUs launch effort to improve financial literacy
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
Credit Unions Launch Effort to Improve Financial Literacy
parents and educators
November 20, 2007 – Kent, Ohio – Have you had the “talk” with your
kids yet? Most parents try to talk to their children about making
the right choices when it comes to smoking, drinking and dating.
But how many parents educate their children about making wise
decisions when it comes to money and credit? Not many, it turns
That’s why the Ohio Credit Union League (OCUL) launched a
financial education initiative today in Kent, called MoneyAndStuff™.
According to a survey of Ohio adults, commissioned by the League,
less than one quarter (23 percent) of Ohioans make any effort to
encourage financial literacy in their families. And, only 5
percent were taught about personal finances when they were young.
The League sees a direct connection between personal financial
illiteracy and the upswing in bankruptcy rates, record debt, and
home foreclosures. OCUL’s research showed that people feel stuck
in their current financial situations, with little they can do to
help themselves or their children.
OCUL President Paul Mercer said, “Teaching personal financial
responsibility has always been part of the mission of
not-for-profit credit unions. We are stepping up our efforts as
leaders and collaborators in financial education because the
financial health of Ohio’s youngest citizens is at risk. By making
smart consumers and savers, Ohio credit unions are investing in
brighter futures for the next generation.”
Mercer said that
Ohio credit unions are taking action to protect Ohio’s future by
teaching students to make smart financial decisions, understand
the difference between wants and needs, and manage debt.
Promote the MoneyAndStuff.info Web site as a financial
education resource for parents, educators, public officials,
credit unions, and the media. The site offers free financial
lessons, tips for parents, and educational games.
Target the most impressionable ages, grades 4 and 5, 11 and
Emphasize credit concepts and how to manage borrowing.
Result in more Ohio credit unions providing financial
education and stronger credit union partnerships with every
Ohio school district.
Joe Crawfis, CEO
of Kent Credit Union, said at a news conference today, “Credit
unions are already educational partners with schools. In the last
three years alone, Ohio credit unions have educated more than
20,000 students in nearly 200 Ohio schools about financial
In addition, by providing free, high-quality educational
materials, credit unions will prepare teachers to meet the state
mandate, passed by the Ohio General Assembly in 2006, requiring
that all public high schools teach personal financial education
starting in 2010.
MoneyAndStuff™ was launched in Cleveland this morning at Woodland
Hills Elementary School. Joining Ms. Haynes at the event were
State Senator Lance Mason (D-Cleveland) and Cleveland Metropolitan
School District Deputy Chief of Pre-K-8 Education Renee T. Cavor.
Several credit union leaders from across northeast Ohio also
The MoneyAndStuff™ media tour will travel to eight Ohio cities in
the coming weeks to inform consumers about this important
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.