Pressroom > News Release:
Spotlight Financial Literacy in April
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
Credit Unions Provide Answer to Financial Literacy and 2010
MoneyAndStuff.info created for educators, parents, and credit
unions to teach money matters
2008 – Columbus, Ohio – Less than one quarter (23 percent) of
Ohioans make any effort to encourage financial literacy in their
families according to research conducted by the Ohio Credit Union
League. The Ohio General Assembly addressed this growing public
need by requiring financial education be taught in all public high
schools by 2010 (SB 311, 126th GA). The Ohio Credit
Union League launched MoneyAndStuff to help educators meet the
state’s requirement and to arm parents with tools to teach money
matters at home.
League sees a direct connection between personal financial
illiteracy and the upswing in bankruptcy rates, record debt, and
home foreclosures. The research also indicated that people feel
stuck in their current financial situations, with a large majority
unaware of available resources.
President Paul Mercer said at a Statehouse press conference,
“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.”
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
MoneyAndStuff™, the League’s financial education initiative, will:
MoneyAndStuff.info Web site as a financial education resource for
educators, parents, 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 12.
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.
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.
Custer, CEO of BMI Federal Credit Union, said at the news
conference, “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 matters.”
MoneyAndStuff™ was presented to members of the Ohio General
Assembly this afternoon at the Ohio Statehouse. Senate Minority
Leader Ray Miller (R-Columbus) also spoke in support of the
efforts of Ohio’s credit unions.
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.