WHITEHALL, Ohio -- The Ohio Credit Union League's financial education initiative MoneyAndStuff tour recently stopped in the Columbus suburb of Whitehall.
According to a survey of Ohio adults, commissioned by the league, less than one quarter of Ohioans make any effort to encourage financial literacy in their families. And only 5% were taught about personal finance when they were young.
Seeing a direct connection between personal financial illiteracy and the upswing in bankruptcy rates, record debt and home foreclosures, the league research showed that people feel stuck in their current financial situations with little they can do to help themselves or their children.
"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," OCUL President Paul Mercer said.
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.
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.