It’s National Financial Literacy Month, and credit unions across the county have big plans to help young consumers up their money management IQ.
The month will be peppered with credit union events ranging from reality fairs and educational seminars to open houses.
CUNA will once again sponsor its annual National Youth Saving Challenge during National Credit Union Youth Week slated for April 22-28. This year’s theme is "Be a Credit Union Super Saver." Last year, nearly 146,000 young members deposited a total of $28.5 million into their saving accounts during National Youth Savings Week. A the number of new accounts opened topped 9,000.
According to the Jumpstart Coalition for Financial Literacy, 26% of 13 to 21 year olds were taught how to manage money by their parents.
“Experts say children should start learning about money by early elementary school, but it’s never too late to start teaching smart money habits,” said Harry Carter, president/CEO of Maple Grove, Minn.-based TopLine Federal Credit Union.
In its bid to help area consumers learn about money, TopLine FCU will host weeklong open houses during Youth Week where the credit union will match up to $25 for children who open a new savings account. According to Carter, the goal to help kids and their parents learn to build a strong, healthy relationship with money. In addition, plans are underway to take TopLine FCU’s money management seminars on the road to schools and other interested local organizations.
“Good money habits are so important, and we can support what kids are taught at home and at school. Helping children establish financial literacy early on can ensure their financial well-being a long way down the road,” said Carter.
Philadelphia Federal Credit Union opted to kickoff the month by unveiling the results of its first annual Financial Literacy Survey focused on the saving practices, spending habits and financial attitudes among area residents.
The survey found that 37% of Philadelphians were in critical need of improving their financial condition and 84% consider themselves less than “very knowledgeable” about personal finance.
To help promote healthy financial habits and build consumers’ confidence in their money management skills, PFCU has extended its free financial education seminars to run through May 31.