Financial Education Important to California Credit Union
The former SCE Federal Credit Union Foundation in Irwindale, Calif., is now the Center for Financial Empowerment.
“After eight years of offering financial literacy training to teenagers and families, we wanted our name to better reflect what we do,” said George Poitou, CEO of SCE FCU and CFE Board member.
“Thousands of individuals have been empowered to improve their financial futures through our programs, which makes the new name a good fit for our organization.”
The Center for Financial Empowerment is a non-profit 501(c)(3) charitable agency whose mission is to educate underserved youth and families in the principles of personal finance.
The center partners with schools and community organizations in Southern California and Southern Nevada to offer financial education, assistance and improvement programs, giving people the power to make better financial choices and achieve an improved quality of life.
The non-profit organization was founded by SCE Federal Credit Union in 2005 to address the widespread need for basic personal finance education, especially in low-income communities.
The Center for Financial Empowerment has formed plans to expand its outreach by 30 percent in the coming year.
High school students study calculus, advance English and chemistry, but most don’t have the opportunity to learn the ins and outs of financial education to help them financially navigate the real world.
California is one of 46 states that have not required students to take a financial literacy course in order to graduate. In the 2012 National Financial Capability Challenge, the state’s average student score ranked 44th, the center said in its announcement.
“For every classroom of students we teach, there are thousands more who need to learn the life-changing money skills we can provide,” said Abby Ulm, manager of the Center for Financial Empowerment.
“Our goal is to teach financial education to 5,000 people in 2014, approximately 1,200 more than our average for the last three years. This means 40 more classes and seven more real-world financial simulation events for our communities,” Ulm said.