PHILADELPHIA — Philadelphia Federal Credit Union took its financial literacy program to teens this summer.
Continuing the credit union's work with Philadelphia schools, PFCU Financial Educator Karl Bernhard ran a summer-long seminar series for teens in the YouthWorks program that included lessons on budgeting and saving, avoiding debt, creating a good credit rating, and investment planning.
Bernhard made repeated visits to Girard College and Temple University to give almost 200 YouthWorks participants scenarios based on Philadelphia Department of Labor statistics and figures to illustrate financial situations in the "real world."
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YouthWorks is a program of the Philadelphia Youth Network, a nonprofit intermediary organization funded by the U.S. Department of Labor. PYN, in conjunction with EducationWorks, works to align programs, systems and resources that promote academic achievement, career success and productive citizenship for Philadelphia youth ages 14 to 21 years old.
Bernhard also conducted seminars in summer programs at Robert Vaux High School, Martin Luther King High School, and Grover Washington Middle School.
Currently, PFCU is holding a series of free college budgeting seminars at Temple University and is scheduling seminars with several schools for the 2006-2007 school year.
Through the PFCU Financial Literacy Program, students are offered a savings account as well as the first $5 deposit. The CU Succeed Program for teenagers offers such benefits as free checking, quarterly magazines and newsletters, savings challenges with prizes and an annual scholarship program for high school seniors. The Moola Moola Account, for children up to 12 years of age, features a fun quarterly newsletter and special prizes for saving.
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