NORTHVILLE TOWNSHIP, Mich. — With backing of the Michigan Credit Union League, 21 credit unions have launched "Financially Made," an education/saving program aimed at turning teens into financially savvy consumers.
The program combines matching deposits with financial education to encourage students to begin and continue practicing good financial habits.
"We created the Financially Made program to equip kids with personal finance knowledge while giving them an incentive to save for a short-term goal, whether it's an iPod, cell phone, or extra cash for college," said Lori Bahnmueller, MCUL vice president of association services.
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"We also hope to draw media attention to the problem of financial illiteracy and the unique things credit unions do to graduate fiscally savvy students," she said.
To apply for the program, students must complete an application and submit a 250-word essay explaining what they're saving for and why, and how being Financially Made will impact their lives. Students must be between the ages of 13 and 17 and be enrolled in high school to be eligible to participate in the program.
Credit unions will select between one and 10 students for the program, said the league. Those selected will meet with a budget counselor and attend a five-hour financial education course that will cover saving, credit, budgeting and goal setting. In return, the CUs will establish savings accounts for the students and provide matching deposits of up to $250 per student.
The MCUL said it has partnered with GreenPath Debt Solutions of Farmington Hills to provide individualized budget counseling for the students, and Michigan State University Extension Services to provide the financial education.
"We've learned from the participating credit unions that a good majority of students who've applied to be Financially Made are saving for college," said Bahnmueller. "Still others are saving for things like a new computer or an iPod."
"One credit union received an application from a student who is saving money to purchase a plane ticket for her father," Bahnmueller said. The student explained in her essay that her parents immigrated to the U.S. from China to get a good education and now wants to show her appreciation for her father's sacrifices by giving him the opportunity to travel to China to see his family, whom he's not seen for 16 years.
After the students complete the budgeting and financial education phases of the program, they make regular deposits into their savings accounts for approximately four months, she said. On the last day of the saving period, CUs will deposit matching funds into the students' accounts. –[email protected]
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