NORTHVILLE TOWNSHIP, Mich. — The Michigan Credit Union League has once again teamed up with state lawmakers to educate youth and young adults about money management during April–Youth Financial Literacy Month.
The fifth Annual "Financial Literacy Legislative Challenge", which pairs state lawmakers with credit union professionals to teach youth and young adults about money, credit and debt–has garnered bipartisan support from the Michigan Legislature, including Sen. Randy Richardville and Rep. Andy Coulouris chairmen of the Senate and House Banking and Financial Services committees.
Throughout the month lawmakers are being encouraged to visit classrooms for a day to teach students the importance of responsible money management, tour an in-school credit union branch or attend a Credit Union Youth Week event geared at educating youth about personal finance.
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During the first week of April, MCUL staffers delivered financial literacy resource packets to state legislators, encouraging them to promote financial literacy in their districts. Kits contained tips and simple exercises for educating elementary school aged kids, tweens and teens about personal finance, while highlighting the credit union industry's commitment to graduating fiscally savvy kids.
"The strong support for this year's Financial Literacy Legislative Challenge by lawmakers, credit unions and schools alike is proving this program to be a real tradition and successful means of promoting the importance of youth financial literacy," said MCUL Director of Public Affairs Mary Davis. "Particularly during this difficult time for Michigan, it's inspiring to see members of both political parties teaming up with the credit union community to educate young people about personal finance."
Youth financial literacy outreach is an ongoing mission for Michigan credit unions. During the 2005-06 school year alone, credit union staff educated more than 45,000 students in Michigan about personal finance, according to the National Youth Involvement Board. Michigan credit unions also operate 257 student-run credit union branches in school districts across the state. Many other credit unions have special youth and teen savings clubs, complete with their own newsletters, events and membership benefits.
In addition to the Legislative Challenge, MCUL is partnering with Michigan First Credit Union, Community Financial Members Federal Credit Union and Michigan State University Extension to host all-day training for high school teachers on the National Endowment for Financial Education High School Financial Planning Program. The training is scheduled for Tuesday, April 24 from 8:00 a.m. until 3:00 p.m.
During National Credit Union Youth Week, Michigan credit unions will host or sponsor some 50 financial education seminars and events aimed at educating the elderly, youth and the unbanked about responsible money management.
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