BASKING RIDGE, N.J. — Affinity Federal Credit Union is supporting the 2007 Somerset Leadership Project, Tools and Techniques for Teaching Financial Literacy, A Symposium for New Jersey Educators and Non-Profits.
The goal of the symposium is to provide high school teachers with the tools they need to teach their students financial responsibility. The event will feature experts on teaching financial literacy and will have financial education programs for grades K through 12 on display.
With the goal of improving the lives of children by teaching them to make the financial decisions that reduce the risk of crushing debt, foreclosure and bankruptcy, Somerset Leadership's Financial Literacy project was a natural partner for the credit union.
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Affinity FCU has developed financial literacy programs for select non-profit organizations
in New Jersey. This includes Hope for Veterans, run by Community Hope, Inc, which serves veterans homeless as a result of substance abuse and post-traumatic stress, depression or other forms of chronic psychiatric illness and the Amandla Crossing Transitional Housing Program, run by Making It Possible to End Homelessness, which helps formerly homeless women work to transition themselves and their children back into the mainstream.
A third program is slated for late September with the Somerset Home for Temporarily Displaced Children. Through these financial literacy programs, students learn basic money management skills and an understanding of general financial services.
The second highest rate of bankruptcy is among young adults, who are more likely to file for bankruptcy than their Baby Boomer counterparts, according to a recent bankruptcy study by the Demos, a nonprofit research group. Among the 18-to-34-year-old set, credit card debt rose 55% between 1992 and 2001, to $4,088. That means that nearly 25% of the money this group earns is already spent by their debt obligations before it is even earned.
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