CLEVELAND — The Ohio Credit Union League is giving parents and teens something to talk about with its latest financial education initiative called MoneyAndStuff.
OCUL President Paul Mercer said, "Teaching personal financial responsibility has always been part of the mission of not-for-profit credit unions. We are stepping up our efforts as leaders and collaborators in financial education because the financial health of Ohio's youngest citizens is at risk. By making smart consumers and savers, Ohio credit unions are investing in brighter futures for the next generation."
With OCUL research revealing a direct connection between personal financial illiteracy and the upswing in bankruptcy rates, record debt, and home foreclosures, the program is designed to teach students to make smart financial decisions, understand the difference between wants and needs, and manage debt.
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Targeting grades 4, 5, 11 and 12 with an emphasis on credit concepts, the initiative includes a MoneyAndStuff.info Web site that offers free financial lessons, tips for parents, and educational games.
In the last three years Ohio credit unions have educated more than 20,000 students in nearly 200 Ohio schools about financial matters. As part of the initiative plans are underway to build even stronger credit union partnerships with every Ohio school district.
Credit unions across the state will also do their part to prepare teachers to meet the state mandate, passed by the Ohio General Assembly in 2006, requiring that all public high schools teach personal financial education starting in 2010.
According to a survey of Ohio adults, commissioned by the League, only 23% of Ohioans make any effort to encourage financial literacy in their families. And, only 5% were taught about personal finances when they were young. The survey also finds that consumers feel stuck in their current financial situations, with little they can do to help themselves or their children.
A MoneyAndStuff media tour will travel to eight Ohio cities over the next few weeks to build consumer awareness.
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