The Consumer Federation of America formally joined consumer groups Tuesday in giving its blessing to the "Foolproof" financial literacy package of the Colorado/Wyoming Credit Union League.
The package, described as a peer-to-peer interactive offering aimed at young people that includes hard-hitting message videos, is due for national expansion this fall among an estimated 200 CUs through eight state leagues.
Addressing reporters in a web-linked teleconference, Stephen Brobeck, executive director of CFA said CUs "remain the best sponsor" for this type of financial education tool vehicle because of their nonprofit community role.
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"It is not the complete program," said Brobeck since while useful in addressing the pressing concerns of checking and credit delinquencies, Foolproof does not get at savings and insurance two other areas of importance to the federation and its 280 pro-consumer affiliate groups. Foolproof officials said they expect to have a "savings" module by next January, though insurance will not be included since it is not an area of their expertise.
Brobeck spoke out on the CU linkage in connection with release of a survey report on parent involvement with youngsters on debt practices produced by Opinion Research Corp. which found that parents feel unconfident about teaching financial education to their children.
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