About 10 years ago, Vicki O'Neill's children were in their teensand early 20s.

As they took on more and more adult responsibilities, sherealized there was a need for them to get a formal introduction tohandling finances. Yes, as CEO of ACMG Credit Union, Salvoy, N.Y.,she had tried to pass on some financial basics. But she saw ademand for additional coaching.

O'Neill had already built a relationship with some of theteachers at the local high school, so she talked with them. Shediscovered they were eager to have outside speakers come in todiscuss various aspects of financial literacy that could beintegrated into the curriculum.

“I started doing that and enjoyed doing it. I have been workingat a couple high schools and middle schools,” O'Neill said.

“As I get later into my career, and I'm in my late 50s, Irealize that as a credit union CEO, one of the most importantthings I can do is to try to get younger people who work for meinvolved in this so they can learn the ropes and realize howimportant it is.”

About three years ago ACMG CU started a banking program at alocal school. A couple young employees work with that effort. TheACMG marketing director has partnered with a representative from acommunity development credit union to teach financial literacy ineconomics classes. O'Neill sees it as a win-win situation becausethe community development CU staffer brings a lot to the table, andACMG pays his salary.

Although more states are incorporating financial literacy intorequired classes, there is no mandate in New York state.

“There are components of it,” O'Neill indicated. “I happen tochair the board of trustees of the New York Credit UnionFoundation, and our focus there is certainly on financialliteracy.”

She indicated that many other state league foundations have alsorecognized that their main focus needs to be on financial literacy.Most of those foundations have a paid executive director who willadvise credit unions on reaching out to local schools.

“There are a number of exciting programs,” O'Neill stated. “Wepartner with Cooperative Extension at Cornell University. They dida great job putting together a matrix we use when we talk toteachers about incorporating financial literacy into theircurriculum.”

The experts at Cornell identified how financial literacyfulfills existing requirements. The idea is to help teachersrealize this isn't something eating up valuable time. Instead, theywelcome it as helping meet mandates they already face and aidingtheir students.

In the middle schools, financial literacy typically fits intowhat has been called “home and careers” or “life skills andstudies.” Content often includes basics of budgeting and borrowing.High schools may incorporate financial literacy in economicsclasses.

“One of my frustrations when I talk to high schooladministrators is they figure financial literacy should be assignedto business classes. We'd love to be able to do both,” O'Neillsaid.

There is ample material available to teachers, she added. Thechallenge for teachers is not so much finding curriculum content,because credit unions, Junior Achievement and many others can helpwith that. But teachers often don't consider themselvesknowledgeable on the subject, and don't feel qualified to presentthe material.

As part of their sessions, the students learn that when a vendoror a company is selling a product, they want to make as much moneyas they can. That competes directly with what the consumer istrying to do–that is, pay the least possible amount for goods orservices while still acquiring everything needed.

“It's a hard concept for kids to grasp because I think most highschool students are fairly naïve,” O'Neill said. “They don'tunderstand yet they'll be up-sold or sold things that aren'tnecessarily in their best interests.”

Has the tough economy prompted students to pay more attention topersonal finances? Have they seen their own familiesstruggling?

“Absolutely,” O'Neill stated. “In the past couple years I'vestarted asking, especially in the middle schools, if a familymember, friend or neighbor has lost a job or had their hours cutback. A good half of the students raise their hands.”

“What that means is they are, directly or indirectly,experiencing the fallout from not having the financial wherewithalto meet all the needs the family, friend or neighbor might have.They're seeing it firsthand, and I think that has been verydifferent over the past couple years.

“Even very smart students don't necessarily make the connectionbetween if I do a certain job this is realistically what I couldmake. Is that going to support the lifestyle I see for myself?”

O'Neill noted that when she was growing up, her parents tried toteach their children how to live within their means. But they neverdiscussed how much money they made. Without that information, it'svery hard to understand budgeting and the choices parents mustmake.

She believes credit unions need to do a better job of makingfinancial literacy a priority. It's tempting to see classroomsessions as opportunities to sell credit unions. That's not theidea. That shouldn't be your motivation, O'Neill emphasized. You'rethere to talk about financial literacy.

However, “I would make the case there's a direct benefit to thecredit union,” she said. “If you can reach young adults who aremembers or potential members and help them become more financiallyliterate and make better choices, your bottom line is going to bein much better shape. They will be making better decisions whenthey come to borrow and they will understand the importance ofmaking payments on time.

“I would argue there will be direct benefit to you. It's notjust warm and fuzzy.”