Michigan credit unions are battling youth financial illiteracy one classroom at a time. They lead their peers across the nation in financial literacy outreach, teaching more than 46,000 students annually. Michigan credit unions are also leaders in school credit union branches, with some 257-student run branches in school districts across the state. These branches provide outstanding opportunities for kids to learn about the importance of money management skills as well as the chance to garner job skills.
Michigan credit unions lead the industry in financial literacy outreach, but their efforts aren't enough. There's a crisis in financial education in our country and a need for leadership in combating it high school seniors will graduate with few of the personal financial skills they need to support themselves. This according to a survey released on April 5, 2006 by the National Jump$tart Coalition for Personal Financial Literacy. Michigan youth are no exception. Most Michigan high school students graduate with few of the personal financial skills they need to support themselves, according to the 2001 Michigan Jump$tart Coalition survey.
Financial Literacy News in Michigan
Collaborative Efforts
Credit unions engage in a number of activities that support youth financial literacy, whether volunteering in classrooms, operating student branches or supporting organizations that foster financial literacy. The MCUL, along with 29 other credit unions and the Metro East Chapter, support Exchange City, a 20,800-square foot learning facility in the Metro-Detroit community of Taylor. The mock city features a newspaper, radio/TV station, post office, city hall, an array of merchandisers and its own credit union. The program combines classroom instruction with a rare opportunity to run a city for day.
Under the guidance of the MCUL Family Involvement Council, 22 credit unions offered the Financially Made program, a savings and youth financial education program that educated more than 80 kids on budgeting, saving and the wise use of credit. The credit unions together committed $15,000 in matching savings funds for participating students.
If you’re not involved in the movement to educate our youth about personal finance, or you want to expand your efforts, there are a number of resources available to help credit unions expand their youth financial literacy outreach.
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