Click On Detroit Features Importance of Student-Run Credit Unions
Click On Detroit’s "Help Me Hank" section this week featured Community Financial Credit Union’s student-run credit union program at Gallimore Elementary.
The credit union's program, of which extends to 48 different student-run branches throughout schools in the Plymouth-Canton community, is giving kids an education about financial management at a young age. The student-run credit union allows students to learn how to work toward savings goals, learning more broadly the importance of saving money. One Gallimore Elementary student said she has already started saving for her first car!
Community Financial Senior Education Partnership Coordinator Natalie McLaughlin believes that the program will help students become more aware of and responsible for their costs. Also, student-run credit unions allow students to start learning the important difference between their financial needs and wants.
Additionally, as noted in Click On Detroit’s feature, the operation of becoming a student teller gives elementary students some early exposure to the process of applying for and having a job.
The Michigan Credit Union League has comprehensive resources available on our website to help credit unions establish or improve school partnership and student credit union branches.
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