Page 11 - MCUL: 2020 CU Impact Report

SPRING 2020 CREDIT UNION IMPACT REPORT 11

FINANCIAL EDUCATION:

THE ROAD TO SUCCESS

In 2019, Michigan credit unions held 81 teen-focused Cybulski added that these fairs are “a safe space,”
Financial Reality Fairs — all aided by MCUF. These real- saying they allow students a place to learn while the
life budget simulations, which have more than tripled stakes are low as opposed to learning the hard way.
since 2015, introduce students to the complex world
of income, spending and credit through interactive, Michigan Legacy Credit Union President/CEO Carma
community-based exercises. Peters, another volunteer counselor in 2019, spoke
24% Financial Education Programs The cornerstone element of these fairs is the financial about how satisfying it is to help students understand
why the budgeting process is so important to
counseling sessions that close the exercise. Counselors achieving life goals.
walk students through their budget step by step to
reconcile it. This essential last step gives participants “Getting them to understand savings goals, which will
insight into how they will balance their car payment keep them out of the large percentage of American
with rent, student loans, credit card payment and households where a $500 catastrophe could really
other living expenses. tip them into financial ruin, and explaining it so they
understood that establishing that habit early can set
Jeremy Cybulski, community engagement manager them up for success later on,” said Peters.
at Community Choice Credit Union, was one of
many volunteer counselors in 2019. He said the most “Volunteering our time and resources to this event was
impactful part of counseling is being able to inform a great investment,” said Janet Thompson, president
students about how credit scores work, showing them and CEO of Parkside Credit Union, who also served
in dollar signs how varying credit scores impact things at a Financial Reality Fair. “In my interactions with
like car and insurance payments. students, I could see real-time connections being
made about monthly budgeting and understanding
how credit scores play into monthly expenses. It’s
gratifying to know that our time made an impact on
these students’ futures.”

IMPACT OF FINANCIAL REALITY FAIRS

6000
81
Number of students reached 4000 32 39 50
5000

3000

Photo Courtesy: LAFCU 2000 18
1000
LAFCU’s Shelia Scott explains to senior Emma Granger
that giving back to her community is an important
value to consider when creating a budget. 0 2015 2016 2017 2018 2019

Number of fairs held