You’ve probably said it yourself when you were in school: ‘When will I ever have to use this in the real world?’ When it comes to learning to manage your money, each one of us are wishing we could take a financial education course right about now!
The Financial Brand shared that on average, four out of five young Americans couldn’t answer most financial literacy questions correctly – an alarming 80% failure rate. The National Financial Educators Council (NFEC) reports that less than half of participants were able to pass the 30-question test that covered daily concerns like budgeting, paying bills, setting financial goals, and other personal finance-related topics.
So, what does our education system have in place to support this crucial need for financial education? The good news is that most schools have incorporated a personal finance class into their curriculum; in some states, it’s a graduation requirement. Unfortunately, some states are behind the curve. According to the National Conference of State Legislatures, 38 states, Puerto Rico, and the District of Columbia have financial literacy legislation that went into effect in 2021. In addition to implementing these changes, many states also recognize April as Financial Literacy Month within their schools.
Financial literacy is an issue with broad implications for economic health in our local communities and the entire nation. There are exponential benefits to starting an individual’s financial literacy journey early on in age. Some programs in our education system start as early as kindergarten. You can never start too young. While those students get to lay a solid financial foundation, what can be done to reinforce what they are learning, or better yet help those in our community that may have missed out?
When the classroom curriculum falls short, there are several youth account options available that your credit union can implement that can help boost financial knowledge in your kid and teenage members. The Dollar Dog Kids Club® is the first time your youngest members will get an understanding of what saving really means. With birthday money and an allowance to manage, this cash-conscious canine is here to help teach them how to spend and save in a way that’s fun and age-appropriate. For the next step in financial planning, the cha-ching! Teen Club® is all about helping credit union members aged 13-15 learn the value of a dollar by providing practical financial services and resources. Whether it’s navigating their first job or saving up for their first car, your credit union has the opportunity to play a critical role in your teen members’ major milestones. For upper-teen members, the real world is right around the corner. From creating a budget to planning for college, the real world is right around the corner. Make sure your 16-18-year-old members are ready to enter adulthood with Casht®.
Engaging your credit union’s youngest members has never been easier. The Dollar Dog Kids Club, cha-ching Teen Club, and Casht can all be launched at your credit union in less than a week.
Ready to get serious about your credit unions’ financial literacy? New youth account clients can get access to all three programs for just $2,000 for their first year!