Beth Troost :: Blog

The President's Advisory Council on Financial Literacy is seeking comments on five questions.  The first question is how to improve financial literacy for youth.  Anyone can post a comment.  The questions and e-mail address for comments can be found at this link:  http://www.treasury.gov/offices/domestic-finance/financial-institution/fin-education/council/032008_SolicitationofPublicComments.pdf

I've posted the following response to be incluced in the comments:

The single most important message to teach our youth is the importance of saving.  A simple and powerful concept, saving is the key to financial well being.  Today’s youth are bombarded with “spend” messages in our current culture of consumption.  Saving is a learned habit that should be started young. One way of improving financial literacy is to encourage community involvement in helping youth learn the value of saving.  Credit Unions throughout the country dedicate staff and time in school classrooms teaching about saving and operating student credit unions that encourage the habit of saving.  In Michigan, there are more than 300 in-school, student-run branches facilitated by 48 credit unions.  During the 2006-07 school year, 42,000 Michigan children were educated in the areas of saving, budgeting, credit and money management. The Michigan Credit Union League’s (MCUL) web site www.mcul.org offers free, in-class financial literacy presentations to any credit union for use in the classroom as well as a comprehensive “Credit Union Student Branch Handbook” available for a free download.   Credit unions are reaching youth with “save” messages and helping them form the important habit of saving. 

What ideas do you have? 

Check out this video of Art Konotopskiy, Money Smart Ambassador, and Denise van Des Ster from METRO Credit Union at the Fitzgerald High School Student Credit Union on the MCUL You Tube site: 

http://www.youtube.com/user/MCUL6.

Great news! 

Art, a member of the METRO Credit Union student branch at Warren Fitzgerald High School has been named "Money Smart Ambassador" and won the coveted $10,000 college scholarship!  This award is given out as part of the annual Money Smart Week coordinated by the Federal Reserve Bank of Chicago, Detroit Branch. 

Art is a very well spoken young man and he thanked METRO Credit Union for letting him know about the scholarship opportunity and for operating the student branch in his acceptance speech at the kick-off breakfast on Monday. 

Look for more information about this exciting event in the Monitor and on the MCUL website.  Michigan credit unions make a difference in the financial lives of students with youth financial literacy and student-run credit unions!

Many Michigan Credit Unions are hosting financial education events for Money Smart Week, April 20-28th. When discussing the large number of events hosted by credit unions with Sheila McKean, the Senior Outreach Program Manager for the Federal Reserve Bank of Chicago-Detroit Branch, said "Credit Unions Rock!"  Yes, we do rock at providing financial education...and not just at Money Smart Week! 

The full event listing can be found at:  http://www.chicagofed.org/consumer_information/msw_michigan.cfm

 I will be setting up a vendor table showcasing the vast contributions that Michigan Credit Unions make towards financial education at the kick-off breakfast on April 21st. I am looking for photos of financial education events to include in the display....please send them to me at bat@mcul.   Please let me know if you would like to attend the breakfast, RSVP's are due April 7th.  Late RSVP's may be accepted if the tables are not filled.