Financial Education: A Positive Partnership Offered to Educators by Michigan Credit Unions

“ “In a nation where nearly 1/3 of high school seniors use a credit card, even more have an ATM card, and more than 1.5 million families filed for personal bankruptcy each year, the need for personal financial literacy is apparent.” - Young Americans Center for Financial Education

“Yet fewer than 30 percent of young Americans are given the opportunity to take as much as one week’s worth of course work in money management or personal finance in high school.” - Young Americans Center for Financial Education & the Jump$tart Coalition for Personal Financial Literacy

The Current Situation Just 1 in 3 teens can accurately read a monthly financial institution statement, balance a check book or know how to pay monthly bills. Only 48% (of 6,856) high school seniors passed the Jump$tart personal finance survey in Source: 33% 48%

The Need for Financial Education Student Benefits Learning useful real-life skills in a positive and safe environment School Benefits Meet the State Standards & Benchmarks without additional training or resources Community Benefits A new generation of savers who can help stimulate the economy and successfully manage their money

The Credit Union Difference Credit Union Philosophy Financial Education Importance of savings Importance of savings Credit and Money management Credit and Money management

What is a Credit Union? Full service insured financial institution: Service-focused Service-focused Member-owned cooperatives Member-owned cooperatives Members elect a volunteer board of directors Members elect a volunteer board of directors

The Credit Union Difference Not-for-profit financial cooperatives Earnings are returned to members and the community: Lower loan interest rates Higher savings interest rates Lower fees Resources used for financial education and student credit unions

Financial Education Classroom presentations – K-12 & College Educational seminars for youth and adults Youth & teen savings programs Student-Run Credit Unions

Michigan Credit Union Facts There are 355 student-run credit unions operating in Michigan schools. Annually, over 47,000 K-12 students receive personal finance education from credit union professionals in the classroom ,000

84% of Michigan credit unions offer financial education in the form of one- on-one financial counseling, workshops and community seminars. $ 455 million was returned to credit union members in Michigan in the form of lower fees and better rates on loans and depository accounts during the 12 months ending June % $455 M Michigan Credit Union Facts

President’s Advisory Council on Financial Literacy 2008 Annual Report: Young people should have more exposure in school to formal financial literacy training. Recommends that financial education becomes a core part of the nation’s education policy from early childhood through college.

Michigan Financial Education Curriculum Michigan Act 316: Senate Bill 834, Dec The bill allows school districts to offer a one semester personal finance class to fulfill one of the four required math credits. October 2007 The Michigan State Board of Education approved Social Studies grade level content expectations for K-12 students. The economics sections of these include personal finance expectations.

Credit Unions Can Help Enthusiastic, well-trained credit union professionals and volunteers can provide free resources, and work with educators to develop financial education programs and presentations in keeping with the Michigan Grade Level Content Standards and your goals and objectives.

Teacher Resources – FREE! Credit union professionals volunteer as mentors and speakers Classroom presentations – All ages Practice checkbooks Proven exercises on a wide range of financial topics Structured curriculum

NEFE High School Financial Planning Program Structured 45 minute modules on saving, spending, the wise use of credit, insurance, budgeting and career choices. To be used as a full program or individually. Free to teachers & students through a partnership with America’s Credit Unions. To be used with or without direct credit union help in the classroom. Spanish and on-line modules available.

Free H.S. Financial Planning Program Materials Credit Union will order your free materials: - Student Workbooks - Instructor Manuals - Teacher Guides

Classroom Presentations A wide range of customized financial and real-life topics – just ask! Free, fun and focused hands-on learning for K-12 students Specifically developed by age & grade Useful, “real-life” knowledge Free materials and resources

Presentation Topics: Kindergarten to Grade 2 Presentation Topics: Kindergarten to Grade 2 Money concepts: Identification, counting, value Wants and needs Saving, spending and sharing money Stories and books with financial concepts Custom presentations to fit your curriculum needs

Presentation Topics: Grades 3 to 6 Financial Careers Comparison shopping Money & Resources Saving & Investing Spending plans Wants and Needs Custom presentations to fit your curriculum needs

Classroom Topics: Grades 7-12 Classroom Topics: Grades 7-12 Budgeting and money management Purchasing decisions Careers/Interviewing Using financial services & products Housing and living on your own Lending, loans and credit scores Banking system and history of currency The wise use of credit & credit cards Saving and Investing Custom presentations to fit your curriculum needs

Student-Run Credit Unions (Also known as In-School Branches)

An educational environment in which young people will have hands-on experience in a financial setting.

Objectives of a Student-Run Credit Union To increase youth knowledge of financial issues and money management. To create a new generation of savers, teaching the importance of delayed gratification, planning, and working toward identified goals.

Student Worker Objectives Student Worker Objectives Supplement curriculum with real-life experience Employment skills

Credit Union & School Partnership Credit Union ResourcesSchool Resources Equipment, documents & suppliesSpace & tables Interviewing & trainingStaff liaison Oversight & supervisionCommunications Insurance & bondingInterviewing Security of informationTime for assembly/student meeting Marketing Financial Education

America’s Credit Unions are committed to improving financial literacy education at the national, state and community level. We are proud to be your educational partner.

Youth Financial Education Resources Your member-owned credit union – Cooperative Extension - Jump$tart Coalition for Personal Financial Literacy National Youth Involvement Board National Endowment for Financial Education

“Our greatest natural resource is the minds of our children.” -Walt Disney

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