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Financial Education: A Positive Partnership

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

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Financial Education: A Positive Partnership

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

  2. “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

  3. “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

  4. The Current Situation 33% • 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 2008. Source: www.JumpStartcoalition.org 48%

  5. 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

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

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

  8. 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

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

  10. Michigan Credit Union Facts 355 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. 47,000

  11. Michigan Credit Union Facts 84% of Michigan credit unions offer financial education in the form of one-on-one financial counseling, workshops and community seminars. 84% $455 M $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 2008. http://www.mcul.org/client/MCUL/Comunity_Reinvestment_Initiative

  12. 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.

  13. Michigan Financial Education Curriculum Michigan Act 316: Senate Bill 834, Dec. 2008The bill allows school districts to offer a one semester personal finance class to fulfill one of the four required math credits. October 2007The 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.

  14. Credit Unions Can Help Enthusiastic, well-trained credit unionprofessionals and volunteerscan 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.

  15. 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

  16. 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.

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

  18. 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

  19. 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

  20. 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

  21. 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

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

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

  24. 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.

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

  26. Credit Union & School Partnership

  27. 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.

  28. Youth Financial Education Resources • Your member-owned credit union – www.lovemycreditunion.org • Cooperative Extension - www.exension.org • Jump$tart Coalition for Personal Financial Literacy www.jumpstartcoalition.org • National Youth Involvement Board www.nyib.org • National Endowment for Financial Education www.nefe.org

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

  30. Additional Screen • Add content here • And here • And here

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