Financial Illiteracy Crisis Prompts CU Action

PEWAUKEE, Wis.- Credit unions here are doing their part to observe National Credit Union Youth Week. Kicked off by a proclamation signed by Governor Jim Doyle, Youth Week highlights credit union efforts in the fight against financial illiteracy. “The future of our state’s economic health depends on young people’s preparedness to responsibly handle their finances and access the financial services they’ll need,” said Brett Thompson, President/CEO of the Wisconsin Credit Union League. “Today’s youth control billions of dollars of economic activity and we can no longer afford to overlook financial education for our youth. Like reading or math, managing money is an everyday skill that’s critical for a person to become self-supporting.” Here is just a glimpse at what credit unions here are doing to improve financial literacy: * Equipping educators to teach financial education. WCUL is sponsoring two of the state’s Institutes on Financial Education, set for July 21-25 at UW-Milwaukee and August 4-8 at Edgewood College in Madison. The Institutes give teachers the skills and materials they need to bring financial concepts to their classrooms. Credit unions are offering sponsorship to teachers from their area so they can attend. * Operating in-school credit union branches. Currently, Wisconsin credit unions are operating student-run branches at more than 25 high schools, elementary schools and youth centers. * Making financial presentations to youth. Credit unions are being called upon to give financial presentations in classrooms or for other groups in the community. WCUL is directing credit unions to free (or low-cost) teaching materials that can be offered to schools in their area. * Assisting the state as it addresses financial literacy. WCUL has provided support for a financial education bill being considered by the state Legislature, AB 94.