Texas Credit Union Foundation Receives Financial Education Grant

FARMERS BRANCH, Texas – The Texas Credit Union Foundation has been awarded a $118,000 grant from Household International, a subsidiary of HSBC Holdings plc, to provide youth financial education. The grant is part of Household’s nationwide effort to better inform and educate young people, senior citizens, and low- to middle-income families in developing banking skills, money and credit management skills, and a general knowledge of the financial requirements associated with home ownership. “Household is committed to helping people improve their economic future by giving them the opportunity to learn about credit and money management skills. We are in the second year of this grassroots initiative,” stated Bill Aldinger, Household chairman and CEO, “and we are very pleased with the results that have been achieved by these community partners.” TCUF, in collaboration with Jr. Finance and Communities in Schools, will provide a basic financial education program to an estimated total of 120 children, ages 5-14, who live in public housing, according to TCUF Grants/Program Officer Danette Tidwell. The mechanics of the program work like this: Communities in Schools will be operating daily after-school programs in two South Dallas apartment communities, Hillburn Hills and Simari Ridge. Twice weekly, Jr. Finance representatives will come in to conduct financial education. This is a new venture for Communities in Schools, according to Tidwell, in that CIS traditionally has conducted their programs in conjunction with teachers at school facilities. Program components include field trips, a stock ownership simulation for students to manage using a $100,000 portfolio, and $100 stipends for participants to open savings and mutual fund accounts. Curriculum is divided into two age levels. Portions of the curriculum are Internet-based, notably the stock management exercise. A post-test will gauge students’ comprehension upon completion of the program. A field trip to a nearby credit union is planned as part of the program, Tidwell said. “The purpose is to familiarize the kids with financial institutions, help them understand the difference between credit unions and banks, and let them see how deposits are made.” TCUF’s grant was one of nine, which cumulatively totaled $1,010,450, awarded to community-based organizations in Dallas, Tampa Bay, and Hampton Road, Virginia. Thirty-seven organizations in the three cities submitted applications for Household’s 2003 grants. This year’s grants were the second round of Household International’s three-year financial literacy grant program. Household began the program in 2002, awarding in excess of $1 million to 14 grassroots organizations in Atlanta, Chicago and Los Angeles. According to Household, communities are chosen based on the “financial education needs of diverse populations” in areas where Household has a significant business presence. Grant applications were evaluated based on program merit, existing or potential collaboration efforts, outreach effectiveness, content expertise, delivery experience and overall effectiveness of the nonprofit, said Household’s Diane Jackson, director of community relations. Household is a provider of consumer loans, credit cards, auto finance and credit insurance products the United States, United Kingdom and Canada. In the U.S., Household operates under the HFC and Beneficial labels. -