WASHINGTON — As a past vice president of the California Credit Union League and of the Vista Federal Credit Union, Laura Levine has worked on the state and local government levels to improve financial literacy.
On Monday, she was using her skills and experience on a much bigger stage when she presided over the sixth annual Financial Literacy Day on Capitol Hill.
"The event began because of concern about the rise in bankruptcies and the low national savings rate. Things have gotten better but there is still work to be done to reach young people, so they don't make the same mistakes that their parents' generation did," said Levine, the executive director of the Jump$tart Coalition for Personal Financial Literacy, a group of government and private-sector organizations that sponsored the event.
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Credit union trade associations and the NCUA were among the 70 organizations that sponsored booths at the event, which is the culmination of activities honoring April's designation as Financial Literacy Month.
NAFCU President Fred Becker, who stood at his organization's booth greeting visitors, said that he has emphasized financial literacy since he gave his speech upon joining NAFCU in 2000.
"It's a continuous work in progress," he said. "We wouldn't be in some of the mess we're in if more people knew about this subject."
CUNA handed out information about financial literacy, including its coloring book, Save Spend & Share.
Members of Congress from both parties have supported efforts to improve financial education and were represented at the event.
"When individuals lack a fundamental understanding of economic principles they are likely to make decisions that harm themselves, and the nation as a whole," said Sen. Daniel Akaka (D-Hawaii).
Sen. Wayne Allard (R-Colo.) said he has encouraged his grandchildren to put their allowance money in a savings account. Also, he disclosed the key to getting young people interested in learning about money: football.
"It's easier to get them to pay attention when you have current and former Denver Broncos players helping you," he quipped.
The NCUA distributed brochures describing what credit unions do and the system for insuring credit union accounts.
NCUA Chairman JoAnn Johnson issued a statement for the event saying that "Financial literacy is fundamental to enabling consumers to follow a path of financial health and independence. Financial education is a natural extension of the people helping people philosophy prevalent throughout the credit union community."
Lynette W. Smith, vice president/chief operating officer of the Treasury Department Federal Credit Union, spoke of her organization's financial education efforts, in conjunction with Operation Hope, a national economic empowerment organization.
"We are the first credit union to partner with Operation Hope. Just today, we have people working with 300 employees at a Job Corps site in the southwest section of Washington, D.C. We are teaching them about financial literacy and helping some of them open accounts. Once we train the employees, they will be able to help other people learn how to take better care of their finances," Smith said in an interview, while standing near NAFCU's table.
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