Making Financial Literacy A Priority

Congress designated April as National Financial Literacy month in 2006. Most Americans will move through the month without it's making a difference. However, this may be the perfect time in our country's history to take notice of this designation and put it to work in our lives and in the lives of our children.

Ufirst Makes Financial Education a Priority

UFirst has taken an active role in supporting and participating in financial education initiatives in a number of area schools. The heart of these activities has been NEFE's (National Endowment for Financial Education) High School Financial Education Program. This program consists in study units and activities designed to expose teens to practical information about earning, saving, spending and borrowing money. Marketing Director Jody Carpenter has worked with other credit unions and teachers from Plattsburgh High School and Saranac Central School to provide students with the knowledge, skills and insights to become fiscally responsible adults. Jody has commented that she has spoken with parents who have benefited from this instruction just as much as their children have. Financial education needs to start much earlier than high school. UFirst has also joined with Peru Central School Federal Credit Union to introduce programs like Cash Kit and Caboodle to elementary school children.This program includes a moneybox, an activity book and a letter to parents emphasizing the importance of saving and responsible spending. Schools have required curriculum which places demands on teacher's time and attention. It is becoming more evident that effective instruction in the responsible use of money and credit is a crucial area that is important to weave into our educational system. How is your school district providing opportunities for improving financial literacy?

Teachable Moments

Our educational institutions cannot be expected to answer all the learning needs of children. Children benefit most from the teachable moments which occur daily in a family's life. The opportunity to teach financial skills and fiscal responsibility surface many times during the day. All children can have their own savings accounts. UFirst sponsors an awards program to encourage opening and making deposits in share accounts to develop lifelong savings habits among youth from preschool to college. Children who are expected, at an early age, to save portions of their cash gifts and allowance learn the value of saving. As savings grow, youth can move savings to investing by opening CDs which give parents an opportunity to teach children the concept of interest and the variety and differences in investment vehicles. Using debit and credit cards also provide teaching opportunities for children who may not understand that the plastic that is being used needs to have money behind it. Teachable moments can be an integral part of a well rounded approach to financial literacy instruction. Celebrate National Financial Literacy Month by looking for these teachable moments.