Notes: Use this presentation as a starting point to add and remove information to reflect the level of partnership you are able to provide to the school. Enhance the statistics with current local information if available. Insert photos of your credit union’s current school partnership activities. More information on youth programs can be found in the CUNA Model Youth Program Guide here: http://www.cunapfi.org/ More information on student credit unions can be found in the Student Credit Union Branch Handbook found here: http://www.mcul.org/Youth__Financial_Literacy__School_Credit_Unions_664.html For additional information and support in initiating a school partnership, contact Michigan Credit Union League Financial Education Coordinator, Beth Troost at 800-262-6285, ext. 453 or Beth.Troost@mcul.org.
Current statistics can be found at www.jumpstartcoalition.org Consider printing “Making the Case for Financial Education” found on the Jump$tart Coalition site under the downloads tab.
Speaker notes: To find statistics about your state requirements for financial education see http://www.jumpstart.org/state_legislation/index.cfm?stnm=michigan#stateinfo Michigan specific information is covered in a slide later in this presentation. In Michigan, there is no state requirement but Senate Bill 834 allows for school districts to offer a one semester personal finance class to fulfill one of the four required math credits. Local districts can decide who will teach the course.
For more information and statistics, see www.jumpstartcoalition.org Go to the downloads page for: MAKING THE CASE FOR FINANCIAL LITERACY 2009: A collection of personal finance statistics compiled by Jump$tart from other sources. Consider printing copies of this document to give the school and teachers. You can also download the results of the personal finance survey which asks questions to test teens knowledge about basic financial concepts needed for independent living. The survey instrument for high school seniors contained 49 questions of which the first 31 constituted the “test” part of the Survey. Prior to the first survey in 1997-98, members of the Jump$tart Coalition identified four key areas of coverage in their Personal Finance Standards. These areas were (1) income; (2)money management; (3) saving and investing; and (4) spending and credit.
National Benchmarks and Standards can be found here: http://www.jumpstart.org/guide.html
“ People Helping People” This is the main focus (philosophy) that drives the credit union movement. One of the International Operating Principles is to EDUCATE members and the community about thrift, the wise use of credit and the importance of saving money.
A credit union is a financial institution that offers saving and lending services, just like for-profit banks, with some significant differences, including: Credit Unions are service focused Credit Unions are member-owned cooperatives. Members elect a volunteer board of directors Financial products are insured by the United States government through the NCUA. Explain your credit union’s membership requirements
America’s Credit Unions are not-for-profit financial cooperatives. Instead of issuing stock or paying dividends to outside stockholders, credit unions return earnings to the member-owners in the form of lower loan rates, higher interest on deposits and lower fees. Income generated is returned to the credit union and its members.
With a social mission to reach, teach and educate the communities in which they serve, America’s credit unions do the following: Note – this slide can be customized to contain services your credit union will offer.
334 Student-run credit unions as reported to CUNA and included in the 2009 MCUL CRI report. This is more than 3 times the number reported by any other state. According to National Youth Involvement Board (NYIB) reporting for the 2007-08 school year, Michigan credit unions educated 49,432 students during classroom and community financial education presentations. Michigan Credit Union’s lead the nation in youth financial literacy initiatives, and have ranked #1 since 1999 – this is based on NYIB reporting of the number of classroom presentations and the number of students reached. It is important to report your credit union financial education activity! Report your student credit unions here: http:// www.cunapfi.org/ Click on the “Resources for Youth” and then the “In-School Branch Directory”. Report your classroom presentations here: www.nyib.org
Information from the 2009 CRI report from the Michigan Credit Union League http://www.mcul.org/client/MCUL/Community_Reinvestment_Initiative/CRI_Resources_for_CUs/custom_cri_reports.php
The President’s Advisory Council on Financial Literacy was created in January 2008 with a charge of improving financial literacy among all Americans. The full report can be found here: http://www.treas.gov/offices/domestic-finance/financial-institution/fin-education/council/ See Chapter 2: Enhancing Youth Financial Education. Consider making copies of this chapter for teachers.
See Michigan School curriculum here: http://www.michigan.gov/mde/0,1607,7-140-28753---,00.html
Structured curriculum includes Junior Achievement and the National Endowment for Financial Education’s High School Financial Planning Program. Your credit union staff may wish to volunteer to guest teach these curriculums in the classroom. Consider bringing handouts about these programs to distribute to staff. http://www.juniorachievement.com/ www.nefe.org
The National Endowment for Financial Education® (NEFE®) is the only private, nonprofit national foundation wholly dedicated to improving the financial well-being of all Americans. Since 1984, NEFE has been addressing youth financial literacy with the nationally known NEFE High School Financial Planning Program® (HSFPP). The HSFPP consists of a seven unit student manual, instructor’s guide and a dynamic suite of Web pages that offer a large, continually growing collection of resources, articles and financial tools for teachers, students and parents. The HSFPP is created by top educators and financial professionals and is linked to education standards in all 50 states and to several national subject-area standards. The NEFE HSFPP guides students to take action and increase financial IQ. It is flexible and easy to use. It is noncommercial and available at no cost. Created by top educators and financial professionals Unit Topics Your Financial Plan: Where It All Begins Budgeting: Making the Most of Your Money Investing: Making Money Work for You Good Debt, Bad Debt: Using Credit Wisely Your Money: Keeping It Safe and Secure Insurance: Protecting What You Have Your Career: Doing What Matters Most 400 Michigan teachers have been trained to teach a free curriculum on personal finance, The High School Financial Planning Program (HSFPP) offered in partnership with the National Endowment for Financial Education (NEFE) and America’s Credit Unions. Note: Bring a supply of NEFE HSFPP information kits which include a student workbook and brochures for the principal and teachers at your presentation. You can order these kits at www.nefe.org
Having educators order through the credit union enhances your partnership and communication with the school. If appropriate, offer to guest teach one or more of the sections. If desired, go to the nefe.org site and show teachers the sections for students and teachers. Teachers can also order directly via NEFE if desired. Can order new workbooks for each class so students can keep them. Please order well in advance of class. Materials will be delivered directly to the school. The MCUL and MSU Extension hold NEFE HSFPP “train the trainer” sessions multiple times per year throughout the state. Teachers and credit union financial educators can attend these free sessions to become more familiar with the HSFPP.
Customize with your credit union offerings. Free classroom presentations are available on the Michigan Credit Union League web site here: http://www.mcul.org/Financial_Literacy_In_A_Box_658.html
Customize this section with specifics about your student credit union program.
Student credit unions provide an opportunity to get into a habit of saving money at a young age. “Peer modeling” of savings and money management help to foster this habit. Taking care of their own money helps students develop a sense of self-worth and self-confidence.
Supplement to math, accounting, computer and social skills through real-life experiences while working as a volunteer (or paid employee) of a credit union. Employment skills: Organization, planning, cash handling, teamwork, marketing and leadership. Student credit unions provide an opportunity for students to develop a sense of self-worth and self-confidence and to enhance their professional skills in a non-threatening environment.
Personalize this table to fit your credit union’s student credit union program. List the resources and responsibilities of the credit union and the school. Think about the level of involvement for both the school and the credit union. Interviewing & training: Will you want the school to help with this activity? Communications: You will want the school to communicate with teachers details about your program and coordinate dates and times. You may want them to make announcements at school. Decide together with the school what amount of communication is expected. Will you ask the school to send information and applications to parents via mail? Will you prepare newsletter articles for the school to publish? Marketing: Will you have students complete some marketing? Will you want the school to allow space in the school for posters/signs and in newsletters and school communications?
School Partnership PowerPoint
Financial Education: A Positive Partnership Offered to Educators by Michigan Credit Unions
“ 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
“ 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
The Current Situation <ul><li>Just 1 in 3 teens can accurately read a monthly financial institution statement, balance a check book or know how to pay monthly bills. </li></ul><ul><li>Only 48% (of 6,856) high school seniors passed the Jump$tart personal finance survey in 2008. </li></ul><ul><li> Source: www.JumpStartcoalition.org </li></ul>33% 48%
The Need for Financial Education <ul><li>Student Benefits </li></ul><ul><ul><li>Learning useful real-life skills in a positive and safe environment </li></ul></ul><ul><li>School Benefits </li></ul><ul><ul><li>Meet the State Standards & Benchmarks without additional training or resources </li></ul></ul><ul><li>Community Benefits </li></ul><ul><ul><li>A new generation of savers who can help stimulate the economy and successfully manage their money </li></ul></ul>
The Credit Union Difference <ul><li>Credit Union Philosophy </li></ul><ul><li>Financial Education </li></ul><ul><ul><li>Importance of savings </li></ul></ul><ul><ul><li>Credit and Money management </li></ul></ul>
What is a Credit Union? <ul><li>Full service insured financial institution: </li></ul><ul><ul><ul><li>Service-focused </li></ul></ul></ul><ul><ul><ul><li>Member-owned cooperatives </li></ul></ul></ul><ul><ul><ul><li>Members elect a volunteer board of directors </li></ul></ul></ul>
The Credit Union Difference <ul><li>Not-for-profit financial cooperatives </li></ul><ul><li>Earnings are returned to members and the community: </li></ul><ul><ul><li>Lower loan interest rates </li></ul></ul><ul><ul><li>Higher savings interest rates </li></ul></ul><ul><ul><li>Lower fees </li></ul></ul><ul><ul><li>Resources used for financial education </li></ul></ul><ul><ul><li>and student credit unions </li></ul></ul>
Financial Education <ul><ul><li>Classroom presentations – K-12 & College </li></ul></ul><ul><ul><li>Educational seminars for youth and adults </li></ul></ul><ul><ul><li>Youth & teen savings programs </li></ul></ul><ul><ul><li>Student-Run Credit Unions </li></ul></ul>
Michigan Credit Union Facts <ul><li>There are 355 student-run credit unions operating in Michigan schools. </li></ul><ul><li>Annually, over 47,000 K-12 students receive personal finance education from credit union professionals in the classroom. </li></ul>355 47,000
Michigan Credit Union Facts http://www.mcul.org/client/MCUL/Comunity_Reinvestment_Initiative 84% of Michigan credit unions offer financial education in the form of one-on-one financial counseling, workshops and community seminars . $ 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. 84% $455 M
President’s Advisory Council on Financial Literacy <ul><li>2008 Annual Report: </li></ul><ul><li>Young people should have more exposure in school to formal financial literacy training. </li></ul><ul><li>Recommends that financial education becomes a core part of the nation’s education policy from early childhood through college. </li></ul>
Michigan Financial Education Curriculum <ul><li>Michigan Act 316: Senate Bill 834, Dec. 2008 The bill allows school districts to offer a one semester personal finance class to fulfill one of the four required math credits. </li></ul><ul><li>October 2007 The 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. </li></ul>
Credit Unions Can Help <ul><li>Enthusiastic, well-trained credit union professionals and volunteers can provide free resources, and work with educators to develop financial education programs and presentations in keeping with the Michigan Grade Level </li></ul><ul><li>Content Standards and your goals and objectives. </li></ul>
Teacher Resources – FREE! <ul><li>Credit union professionals volunteer as mentors and speakers </li></ul><ul><li>Classroom presentations – All ages </li></ul><ul><li>Practice checkbooks </li></ul><ul><li>Proven exercises on a wide range of </li></ul><ul><li>financial topics </li></ul><ul><li>Structured curriculum </li></ul>
NEFE High School Financial Planning Program <ul><li>Structured 45 minute modules on saving, spending, the wise use of credit, insurance, budgeting and career choices. </li></ul><ul><li>To be used as a full program or individually. </li></ul><ul><li>Free to teachers & students through a partnership with America’s Credit Unions. </li></ul><ul><li>To be used with or without direct credit union help in the classroom. </li></ul><ul><li>Spanish and on-line modules available. </li></ul>
Free H.S. Financial Planning Program Materials <ul><li>Credit Union will order your free materials: </li></ul><ul><li>- Student Workbooks </li></ul><ul><li>- Instructor Manuals </li></ul><ul><li>- Teacher Guides </li></ul>
Classroom Presentations <ul><li>A wide range of customized financial and real-life topics – just ask! </li></ul><ul><li>Free, fun and focused hands-on learning for K-12 students </li></ul><ul><li>Specifically developed by age & grade </li></ul><ul><li>Useful, “real-life” knowledge </li></ul><ul><li>Free materials and resources </li></ul>
Presentation Topics: Kindergarten to Grade 2 <ul><li>Money concepts: Identification, counting, value </li></ul><ul><li>Wants and needs </li></ul><ul><li>Saving, spending and sharing money </li></ul><ul><li>Stories and books with financial concepts </li></ul><ul><li>Custom presentations to fit </li></ul><ul><li>your curriculum needs </li></ul>
Presentation Topics: Grades 3 to 6 <ul><li>Financial Careers </li></ul><ul><li>Comparison shopping </li></ul><ul><li>Money & Resources </li></ul><ul><li>Saving & Investing </li></ul><ul><li>Spending plans </li></ul><ul><li>Wants and Needs </li></ul><ul><li>Custom presentations to fit </li></ul><ul><li>your curriculum needs </li></ul>
Classroom Topics: Grades 7-12 <ul><li>Budgeting and money management </li></ul><ul><li>Purchasing decisions </li></ul><ul><li>Careers/Interviewing </li></ul><ul><li>Using financial services & products </li></ul><ul><li>Housing and living on your own </li></ul><ul><li>Lending, loans and credit scores </li></ul><ul><li>Banking system and history of currency </li></ul><ul><li>The wise use of credit & credit cards </li></ul><ul><li>Saving and Investing </li></ul><ul><li>Custom presentations to fit </li></ul><ul><li>your curriculum needs </li></ul>
Student-Run Credit Unions (Also known as In-School Branches)
An educational environment in which young people will have hands-on experience in a financial setting.
Objectives of a Student-Run Credit Union <ul><li>To increase youth knowledge of financial issues and money management. </li></ul><ul><ul><ul><li>To create a new generation of savers, teaching the importance of delayed gratification, planning, and working toward identified goals. </li></ul></ul></ul>
Credit Union & School Partnership Credit Union Resources School Resources Equipment , documents & supplies Space & tables Interviewing & training Staff liaison Oversight & supervision Communications Insurance & bonding Interviewing Security of information Time for assembly/student meeting Marketing Financial Education
<ul><li>America’s Credit Unions are committed to improving financial literacy education at the national, state and community level. </li></ul><ul><li>We are proud to be your educational partner. </li></ul>
Youth Financial Education Resources <ul><li>Your member-owned credit union – www.lovemycreditunion.org </li></ul><ul><li>Cooperative Extension - www.exension.org </li></ul><ul><li>Jump$tart Coalition for Personal Financial Literacy www.jumpstartcoalition.org </li></ul><ul><li>National Youth Involvement Board www.nyib.org </li></ul><ul><li>National Endowment for Financial Education www.nefe.org </li></ul>
“ Our greatest natural resource is the minds of our children.” -Walt Disney
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