For many years, credit unions have been recognized as leaders in youth financial education. With in-school branches, experiential learning programs like Financial Reality Fairs and youth savings accounts, credit unions have led the way to help our nation’s youth understand money. It’s one of the cooperative principles, our values and part of the credit union difference.
Through testimony in Washington to local advocacy work in cities and states, credit unions have pushed their elected officials and regulators to make youth financial education a priority.
For example, the National Credit Union Foundation was invited by the Financial Literacy and Education Commission to testify at a public meeting last year at the U.S. Department of the Treasury in Washington. The meeting was also broadcast live over the web. The focus of the meeting was on youth savings programs, in particular the connection with school-based programs.
I presented on a panel at the FLEC meeting to talk about credit unions’ efforts around youth savings, reality fairs and in-school branches. Joining me on the panel was Bill Lawton, President/CEO of Community Financial FCU in Michigan, who discussed youth savings efforts in Michigan as well as his own credit union’s commitment to in-school branches and youth education.
Most recently, at the CFPB’s Sept. 1, 2016 Credit Union Advisory Committee, CFPB Director Richard Cordray noted in his opening remarks that credit unions are “pace setters when it comes to consumer education.” He also mentioned that credit unions are leaders in youth financial education by “getting into the classroom, on public television and having in-school branches.”
Biz Kid$ is that public television initiative. Since it first aired in 2008, Biz Kid$ is the only credit union-branded national financial literacy initiative that teaches kids about money and business. The overall objective of Biz Kid$ is to engage young people and help them develop life skills in the areas of financial literacy and entrepreneurship. The initiative includes an Emmy award-winning television series, free classroom curriculum, outreach activities and a website targeting kids nine to 16 years old. It is the first national public television series promoting financial education for elementary through high school students and was created by the same team that produced Bill Nye the Science Guy.
Through the power of collaboration, a coalition of more than 300 credit unions and affiliates from across the country have helped exclusively fund Biz Kid$ donating over $14 million. Please continue to help the credit union system lead in this area and help sponsor production of Season 6 of Biz Kid$. Go to www.ncuf.coop/bk6 to donate now or pledge to contribute in 2017.
Gigi Hyland is executive director for the National Credit Union Foundation. She can be reached at 202-824-6282 or ghyland@ncuf.coop.
