Financial Education: A Positive Partnership

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Financial EducationA Positive Partnership

• Offered to Educators by Michigan Credit Unions

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• 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

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• Yet fewer than 30 percent of young Americans
  are given the opportunity to take as much as one
  weeks worth of course work in money management
  or personal finance in high school.
• - Young Americans Center for Financial Education
  the Jumptart Coalition for Personal Financial
  Literacy

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The Current Situation

• Just 1 in 3 teens can accurately read a monthly
  financial institution statement, balance a check
  book or know how pay monthly bills.
• Only 48 (of 6,856) high school seniors passed
  the Jumptart personal finance survey in 2008.
• Source www.JumpStartcoalition.org

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The Need for Financial Education

• Student Benefits
• Learning useful real-life skills in a positive
  and safe environment
• School Benefits
• Meet the State Standards Benchmarks without
  additional training or resources
• Community Benefits
• A new generation of savers who can help stimulate
  the economy and successfully manage their money

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The Credit Union Difference

• Credit Union Philosophy
• Financial Education
• Importance of savings
• Credit and Money management

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What is a Credit Union?

• Full service insured financial institution
• Service-focused
• Member-owned cooperatives
• Members elect a volunteer board of directors

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The Credit Union Difference

• Not-for-profit financial cooperatives
• Earnings are returned to members and the
  community

• Lower loan interest rates
• Higher savings interest rates
• Lower fees
• Resources used for financial education
• and student credit unions

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Financial Education

• Classroom presentations K-12 College
• Educational seminars for youth and adults
• Youth teen savings programs
• Student-Run Credit Unions

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Michigan Credit Union Facts

• There are 334 student-run credit unions operating
  in Michigan schools.
• Annually, over 49,000 K-12 students receive
  personal finance education from credit union
  professionals in the classroom.

334
49,000
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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.
http//www.mcul.org/client/MCUL/Community_Reinvest
ment_Initiative
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Presidents Advisory Council on Financial
Literacy

• 2008 Annual Report
• Young people should have more exposure in school
  to formal financial literacy training.
• Recommends that financial education becomes a
  core part of the nations education policy from
  early childhood through college.

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Michigan Financial Education Curriculum

• Michigan Act 316 Senate Bill 834, Dec. 2008The
  bill allows school districts to offer a one
  semester personal finance class to fulfill one of
  the four required math credits.
• October 2007The 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.

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Credit Unions Can Help

• Enthusiastic, well-trained credit
  unionprofessionals and volunteerscan provide
  free resources, and work with educators to
  develop financial education programs and
  presentations in keeping with the Michigan
  Grade Level
• Content Standards and your goals and objectives.

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Teacher Resources FREE!

• Credit union professional volunteers as mentors
  and speakers
• Classroom presentations All ages
• Practice checkbooks
• Proven exercises on a wide range of
• financial topics
• Structured curriculum

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NEFE High School Financial Planning Program

• Structured 45 minute modules on saving, spending,
  the wise use of credit, insurance, budgeting and
  career choices.
• To be used as a full program or individually.
• Free to teachers students through a partnership
  with Americas Credit Unions.
• To be used with or without direct credit union
  help in the classroom.
• Spanish and on-line modules available.

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Free H.S. Financial Planning Program Materials

• Credit Union will order your free materials
• - Student Workbooks
• - Instructor Manuals
• - Teacher Guides

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Classroom Presentations

• A wide range of customized financial and
  real-life topics just ask!
• Free, fun and focused hands-on learning for K-12
  students
• Specifically developed by age grade
• Useful, real-life knowledge
• Free materials and resources

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Presentation Topics Kindergarten to Grade 2

• Money concepts Identification, counting, value
• Wants and needs
• Saving, spending and sharing money
• Stories and books with financial concepts
• Custom presentations to fit
• your curriculum needs

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Presentation Topics Grades 3 to 6

• Financial Careers
• Comparison shopping
• Money Resources
• Saving Investing
• Spending plans
• Wants and Needs
• Custom presentations to fit
• your curriculum needs

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Classroom Topics Grades 7-12

• Budgeting and money management
• Purchasing decisions
• Careers/Interviewing
• Using financial services products
• Housing and living on your own
• Lending, loans and credit scores
• Banking system and history of currency
• The wise use of credit credit cards
• Saving and Investing
• Custom presentations to fit
• your curriculum needs

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Student-Run Credit Unions(Also known as
In-School Branches)
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An educational environment in which young people
will have hands-on experience in a financial
setting.
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Objectives of a Student-Run Credit Union

• To increase youth knowledge of financial issues
  and money management.
• To create a new generation of savers, teaching
  the importance of delayed gratification,
  planning, and working toward identified goals.

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Student Worker Objectives

• Supplement curriculum with real-life experience
• Employment skills

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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
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• Americas Credit Unions are committed to
  improving financial literacy education at the
  national, state and community level.
• We are proud to be your educational partner.

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Youth Financial Education Resources

• Your member-owned credit union
  www.lovemycreditunion.org
• Cooperative Extension - www.exension.org
• Jumptart Coalition for Personal Financial
  Literacy www.jumpstartcoalition.org
• National Youth Involvement Board www.nyib.org
• National Endowment for Financial Education
  www.nefe.org

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Our greatest natural resource is the minds of
our children.-Walt Disney
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