WASHINGTON (2/25/15)--Credit union leaders will tout the movement's dedication to youth financial literacy today in a presentation to the U.S. Treasury's Financial Literacy Education Commission (FLEC).
Gigi Hyland, executive director of the National Credit Union Foundation, and Bill Lawton, president/CEO of Community Financial CU, Plymouth, Mich., will be testifying.
The focus of today's meeting is on youth savings programs, particularly school-based programs, and will feature panel discussions on how financial institutions are working with schools to increase financial capability and the value of hands-on learning through youth savings. (See related story: NCUA issues joint agency guidance promoting youth savings programs.)
Hyland will discuss the ways the foundation, state foundations, leagues, and CUNA's youth and young adult websites have been used by credit unions around the country, serving nearly 15 million members.
Lawton will present information on youth savings efforts in Michigan as well as his own credit union's commitment to in-school branches and youth education. There are currently 308 in-school credit unions in Michigan schools, facilitated by 49 credit unions.
The foundation, along with state trade associations, credit unions and other partners, also awards grants for high school-level financial reality fairs. These experiential learning programs are a hands-on experience in which students identify their career choice and starting salaries. They then complete a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing and food.
CUNA's Mad City Money reality fair is used by 444 credit unions around the country.
According to the foundation, 104,000 high school students have attended more than 1,050 credit union financial reality fairs since 2010.
The FLEC meeting is scheduled to begin at 9 a.m. (ET), and live video will be streamed online.