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|The Pulse (05-05-16)|
Volume 5, Issue 18.5
Youth Financial Literacy: Where to Start?
As we conclude financial literacy month, some credit unions might be asking – how can I improve my program? Is what I am doing making a difference? There is so much to teach, where should we focus? I know this is important… so how can I get started?
Following are tips provided courtesy of Dr. Joyce Serido, Associate Professor and Extension Specialist in Family Social Science at the University of Minnesota – Twin Cities. Dr. Serido was the keynote speaker at the Minnesota Jump$tart Coalition Annual Conference held April 27 at the Federal Reserve Bank of Minneapolis.
Based on our own research and a continuing dialogue with students, researchers from diverse disciplines, and field practitioners, we identified three principles for promoting financial literacy among youth and young adults:
1. Personal finance is personal
Outcome: Financial Awareness regarding
2. Financial literacy is a dynamic, life-long learning process
Outcome: Personal relevance of financial literacy regardless of age, gender, or social class
3. Proactive financial coping promotes good decision making
Outcome: Financial well-being is a personal responsibility
4. IMPLICATIONS FOR PRACTICE
Personal finance is not a “class” but a life skill; it is never too soon to learn about personal finance.
Effective financial education goes beyond content to promote critical thinking about the benefits and consequences of financial choices.
Financial capability emerges from an understanding of the basic principles of sound money management in one’s own life.
Intentional behavior improves well-being.
Stress and inexperience increase the likelihood of making poor financial choices
Be a mentor - not an expert to encourage exploration and promote understanding
There is no perfect financial education class - or teacher
Questions or comments? Contact Joyce Serido, (612) 301-9693 or firstname.lastname@example.org.
Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Communications Specialist Laura Whittet.
CEO Conference Registration Open
Below is a summary of the Minnesota Credit Union Network's April educational sessions. Browse the listings below and click the links for more detailed information and online registration. Look for a complete schedule on the Event Calendar section of the Network website!
MnCUN's Webinars On Demand bring important information on credit union hot topics, updates and compliance standards to you -- no matter where you are. These sessions are provided via web link, enabling you to learn at a time that's convenient. There are several new sessions that are now available, plus more! Go to the Webinars on Demand page of the Network website to order these sessions.
NCUA to open $2M grant round June 1, informational May 11
The National Credit Union Administration (NCUA) has announced that it will accept grant applications June 1 – 30 from low-income designated credit unions that serve low-income communities.
The four eligible initiatives and maximum grant awards are:
A full list of eligible grant projects and NCUA’s evaluation criteria can be found on NCUA’s grants and loans page.
The NCUA will also offer a 90 minute informational regarding the grant process on May 11 at 1 p.m. To register, see the NCUA Grants 2016 registration page.