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How do organizations like the schools financial credit union assist students?

As children grow older, a future with higher school education expenses is clearly foreseeable. How these expenses are to be covered, according to schools credit union opinion, is something which students themselves should be made aware of. Credit unions which may be operating within a public high school zone are imparting knowledge to students on understanding financial responsibilities. Organizations like schools financial credit union are forwarding school saving programs in a bid to promote a better understanding of money management. Will such ventures help students to make sound financial decisions in their future lives?

Timothy Norman

in Schools

1 answer

1 answer

Jennifer Patterson on May 24, 2018

Well, it can be said that teaching children financial responsibility is an essential life skill for youth pursuing an education in schools. The fact that students don’t have much knowledge on money matters is the root cause of them being ill-prepared on how to manage their savings when they enter college.

Helping kids understand how to effectively handle their money is the mutual goal of both parents and credit unions of schools. This has highlighted the need for financial literacy classes being a part of the academic curriculum in schools. Credit unions are non-profit, community-based institutions and are working hard to create financial awareness through school contests, deposit days, reality fairs as well as many other savings programs.

Credit unions like Schools Financial are seen to be the perfect fit for enabling students to acquire valuable knowledge on how to effectively manage strong savings, checking accounts, debit cards, and even loans.

Teenagers are having a hell of a time dealing with schoolwork, part-time jobs, taking time out with friends, engaging in extracurricular activities, and getting ready for college! Having a credit union operating inside the zone of a school is perfect for helping teenagers learn how to control their personal finances now and not suffer in future.

Develop saving habits: It’s a very good idea to have a savings routine and always be ready for an unexpected emergency. This time, your teenage era, is the best time to save for your first car, college education or… whatever else you can think of! Saving is a skill and if you can succeed in mastering it, then you have it made! Saving half of your money allowance or job earnings is a very good starting point.

Credit union account: Yes, you can get one now. The credit union can teach you how to manage your finances so why not learn. Some credit unions are linked to the Shared Branch network which means even if you end up attending an out-of-state college, you can still get to access your account at other credit unions.

Sound future planning: Credit unions can give you sound advice on how to plan your future college expenses. Student loan debt in the United States exceeds credit card debt. Work hard and take advantage of scholarship offers and other financial aid that you are eligible for. Attending a public university or community college is cheaper than a private college. So, compare colleges carefully before making a decision. 

Craig Stewarta year ago

Credit unions in schools are doing a great job in trying to enhance financial literacy in youth. ProjectMoney, created in 2010 in Ames, is aimed at teaching students to use finances in a very creative way with 3-D displays of poster boards and music videos. Other credit unions nationwide like Luso Federal Credit Union in Massachusettes organize in-school banking programs in which children are taught how to open and increase savings accounts. Representatives of this credit union pay weekly visits to the area’s elementary and middle schools to distribute prizes to students for each money deposit they made.

In addition, there are financial reality affairs hosted by various credit unions in which students are given the opportunity to experience real-world money situations. Participants are given a fictional job, salary, checking account, and credit card; they get to interact with volunteers acting as salespeople, credit union employees, and real estate agents. Students learn about personal finance management and successful business ventures. 

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