VENTURA, Calif.—National Credit Union Youth Month and National Financial Literacy Month have kicked off, with numerous related initiatives ranging from new CU-backed TV programs to resources from NCUA to efforts at local credit unions.
The 2017 National Credit Union Youth Month theme is “Give a Hoot About Savings” and is designed to encourage youth to embrace financial responsibility. Centered on owl imagery, the “wisest bird” mascot will show youth the wisdom of partnering with the credit union for life’s financial challenges and educate them on how to save their finances.
Among those that will be participating in the program overseen by CUNA is Ventura County CU here, which shared a story of a local youth taking charge of his finances at VCCU. In this case, the credit union said it assisted Brendan, a seven-year-old boy in opening a business account for his granola business called “Brendan’s Ultimate Snack Attack.” He was able to open an account for his own business, and is giving 10% of the proceeds to FOOD Share of Ventura County to help other youth and residents in the community. His business offers a variety of granola types and flavors. To learn more, visit facebook.com/BrendansSnacks.
Free Accounts
VCCU said it intends to help other Ventura County youth open new, free bank accounts up to the age of 17. These members will also have the opportunity to enter into a drawing for a chance to win $25 deposit toward their youth account. There will also be a Youth Month drawing, and a winner will be selected from each of VCCU’s seven branches.
In addition to the Youth Month drawing, VCCU said it will be giving away treats and prizes to members every Friday such as owl flavor boxes with snacks, “Give a Hoot Youth” coloring pages, fridge magnets and quarter saver folders. VCCU’s branch staff is also joining in the “Give a Hoot” theme by wearing jeans on Thursdays.
“We’re once again looking forward to educating our younger members about the benefits of saving and managing their finances” said Joe Schroeder, president and CEO of VCCU. “We are helping our youth grow, thrive and soar toward financial success with our ‘Give a Hoot About Savings’ theme this year — much like Brendan and his granola business. He’s a great role model of youth taking charge of their finances and by starting a business at such a young age.”
Rhode Island's CUs Backing New TV Program
Meanwhile, to help celebrate National Financial Education Month, credit unions in Rhode Island report they are “marking the observance like no others throughout the nation.”
Subscribers to Cox Communications throughout the state of will have access to a new, monthly, 30-minute financial education TV program presented by the Credit Unions of Rhode Island and produced in-house by the Cooperative Credit Union Association as part of its BetterValues.BetterBanking consumer awareness campaign.
This week, Better Banking is making its debut on the YurView Channel. It is scheduled to air every week, on Sundays at 2 p.m., and on Tuesdays and Thursdays at 7 p.m.
“While Better Banking will offer banking tips and financial information, interviews with experts and tutorials on money management, all designed to help viewers become more skilled and knowledgeable in managing their finances, will also promote the distinct value credit unions bring to the banking experience,” the CCUA said in a statement.
Paul Gentile, president of the Cooperative Credit Union Association, will serve as host.
Each month Better Banking will showcase interviews and presentations on an assortment of topics, from identity theft to creating a budget. In addition, it will provide information on various financial literacy programs underway throughout the state; while at the same time, giving credit unions an opportunity to explain their own banking products and services and how their financial cooperative business model sets them apart from other financial service providers.
“Our new YurView channel was created to help tell local stories and provide our customers with useful information in a unique format,” said Jeff Abney, vice president of marketing, Cox Communications. “Better Banking is a perfect example of how this channel can be leveraged to reach a wide audience with a valuable message.”
In April’s episode of Better Banking, Gentile visits the Rhode Island State House where he talks with Treasurer Seth Magaziner about efforts underway to bring financial education to high schools and adults across Rhode Island. Courtney Hunter introduces viewers to Richard Garland, a financial education teacher at North Kingstown High School, and Walter Laskos interviews Ellen Ford, president/CEO at People’s Credit Union in Middletown, R.I., about her credit union’s engagement in financial education.
Keep Helping Members
Meanwhile, NCUA noted that educated consumers are better-prepared to build financial security and protect themselves from scams, and is encouraging credit unions to continue helping members better understand personal financial matters during Financial Literacy Month.
Consumers who have a strong foundation in personal finance are essential to a healthy credit union system, said NCUA, which offers financial literacy education resources on its consumer website, MyCreditUnion.gov. The agency also has a consumer Twitter feed, @MyCUgov, that offers up-to-date information about saving, borrowing, managing credit, and avoiding frauds and scams. Most resources on MyCreditUnion.gov are available in English and Spanish.
During Financial Literacy Month, which runs April 1 to April 30, NCUA will again participate in the Financial Literacy Day on Capitol Hill on Friday, April 28, from noon to 3 p.m. ET. Organized by the Jump$tart Coalition, the annual event raises awareness about the importance of financial literacy among lawmakers, congressional staff, and the public. The event also highlights the need for financial education and the resources and initiatives on the subject. NCUA said it will provide information about federally insured credit unions, the agency’s role in financial education, and NCUA’s consumer financial protection and financial literacy resources.
NCUA also plans to host a Twitter Chat to discuss personal finance topics with consumers and credit unions. NCUA said it will announce more details in the near future, and also encourages credit unions to continue efforts to partner with national and local organizations such as schools, non-profits and other consumer-focused groups to offer workshops and distribute educational materials.