LANSING, Mich.–Several credit union leaders were among the presenters during a two-day event here aimed at helping teachers in the state build knowledge around personal finance in the wake of House Bill 5190. Credit unions and a CU foundation were also sponsors of the event.
That bipartisan bill updated Michigan’s high school curriculum to include a requirement for a credit in personal finance, preparing young Michiganders for the future and empowering them to take control of their finances.
Approximately 100 educators were in attendance at the Michigan Personal Finance Institute, hosted by the Michigan Council on Economic Education (MCEE) at the Federal Reserve Bank of Chicago—Detroit.
The two days were split into one day of presentations from industry professionals and one day for interactive classroom implementation and group collaboration, according to the Michigan Credit Union League.
The first day covered topics such as insurance, taxes, banking, budgeting, auto loans, credit score and other facets of money management. The presentations went over the basics of each category and how consumers can best navigate these financial decisions for long-term success.
Presentation on Consumer Credit
Colleen Godfrey, consumer education specialist for Michigan Schools and Government Credit Union (MSGCU), presented on consumer credit, and spoke about the different types of loans as well as credit card terms, such as limits, balance, APR and fixed rates.
Added Ann Jones, VP-marketing and business development, “Preparing teachers to instruct personal finance is the first step in helping students graduate high school better prepared for long-term financial success, and we were honored to facilitate the Consumer Credit instructional session at the Michigan Personal Finance Institute.”
Presentation on Financial Planning
Kathi Sitek, VP of business development at Diversified Members Credit Union, presented on financial planning, touching on how to grow credit, how to repair credit, various budgeting tools and basic differences in banking account types.
“I was so very excited to participate and present in the Personal Finance Institute this week. It was a great opportunity to learn different methods of teaching and learning in the field of personal finance,” said Sitek. “It also allowed Michigan educators and credit unions to collaborate in productive ways, especially since, as I believe, these two groups will be leaders in educating Michigan youth on financial literacy.”
Lake Michigan Credit Union was one of the event sponsors, and the credit union’s community relations manager, Aldina Babic, presented on auto loans from the lender’s perspective, including getting into the details of leasing, direct financing and everything potential buyers need to know about interest rates, the league said.
‘Pedagogical Skills’
"The Michigan Personal Finance Institute equips educators with both the content knowledge and pedagogical skills necessary to successfully teach the new personal finance state standards passed by the State Board of Education this June," said MCEE President Derek D'Angelo. "Teachers voluntarily invested two full days of their summer to better prepare over 15,000 Michigan students for financial success in classrooms this fall."
Gregory Evans, social studies curriculum leader for Detroit Public Schools Community District (DPSCD), added, “Last year, roughly 900 DPSCD students each semester took a course called ‘Personal Finance’, and we want to continue to increase those numbers,” Evans told attendees, according to the league. “The Personal Finance Institute was a great event because it brought teachers together from across the state who are going to be adjusting to the new requirement. It was a community event and we could all network and learn about financial topics together.”
Foundation is Sponsor
The Michigan Credit Union Foundation was also a sponsor of the Personal Finance Institute.
“Personal finance education in high school provides students with the knowledge and skills to manage financial resources effectively, for a lifetime of financial wellbeing,” said Andrea Tucker, events specialist for the Foundation. “The credit union industry is deeply invested in providing financial education to schools and communities, and now it’s our time to help prepare our state’s teachers to meet the new high school requirement. By partnering with MCEE, we are able to support our Michigan credit unions, as well as help support our Michigan educators.”
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