EAU CLAIRE, Wis.–Royal Credit Union has launched a new initiative to engage community members virtually though social media on topics related to their financial well-being, while separately announcing a popular local event will be going virtual this year.
Separately, Connecticut’s credit unions are reporting they have also moved their financial education program into a virtual environment.
In Wisconsin, Royal CU has created a new Facebook group “Money Talk | Tips, Tricks, and Tools” as a place to ask questions, receive expert information and share best practices.
Royal CU said it understands money is on the minds of many individuals, especially during the COVID-19 crisis. It said it created the group as a way to share financial empowerment resources in many different forms.
“I hope this group can be a place of connection during these uncertain times,” said Cooper Larson, community financial education coordinator. “Our team is working hard creating resources to help educate our Members, communities, and students during this pandemic. We always say, it’s OK to talk about money…that’s how we learn, and the current situation is no exception.”
In addition to the Facebook group, Royal Credit Union has launched a new virtual financial education webpage with activities and resources for both student and adults.
Rock the Riverfront Goes Virtual
Separately, the credit union announced that for the first time in 26 years, the Rock the Riverfront event sponsored by Royal Credit Union’s RCU Foundation will be a virtual event.
The 2020 Rock the Riverfront featuring the Charity Classic set for June 27 will be a Virtual Race as a result of the COVID-19 pandemic.
The Virtual Race will continue to benefit three partner charities: Family Support Center of Chippewa Falls, National Alliance on Mental Illness, and new Horizons Shelter and Outreach Center.
“Mental health and domestic violence have emerged as two prevalent issues during the global pandemic and the event is providing support to these organizations at a critical time,” the credit union said.
RCU said participants will be able to complete their race anytime and anywhere between June 27-July 12. Course maps will be available on rcu.org for those interested in running the traditional two-mile or 10K routes. Racers will be given the option to record their time online through July 13 and qualify to win “cool prizes.”
The Prizes
The Virtual Race is being offered at a special price of $30 for either the 10K or the two-mile through June 14. All registered participants will receive a t-shirt, medal, and one free charity vote. Additional votes can be purchased at $2 each. The charity with the most votes will receive $15,000, second place will receive $7,500, and third will receive $5,000, the credit union said.
“Virtual Rock the Riverfront featuring the Charity Classic offers a safe way to ‘run or walk for a reason’ and give back to three organizations that are making a positive impact in our communities during these difficult times,” RCU said.
Connecticut’s Fin Ed Program Goes Virtual
In Meridian, Conn., the Credit Union League of Connecticut has moved the financial reality fairs it leads each year for students into a virtual environment.
The association said its foundation, Credit Unions Building Financial Independence (CUBFI), recently conducted virtual reality fairs by utilizing technology to help provide financial education to high school students.
More than 130 students from Staples High School in Westport, Conn., participated in the virtual reality fair using the Bite of Reality App, which was developed in collaboration with the RMJ Foundation.
Over the course of two days, six classes participated in the virtual reality fair simulation, which is completed in roughly one hour, the league said.
Using a customized version of the Bite of Reality app, along with Google Meet and an app to mirror the facilitators’ cell phone, students got to learn about making reasonable financial choices, paying down debt, saving for emergencies, saving for retirement and dealing with student loan debt.
“With this public health and financial crisis, now is the best time to talk to high school students about the importance of saving for emergencies and managing money,” said David Hinchey, the league’s director of community impact who runs the league’s foundation. “When the pandemic hit, I didn’t want the students to go without credit union-sponsored financial education, especially when they look forward to attending a reality fair all year.”
Hinchey said the students really grasped the financial concepts well and asked good questions by utilizing the chat function inside Google Meet.
He said students from a couple different classes asked about GAP insurance and Mechanical Breakdown Insurance during a stop at the transportation booth, which started a conversation about ancillary products, the league reported.
All in an Hour
Since the beginning of March, CUBFI reported it looked into ways to deliver financial education remotely using apps and technology to provide the lessons that will keep students engaged, while reinforcing financial education concepts delivered by the classroom teacher.
“In some cases, the league’s foundation can deliver a semester’s-worth of content in an hour by touching on topics such as credit score, debt, student loans, saving money along with needs versus wants,” the association said.
Since 2008-09, CUBFI has run more than 30,000 Connecticut high school students through a reality fair (mostly in-person fairs and now one virtually).