By Gigi Hyland
“The number one problem in today’s generation and economy is the lack of financial literacy” -Alan Greenspan
It’s no secret that the state of American’s financial literacy and financial education isn’t great. With lack of access to financial education tools, products and services, the average American doesn’t have enough financial knowledge to make sound financial decisions.
Sadly, most American’s recognize this issue and wish they had been exposed to financial coursework earlier in life. Only 5% of Americans remember being taught about money by a teacher, and 40% say they would give themselves C’s, D’s, and F’s on their grasp of personal finance concepts.
While we haven’t discovered a time-machine to go back and help those adults who were not taught money management in school, there is still time to help the next generation. These people – our younger credit union members and members of our communities – are ready to be financially educated.
When young adults ages 18-24 were surveyed about the high school level course that would benefit their life the most, 51.4% answered personal finance. Over half of these young adults believe that lessons in personal finance would have impacted their life more than courses in mathematics, science, or social studies. What is that telling us?
What National CU Youth Month is About
During April, credit unions across the country will be celebrating National Credit Union Youth Month. The month is designated to encourage credit unions to promote financial responsibility and demonstrate the helping hand that credit unions can provide to younger members in saving for their future.
Tackling youth financial education can seem broad and intimidating, so we have something for you to start with. Biz Kid$, the credit union branded, Emmy award-winning youth financial education initiative. Biz Kid$ is shown on PBS and created by the same team that produced “Bill Nye the Science Guy”. Biz Kid$ is teaching kids about money in a similar way that Bill Nye taught kids about science by using “edu-tainment” to make learning engaging and exciting.
Biz Kid$ is more than just a television show for kids, it is a well-developed brand that can be leveraged to make financial education tools and information more accessible to credit unions, students, and teachers everywhere. It is the only credit union funded, syndicated youth financial education resource that involves video entertainment, a robust curriculum, games, teacher and parent tools, and is mapped to state and national financial literacy standards.
Why Not Make it Fun?
We know that the next generation needs financial education, so why not make it fun? Production for a Season 6 of Biz Kid$ is underway, and will provide even more lessons in money management and entrepreneurship. I hope you will leverage this timely and valuable -- and oh did I mention, cheap ($300 for 65 episodes!) resource in your financial education outreach in April as we celebrate National Credit Union Youth Month and work towards giving the younger generation the financial education they want and need. For more information, visit ncuf.coop/bizkid$ or bizkids.com.
Gigi Hyland is Executive Director of the National Credit Union Foundation.