USCCU Works With Local Schools To Develop Savings Programs
Did you know US Community Credit Union works with local schools in your community to develop savings programs for students? We currently work with 21 schools in the Middle TN area, including 2 high schools, 5 middle schools, and 14 elementary schools.
This program was built on the idea that the younger a child starts learning about money and saving, the more equiped this child will be to make financial decisions as a young adult. And according to the research, this help is greatly needed.
FINRA (Financial Industry Regulatory Authority) published a study, The Financial Capability of Young Adults—A Generational View, which found that only 24% of millennials surveyed were able to correctly answer four of five questions on a basic financial literacy quiz. That dropped to only 18% among younger millennials (aged 18-26).
Perhaps it’s not surprising, then, that 46% of millennials surveyed said they had too much debt, or that 43% of them have engaged in costly non-bank forms of borrowing (pawn shops, payday lenders, etc.) in the last five years.
We want to help fix this problem. Each week we visit different middle and elementary schools to work with the kids on depositing money into their credit union account. We talk to them on the importance of saving money for rainy days. We provide financial literacy classes, and even work with Junior Achievement to teach financial literacy.
Also, USCCU is proud to be part of the Academies of Nashville program at McGavock and Hillsboro High Schools. Each of these schools has a functioning credit union branch, where students, faculty, and staff can open accounts, and make deposits and withdrawals. Ten students from each school are chosen to run the branch, and are given real life experience and training during the summer before school starts at one of our branches.
Help us spread financial literacy by talking to your kids on the importance of saving money, and the difference between needs and wants. For more useful information, take a look through our Centsables Kids Club website: http://usccu.centsables.com/