Virginia's Credit Unions Reach 34,355 Students With Financial Education Lessons

LYNCHBURG, VA (10/08/2010)(readMedia)-- Virginia's credit unions reported reaching 34,355 students during the 2009-2010 school year with lessons on personal finance basics. Ninety-five staff members from credit unions all across the state reported conducting 982 financial education programs during the school year. (See list of presenters below.) The programs ranged from the wise use of credit to budgeting to lessons from the National Endowment for Financial Education's High School Financial Planning Program.

"One of the most important ways of demonstrating the credit union difference is through financial education," said Virginia Credit Union League President Rick Pillow. "Credit unions are a trusted financial partner for millions of Virginians, offering not only consumer friendly products and services, but also devoting significant resources to educating consumers on how to make informed financial choices that lead to a secure financial future."

During the past five school years, Virginia's credit unions have reached 137,778 school children with lessons on basic budgeting and money management. The Virginia Credit Union League's Board of Directors has identified financial literacy, particularly among youth, as one of its priorities.

Credit unions reported their youth-focused financial education efforts to the National Youth Involvement Board, a credit union organization that serves as a resource for financial education and marketing to young people. Virginia ranked fourth in the nation in both the number of presentations conducted and the number of students reached for the 2009-2010 school year. Learn more about the work of NYIB by visiting their Web site at http://www.nyib.org.

"The responsibility for making sound financial decisions ultimately rests with us, as consumers; a fact driven home by the economic downturn," said David Snyder, financial education manager for Waynesboro-based DuPont Community Credit Union and chairman of the Virginia Credit Union League's Financial Education Committee. "Consumers of all ages are coming to recognize the importance of budgeting, the wise use of credit, and of saving money. We've also never been more concerned about educating our kids about the basics of personal finance. Credit unions are proud to take a leadership role in ensuring we all emerge from the so-called Great Recession better prepared to manage our finances and plan for the future."

The state's credit unions also reported spending more than $181,305 and investing 5,965 hours of staff time to conduct more than 2,946 hours worth of consumer education seminars – for both youth and adults -- during 2009. These seminars covered important consumer issues, including budgeting, savings and investments, car buying, home buying, and the dangers of identity theft.

Virginia's credit unions and the Virginia Credit Union League, their state trade association, sponsor dozens of personal finance workshops and offer hundreds of financial education resources to teachers, consumers and students each year. They also partner with more than 100 organizations, schools and government agencies in an effort to boost financial literacy and consumers' understanding of money management.

Learn more about Virginia's credit unions at http://www.vacul.org. For a listing of credit union staff members making classroom presentations, point your browser to http://www.vacul.org/news/news_detail.php?newsPage=2&news_id=1174