The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we highlight just a few of the many credit union financial literacy programs to be found across California and Nevada.

 1^ST UNITED CU

NOTE: In 2020, 1st United CU sponsored the Youth Financial Literacy Ambassador (YFLA) Program, the vision of Mission San Jose high school student, Jatin Chadha, who wanted to learn more about personal finance. Working with the Fremont Family Resource Center, Chadha and his peers hosted four classes at his school. He then approached 1st United for help with the materials, expertise, and training to grow the program.

1st United CU piloted the Youth Financial Literacy Ambassador program in 2020 in the midst of COVID. It now has more than 40 students participate as Ambassadors, learning the personal banking concepts to teach to others and outreaching to friends and peers to enroll them in the classes.

 

How did the first round of the YFLA Program go? What was the impact? How many people from the credit union were personally involved with this?  We piloted the program in 2020 in the midst of COVID. Regardless, we have more than 40 students participate as Ambassadors, learning the personal banking concepts to teach to others and outreaching to friends and peers to enroll them in the classes. We hosted 19 classes in 4 high schools and one middle school. In all, we reached 150 students who we might not have been able to reach on our own. We were also able to get more staff involved. Because the classes were held online, and approximately 45 minutes, branch staff were able to easily get involved. We had one staff member attend every online class. In total, 11 employees were able to participate. Prior to Zoom, one or two staff members might have been involved.

Does the credit union offer any other financial education programs? Financial education is a priority for 1st United CU. We publish four education articles a month on our website and throughout social media/email. We teach personal finance courses to students and at-risk adults in the community. And we sponsor personal finance curriculum for teachers in our community to utilize.

How did COVID-19 impact those programs? Due to COVID, our outreach to the community lessened for a while but picked back up later in the year. We moved all education to Zoom and found schools welcomed guest speakers—it was a break in the day.

What is the importance of financial education for the credit union? Financial education is a real need for young adults in our community. Families often don’t have the knowledge or the time to teach financial literacy at home and schools don’t have the resources. We feel it’s our responsibility to help raise a generation of financially capable individuals.

What future plans does the credit union have in terms of financial education? For now, we are continuing to stay the course with online education for our local schools and community groups. We are hoping to get back into the classroom soon. Either way, financial education will continue to be a top priority for the credit union. —Lisha Fabris, Communications Manager

BOULDER DAM CU

What types of financial education programs does the credit union offer? If the credit union offers multiple programs, describe the success or impact of one of them. High School Financial Literacy Program—celebrating 17 years: Life-coaching sessions for young people that includes goal-setting, credit union difference, budgeting, debit and credit, digital banking, and preparing for the future. The program was specifically designed to reach ages 16-18 to build long-term relationships with the younger demographic. Results: More 3,000 student UYM graduates, 90-plus percent of high schoolers in the community have taken the course before they graduate; 85-plus ercent penetration of 18-29 year-olds in the field of membership; 82 percent of the graduates of UYM are still members in good standing; 35-plus percent of UYM graduates have a loan product with the credit union bringing profitability to the investment

Boulder Dam CU's High School Financial Literacy Program, which is celebrating its 17th anniversary, offers life-coaching sessions for young people that includes goal-setting, credit union difference, budgeting, debit and credit, digital banking, and preparing for the future.

 

Financial Freedom—Emergency Aid of Southern Nevada Partnership: Adult financial educational program for Emergency Aid in Boulder City helping those when they need it most. People who ask for support from Emergency Aid of Southern Nevada must go through the financial management and budget basics classes in order to receive help. People regain hope by better understanding how to take small steps to achieve a better future. This program offered by the credit union supports those who are one paycheck away from going hungry or need emergency aid—helping them to find dignity through education.

We also offer various member-education courses throughout the year, including on investments and retirement, fraud and elder abuse prevention, youth summer sessions with the Boulder City Library.

How did COVID-19 impact the credit union’s financial education programs? Our financial literacy programs are on pause as we remain focused on the health and security of our members, however, we continue to support community organizations. During the pandemic, we were proactive and reached out to our community and provided financial assistance to our schools, Emergency Aid, Chamber of Commerce, Lend-a-Hand, the Senior Center, and many more.

What is the importance of financial education for the credit union? BDCU exemplifies the “member for life” concept by maintaining relationships with members starting at a very young age and continuing throughout their various life stages and transitions. Meeting member needs with exceptional service is not only BDCU’s philosophy, it is a must for survival. Penetration rates and cross-selling take on a new meaning when the field of membership potential is controlled and actually lower than the current membership totals.

Education and financial literacy are part of the credit unions core values. We are member-focused, and our members are the reason we exist. The decisions we make and the goals we set are based on the needs of our members. We also are community-based, focusing our efforts on being involved in and giving back to Boulder City, the community we call home.

What future plans does the credit union have in terms of financial education? The future is bright! We will resume high school education congruent with the school district and safe meetings of small groups. We will continue to support the community through Emergency Aid and other important organizations.

We also constantly seek ways to meet the needs of the membership. Our educational focus aligns with the needs of our people. As we continue in the new normal, our financial literacy will take new shape. –Brandi Stankovic, HR Consultant, spearheads Boulder Dam CU’s financial education program

GOLDEN 1 CU

What types of financial education programs does the credit union offer? If the credit union offers multiple programs, describe the success or impact of one of them. Golden 1 offers a whole suite of tools, both online and in person/virtually. The Golden 1 Financial Wellness Center hosts educational videos and podcasts as well as an interactive Learning Lab which allows users to learn about almost any financial topic at their own pace. On top of the resources on the Wellness Center, Golden 1 also offers free webcasts, twice a day, three days a week, on an ever-changing lineup of topics. Schools and non-profits can reach out to the Golden 1 Financial Education team and ask for a private webcast for their participants, as well.

Golden 1 CU's Financial Wellness Challenge is a comprehensive “life simulator” designed by the credit union's Financial Education team. When COVID hit, the team adapted The Challenge to work in an online environment.

 

When allowed to return to schools, Golden 1 will start up the Financial Wellness Challenge once again. The Challenge is a comprehensive “life simulator” that the Golden 1 Financial Education team designed from the ground up. Participants are given an identity which includes a job, possibly a spouse, and a child. They then have to visit nine unique stations, or storefronts, where they have to make purchases for their family while staying under the budget that they are assigned along with their new identity. The goal is to have money left over when they are done purchasing everything they need.

How did COVID-19 impact the credit union’s financial education programs? Because of COVID, the Golden 1 Financial Education team added more online webcasts, adapted The Challenge to work in an online environment, and increased the number of educational videos and podcasts produced.

What is the importance of financial education for the credit union? Financial education helps members make smarter decisions with their money, which ultimately helps whichever financial institution they belong to. The Golden 1 Financial Education team also acts as a first contact point for a lot of young students who don’t have a bank account yet.

What future plans does the credit union have in terms of financial education? To further expand the Golden 1 Financial Education online presence through the use of YouTube, and the Golden 1 podcast station. —Chris Collins, Public Relations Program Manager

TRAVIS CU

What types of financial education programs does the credit union offer? If the credit union offers multiple programs, describe the success or impact of one of them. Through our financial education hub, we provide financial wellness through digital education, including access to more than 30 live and on-demand webinars, our digital coloring book, and other useful financial education tools, and free financial guidance and debt management solutions in both English and Spanish through our partner GreenPath Financial.

Before the pandemic struck, in January 2020, Travis CU held the 14th annual Financial Education Forum, which provided youth who have experienced financial barriers to post-secondary education with information on financial aid. Pictured are CEO Barry Nelson (right) with Daniel Mora, the event's keynote speaker who works with at-risk youth in the Bay Area.

 

We also offer confidential one-on-one financial coaching to help members achieve financial success and Smart Money Matters, a quarterly money-related news publication offered in a digital format sent via email.

Through our partner, National Endowment for Financial Education (NEFE), a leader in quality financial education, we offer financial literacy materials to our communities. We also support  education success by awarding $2,000 Mary Keith Duff Memorial scholarships to college-bound high school students. In addition, more than 5,865 teens have participated in TCU’s Mad City Money youth financial education boot camp since 2009.

Before the pandemic struck, in January 2020, TCU held the 14th annual Financial Education Forum, which provided youth who have experienced financial barriers to post-secondary education with information on financial aid. We hosted the event in partnership with the Contra Costa County Office of Education, California Student Aid Commission, and Diablo Valley College. Nearly 250 foster and homeless students from nine Contra Costa County high schools  attended. Students learned of financial aid opportunities from financial leaders and college financing experts. Seniors also completed a Cash for College workshop as part of the Free Application for Federal Student Aid Foster Youth Challenge. TCU has hosted this forum annually since 2006 to increase student awareness of available state and federal aid.

How did COVID-19 impact the credit union’s financial education programs? Amid the pandemic, TCU quickly transitioned to a completely virtual environment, reimagined events, and expanded our financial education webinar offerings to provide timely and relevant information for those who needed critical support.

Families also had access to new online supplemental financial education programs that help with homeschooling efforts such as our “Back to School” Challenge, a four-week, fun, online challenge during the summer that provided nearly 100 teens the opportunity to learn about managing money while at home. And we reached 9,038 individuals through in person seminars and live webinars in 2020 plus 796 Travis Air Force military personnel via online financial education programs. In addition, we provided valuable insight into financial aid options to 334 foster and homeless youth in pursuit of post-secondary education last year.

What is the importance of financial education for the credit union? For the past 70 years, the driving force beneath our culture—and what differentiates TCU— continues to be our “Awesome Cause”: Financial Education, Financial Literacy, and Financial Advocacy.  Our “Awesome Cause” captures the spirit behind our efforts to change lives and lift communities through financial wellness.

What future plans does the credit union have in terms of financial education? The financial wellness aspect of where we’re going in the future drives everything that we do.  We’re making a difference, and we’re able to provide invaluable financial resources to those that need it most. We look forward to creating even greater community impact in 2021 and we thank you, our valued members, for letting us serve you for many more decades to come. —Barry Nelson, CEO