Some of these news releases include last December’s “Ohio Credit Unions Launch Effort to Improve Financial Literacy.” This particular but of financial news has to do with the growing need to raise awareness for the next generation’s knowledge on financial responsibility.
Of course, being a credit union release, it was naturally motivated by the need for credit, but it still had some good points and ideas for how Ohio Credit Unions were going to approach the future with implanting financial knowledge into children.
Based on a survey of Ohio adults, primarily parents, less than a quarter of Ohio residents make any effort to teach their families about the importance’s of knowing how to manage money, and less than five percent state that they were taught anything about money when they were younger. This is what has mainly struck a nerve with these credit unions, causing them to worry about the future state of well being for their state’s youth. The Credit Unions noted a direct correlation between the financial illiteracy of individuals as well as the highly rising upheaval of bankruptcy declarations, home foreclosures, and record debt. This alone states that not only are individuals of Ohio not able to teach their children about how to manage money, they are not able to manage money themselves
It has been made known that the Credit Union League has begun this action to make financial awareness more of a priority for the posterity of the state. It was stated that the teaching of financial responsibility is and always has been a top priority for the Credit Union League because it is their knowledge that the financial future of the state is in jeopardy. The Credit Union League of Ohio has set up a program that will help teach children the importance of learning financial strategy at a young age.
These tactics that are being put into place include promoting a certain website that is aimed to provide all the necessary resources for financial mentoring; targeting the most impressionable ages, grade 4, grade 5, grade 11, and grade 12; glorify credit concepts to help manage borrowing; and simply teach students the dangers of over borrowing and under paying.
Ultimately, the Credit Union League has put these actions into place in the hopes to better teach the future generations how important it is to start saving, and the importance of learning good money management habits. Their programs have been put in place due to the rising level of poverty in the area.