Daniel A. Mica's Letter to Senator Daniel Akaka Regarding the Introduction of S. Res. 410, Designating April 2006 as Financial Literacy for Youth Month
April 3, 2006
The Honorable Daniel Akaka
141 Hart Senate Office Building
Washington, DC 20510
Dear Senator Akaka,
On behalf of the Credit Union National Association (CUNA), which represents 87 million credit union members, I would like to thank you for your introduction of S. Res. 410, which designates April 2006 as Financial Literacy for Youth Month, as well as applaud the Senate's passage of this legislation on March 28th.
CUNA strongly supports S. Res. 410 which supports financial literacy initiatives by calling on our nation's citizens, schools, nonprofit organizations, businesses, and the federal, state, and local governments to observe the month of April with appropriate programs and activities.
To aid in this endeavor, CUNA establishes a yearly National Credit Union Youth Week, this year scheduled to take place April 23rd - 29th. To date, 278 credit unions have committed to participating in CUNA's Youth Savings Challenge for that week, and are estimating to tally 50,000 youth deposits valued at $3.6 million.
CUNA provides financial literacy resources to credit unions year-round to assist young people and help them manage their own money wisely, and has partnered with the National Endowment for Financial Education (NEFE) and the Cooperative Extension Service to provide schools with free workbooks on financial literacy that can easily fit into an existing curriculum. Many credit unions have volunteered their time to teach the materials to better prepare students for college, covering issues such as credit cards, interest, minimum payments, and checking accounts. Additionally, CUNA recently developed a program called "Thrive by Five" which offers free materials on our website for parents to work with pre-school aged children on basic financial concepts such as spending and saving.
Again, CUNA and its member credit unions strongly support S. Res. 410 and appreciate your efforts to bring financial literacy to students nationwide.
Daniel A. Mica
President & CEO