MADISON, Wis. (10/7/13)--Lois Kitsch, National Credit Union Foundation National REAL Solutions program director, participated in a Sept. 26 Financial Literacy and Education Commission (FLEC) field hearing on youth and post-secondary financial education, organized by the Financial Literacy and Education Commission.
Lois Kitsch, second from right, national program director for the National Credit Union Foundation, speaks about reality fairs at a Sept. 26 Financial Literacy and Education Commission field hearing on youth and post-secondary financial education. The event, held in Madison, Wis., was organized by the Consumer Financial Protection Bureau. (Photo provided by National Credit Union Foundation)
Kitsch spoke primarily on NCUF's work with reality fairs, which are interactive financial literacy tools for high school students that have proved successful for many credit unions and state leagues. Twenty-six states offer students reality fair programs--14 of which can be tied directly to REAL Solutions. An estimated 10,000 students attended a fair in 2012 and that number is expected to grow substantially in 2013.
"Experiential learning is powerful because many people learn best by doing," said Kitsch. "In fact, at our most recent Reality Fair at the [Credit Union National Associationa] Governmental Affairs Conference, a teacher said he thought the students learned a semester's worth of meaningful material in just two hours."
The commission was established under the Fair and Accurate Credit Transactions Act of 2003 and is charged with creating a national strategy on financial education. The FLEC is chaired by U.S. Secretary of Treasury Jacob Lew, Consumer Financial Protection Bureau Director Richard Cordray is the vice chairman.
The event, held on the University of Wisconsin campus in Madison, Wis., featured remarks from Cordray, who said financial education should be as fundamental to the education U.S. history and government News Now
Kitsch was part of a panel entitled "Building Youth Financial Capability Through experiential Learning." Also participating on the panel was Jennifer Block, representing Royal CU, Eau Claire, Wis.
The full video of the field hearing is available online. Use the link.