CUNA Reports School Year-End Credit Union HSFPP Youth Financial Education Numbers

July 24, 2001

FOR IMMEDIATE RELEASE
Contact: Tom Dunn
(608) 231-4002
tdunn@cuna.com

MADISON, WI -- By June 29, 2001, more than 31,600 students had been enrolled in the NEFE High School Financial Planning Program® (HSFPP) through credit union efforts during the 2000-2001 school year. Beyond that, credit unions have reached 102 percent (408) of the goal of getting 400 new schools to participate in the program since August 2000.

In addition, 25 leagues hosted at least one HSFPP training session for credit union teaching volunteers. This represents 89% of the goal of 28 leagues during this past school year.

The National Endowment for Financial Education® (NEFE) offers the HSFPP program in partnership with the Credit Union National Association, Inc. (CUNA) and the USDA's Cooperative State Research, Education, and Extension Service, and participating land-grant university cooperative extension services.

"We’ve had a terrific start to our sponsorship program with NEFE. This first year has been a real success," says CUNA President and CEO Daniel A. Mica, noting that an additional 130,000 students this year were taught about money management in their classrooms through the volunteer network of the National Youth Involvement Board®a credit union organization (www.nyib.org). "But this is just the beginning. I have every reason to believe that leagues and credit unions will do significantly better next year."

Mica cites two notable credit union youth financial literacy initiatives slated for the 2001-2002 school year:

1. Developing with NEFE and the Cooperative Extension System a plan to bring county extension offices and credit union chapters (local groups of credit unions) together to carry the message of youth financial literacy everywhere.

Philip Heckman, CUNA’s director of Youth Outreach, says that putting the Extension officials and credit union chapter members together is a natural fit as doing so "exploits the nationwide networks of both groups and unites key people in these networks," he says. "This plays to the strengths of both groups: namely education and grassroots activism."

2. An annual award bestowed on credit union organizations, volunteers, or staff, recognizing exemplary efforts on behalf of youth financial education by credit union people.

The "Desjardins Youth Financial Education Award" is named in memory of Alphonse Desjardins, who founded first credit union in Canada in 1900 and the U.S. in 1908. Desjardins also pioneered the idea of youth savings clubs and credit unions in schools. The Award will go to leagues for their work this school year and include credit unions' work next year.

"Our hope for this award is that it will spur continued enthusiasm for the efforts by credit unions and leagues to improve the lives of youth through financial education," says Heckman.

According to NEFE President and CEO Dr. William Anthes, PhD., another major factor that will help build momentum for the program next school year is the pending Youth Financial Education Act.

"When President Bush signs the Act into law later this summer, the HSFPP and its credit union sponsors will be ready," Anthes explains. "If there's a single solution out there to facilitate youth financial literacy in every public and private high school in the U.S., it's the High School Program."

The Senate overwhelmingly approved legislation that would authorize state agencies to receive grants to institute financial literacy programs in elementary and secondary schools. The House passed its version of the legislation earlier and the bills are to be reconciled in a conference committee.

Because grants under the Youth Financial Education Act are intended to serve as "seed money" for curriculum development and implementation, school districts that want to improve youth financial literacy still will face the challenge of finding classroom materials they can afford. The HSFPP, which the CUNA/NEFE sponsorship makes available to schools at no charge, solves that problem.

What's more, Anthes emphasizes, the HSFPP is ideally suited to serve educational needs in every state because it's:

1) Ready to implement quickly and easily into the classroom, freeing grant money for teacher training and evaluation.

2) Proven to make a significant, positive difference in the attitudes, behavior, and self-confidence of teens in managing money -- in as little as 10 classroom hours. It's been taught to nearly two million students in all 50 states since 1985.

3) Immediately relevant to teen-agers, their interests, and their environment.

4) Designed to integrate seamlessly into a variety of existing high school courses.

5) Able to be teacher-taught or team-taught with a guest professional from a credit union or other financial institution, if desired.

6) Strictly objective -- it doesn't promote products or providers.

7) Available free of charge, including a comprehensive 120-page guide for each student and a 400-page step-by- step instructor's manual.

8) Designed to appeal to students from all types of backgrounds. Uses practical and creative exercises to engage multiple learning styles.

For more information on the HSFPP and how to become involved, contact your league or visit CUNA’s Web site at www.cuna.org, and click on "Youth Education," or call 1-800-356-9655, ext. 4088.

With its network of affiliated state credit union leagues, CUNA serves more than 90 percent of America’s 10,700 credit unions, which are owned by more than 80 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit the CUNA and Affiliates’ Web site at www.cuna.org.

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