MADISON, Wis. (1/2/08)--At least 555 schools across the nation operate in-school credit union branches, with Michigan leading the pack, according to year-end data from the Credit Union National Association (CUNA).
CUNA's online directory indicates that 169 credit unions in 30 states and the District of Columbia operate in-school branches at all age levels.
Several states stand out, including:
- Michigan, with 48 credit unions in 306 schools;
- Virginia, with 11 credit unions in 54 schools;
- Wisconsin, with 18 credit unions in 42 schools;
- Texas, with 13 credit unions in 25 schools;
- New York, with four credit unions in 21 schools; and
- Massachusetts, with six credit unions in 20 schools.
But because the data is self-reported, the totals are likely understated, said Phil Heckman, CUNA director of youth and young adult programs.
"To build a more accurate picture of credit unions' extraordinary efforts to help youth build a savings habit, I encourage each credit union that should be listed in our director to use our online form to report its involvement and keep its record up to date," Heckman said.
All reported in-school branches are student-run to some degree. Most offer basic savings accounts and limited withdrawals, and require a visit to a full-service office for other services, according to Heckman.
Many credit unions tie their branches to personal finance instruction in the classroom and use teller positions to recruit students for internships. Some have even hired student tellers after graduation, he said.
The CUNA directory serves as a resource for credit unions that want to open an in-school branch. "It also helps document the degree to which credit unions put other financial institutions to shame when it comes to engaging youth in learning to set financial goals and take control of their financial futures," Heckman said.(CUNA News Now) Click here to register your student-run branch with CUNA.
Michigan credit unions operate 306 student-run credit union branches in Michigan; tops in the nation. Credit union branches normally operate in concert  with classroom instruction on personal finance. In other words, students aren’t only making regular deposits at the student branch, they’re also learning why it’s important to save and manage their money wisely!
CUNA PFI maintains a directory of credit unions that operate student branches in schools. To access this list from the go to CUNA Personal Finance Initiative web page, click on "Resources for youth" and then click on "In school branch directory". The directory includes access to CUNA's online reporting form used to include your student branch in the directory, or to update your student branch information.
To learn how you can start a student branch, download the FEC’s Credit Union School Branch Handbook for free. MCUL's Financial Education Coordinator, Beth Troost, is available to help with starting or operating student branches. Contact Beth at bat@mcul.org.
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The NEFE High School Financial Planning Program (HSFPP) is a fully-developed financial curriculum that credit union volunteers can take into the classroom. It is provided without charge to youth leaders and to public and private school teachers and without charge.
Using games, simulations, case studies and interactive exercises, the six-unit program provides teens with a greater understanding of and ability to manage their personal finances in the areas of goal setting, budgeting and saving. The HSFPP curriculum can be easily integrated into a number of existing high school courses, such as math, social studies, economics, and consumer or life science.
The program is non-commercial, and it doesn't promote financial or other products. An Instructor's Manual is provided for each teacher, and every student is given their own student guide-all at no cost. The teen-oriented HSFPP courses allow students to:
· Develop a budget
· Track income and spending to stay within their budget
· Understand the cost of using credit
· Understand the impact of time on the value of their money
The HSFPP is offered by the National Endowment for Financial Education® (NEFE®) in partnership with the United States Department of Agriculture-Cooperative State Research, Education, and Extension Service and participating Land-Grant University Cooperative Extension Services; and with the Credit Union National Association, Inc., and America's Credit Unions. To date, it has been taught to over two million students in all 50 states.
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The Jump$tart Coalition for Personal Financial Literacy seeks to improve the personal financial literacy of young adults. Jump$tart's purpose is to evaluate the financial literacy of young adults; develop, disseminate, and encourage the use of standards for grades K-12; and promote the teaching of personal finance. The Jump$tart Coalition believes that all young adults need to have the financial literacy necessary to make informed financial decisions.
Read more about Jump$tart Coalition for Personal Financial Literacy.
The Michigan Jum$tart Coalition provides resources, training and advocacy for youth financial literacy in Michigan. Visit their website for information and to sign up to receive thier newsletter.
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The NYIB is a network made up of volunteers and professionals who help credit unions attract, serve, and educate young members. Among it's many charges, it serves as a resource for youth marketing materials and ideas for the credit union movement. It also encourages commitment to youth financial literacy. Please report your youth/classroom presentations to the NYIB! The NYIB collects data and compiles reports on the number of youth/classroom presentations that credit unions conduct.
Read more about the National Youth Involvement Board.
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CUNA, based in Washington, D.C., and Madison, Wisconsin, is the national trade association serving America's credit unions. In partnership with state credit union leagues, CUNA provides many services to credit unions, including representation, information, public relations, continuing professional education, and business development.
Among the many resources it provides to credit unions, CUNA makes available material that supports youth financial literacy at the state level.
Read more about CUNA's youth financial literacy resources.
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