Credit Unions in Ohio to Educate Children About "Money and Stuff"
The initiative was launched due to the fact that a survey revealed that less than one in four parents has "the talk"--that is, the talk about personal financial responsibility--with their children. In addition, the results were that only five percent of very young children received "the talk".
The League perceives that there is a direct connection between personal financial illiteracy and the upswing in bankruptcy rates, record debt, and home foreclosures. OCUL's research concluded that people feel mired in their current financial situations, and believe that there's little they can do to help themselves or their children.
The objectives of "MoneyandStuff" are to teach children as young as nine how to make wise financial decisions, understand the difference between desires and needs, and manage personal debt.
"Teaching personal financial responsibility has always been part of the mission of not-for-profit credit unions...By making smart consumers and savers, Ohio credit unions are investing in brighter futures for the next generation," said OCUL President Paul Mercer.
"In the last three years alone, Ohio credit unions have educated more than 20,000 students in nearly 200 Ohio schools about financial matters," added Rita Haynes, CEO of Faith Community United Credit Union.
Many other economists have also seen the direct connection between financial illiteracy and financial irresponsibility and have cited it as the most prominent factor behind the still-unfolding housing market and foreclosure debacle.
While there are plenty of economists and commentators who have taken aim at the lending institutions themselves for getting lax on risk-assessment and going great guns with over-enthusiastic secondary market investors on Wall Street, relatively few are calling on the federal government to step in and "fix" things by bailing out borrowers or imposing yet more regulations that would limit lenders' actions from the top-down, even though the Congress is, predictably, nearly chomping at the bit to step in the midst of groups like the NAACP and the National Council of La Raza engaging in hard lobbying for putting a stop to foreclosures or making it mandatory that lenders allow all of their in-trouble borrowers to refinance their way out of their predicament.
The great majority feel that this would hobble the housing economy and end up costing taxpayers more money while achieving precious little.
Instead, they want the Federal Reserve to take more aggressive oversight actions and check that current lending laws are being observed; and, even more important, they want to see the public have a far greater education about financial matters and personal risk-assessment.
Original Newswire Source:
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Published by Brant McLaughlin
I am a Writer driven by endless curiosity and a deep desire to waste time creatively. View profile
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Amongst our many supporters, we are pleased to include the Bank of England, the London Stock Exchange, the Financial Times, ICICI Bank, Capital Disney, FUN radio, S
Now this is a subject that can be taught in school which is much needed in this day and age. Great article as always.
Thank God at least one financial institution is teaching children fiscal responsibility instead of pitching the virtues of credit cards!