Importance of credit unions’ financial education initiatives increase for schools & students of all ages
ST. PAUL, MN (September 10, 2013) -- As the 2013-2014 school year ramps up, the Minnesota Credit Union Foundation (MnCUF) is encouraging credit unions to expand their efforts to provide personal finance education to students of all ages.
Changes to the Minnesota K-12 Academic Standards in Social Studies, which became effective in May 2013 after a year-long revision process, now include additional requirements in financial education for students of all ages.
All state academic standards – including arts, health and physical education, language arts, mathematics, science, social studies and world languages – are revised on a schedule approved by the Minnesota Legislature. According to the Minnesota Department of Education’s website, districts are required to put state standards into place “so all students have access to high-quality content and instruction.”
Minnesota’s social studies standards include civics and government, economics, geography and history.
“As educators get acquainted with the new standards, credit unions have a great opportunity to use their financial expertise to help meet the needs of teachers,” said University of Minnesota Extension Educator & Extension Professor Lori Hendrickson, M.Ed., AFC, CFCS. “Whether it’s a one-time guest-speaking arrangement or an ongoing relationship, students appreciate the real-world perspective that outside experts can provide.”
The new standards include several fundamental concepts of economics and personal finance, such as:
- distinguishing between wants and needs, and understanding income and expenses;
- creating a budget, establishing savings goals, and tracking success;
- evaluating investment options using criteria such as risk, return, liquidity and time horizon; and
- understanding the benefits and costs of credit and how it impacts an individual’s ability to borrow, rent, get a job and achieve other financial goals.
“Credit unions are well-positioned to educate their members, their communities, and today’s young people on the basics of personal financial management,” said Pat Brekken, Chair of the Minnesota Credit Union Foundation. “Through forming relationships with schools – including teachers, administrators, and students – we can have a tremendous impact on our state’s financial future.”
Dedicated to providing the resources for credit unions and communities to prosper and thrive, the Minnesota Credit Union Foundation is a nonprofit organization founded in 1969 to serve as a charitable arm of the Minnesota credit union movement. For more information, visit www.mncufoundation.org.