Maine’s credit unions earn seventh Youth Financial Literacy award

    The leadership and initiatives focused on youth financial education by the Maine Credit Union League and Maine’s credit unions have again received national acclaim. For a record seventh, consecutive year, Maine’s credit unions received the Desjardins Youth Financial Education Award from the Credit Union National Association (CUNA).     At a recent dinner in Washington, D.C., the Maine CU League was recognized with a first-place Desjardins Award for helping expose and teach youth financial education and money management skills to children. No other CU movement has received more than three awards and none have accomplished that feat in consecutive years.  
    Local efforts included credit unions in Aroostook County holding the largest Youth Financial Fitness Fair in the state in March at the Job Corps Center in Limestone. Nearly 400 students from throughout Aroostook County participated. The feedback from students was overwhelmingly positive with many calling the experience “eye-opening and one that has given me a much better perspective and appreciation of the difficult choices we have to make when it comes to money and the importance of making good financial decisions in life.”
    The award is the latest recognition of Maine’s credit unions’ youth financial education efforts, with Governor Baldacci applauding Maine’s credit unions by name in last month’s proclamation declaring April as Financial Literacy for Youth Month in Maine. The Governor acknowledged Maine’s credit unions for “increasing the number of teenagers who participate in youth financial education events each year.”
    “Nationally, teens and young adults between the ages of 8 and 21 years-old spend nearly $200 billion each year and influence approximately $325 billion. Without Maine children having  the understanding of money management and personal finance, even the most basic skills and concepts, there is the real potential to get into financial trouble real fast. Having children grow up to become savvy, fiscally responsible consumers benefits everyone,” the Governor added in his proclamation.
    “The Maine Credit Union League and Maine’s credit unions continue to be leaders in youth financial education outreach initiatives and efforts. From building awareness to remaining committed to getting more children, teachers and parents involved in talking about personal finance, Maine’s credit unions are making a significant difference in the lives of thousands of Maine children. In light of the events of the past year, the importance of fiscal responsibility and solid money management practices has taken on added importance and Maine’s credit unions are among a select group deserving of special recognition for what they continue to do to grow this effort,” stated members of the Awards Committee in presenting the Award.
    The Maine CU League and a number of credit unions coordinate Financial Fitness – Money Management Experience Fairs, which are similar to an interactive game of life and gives high school students participating an opportunity to gain some ‘real’ world understanding of money management.  There are now six major fairs in northern, eastern, central and southern Maine as well as several smaller ones in various parts of the state.
    Maine credit unions are also actively involved in schools throughout the state helping Maine children develop a better understanding of financial concepts, such as balancing a checkbook, budgets, developing savings plans, credit cards and debts. In the past year, this partnership helped to expose more than 8,500 Maine children to youth financial education including a record 2,000 high school students.
    The Desjardins Award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement.
    For more information about youth financial education efforts in Maine, visit www.mainecul.org., and click on the Youth Financial Services link.