Spreading Financial Literacy like Confetti
Happy Financial Literacy Month! Around here, we like to spread financial literacy like confetti, but we’re always glad to have another reason to shed more light on this subject!
Credit unions are known for their commitment to spreading financial literacy. Our mantra, “people helping people,” speaks to this. At SPC, we consistently seek out new ways to put these words into action, whether by providing financial counseling to our members, sharing financial education resources through our partner, GreenPath Financial, or hosting Reality Fairs for local youth—and that’s just to name a FEW!
Reality Fairs are one of our favorite ways to spread financial literacy because they give us the opportunity to plant seeds of healthy budgeting, saving, and spending habits in the minds of some of our communities’ youngest “consumers!” Reality Fair participants are assigned a job and accompanying salary, along with an outline of how many family members are living in their household, and then set loose in a series of real-life expense scenarios. As students work their way through the Reality Fair, they’re presented with countless ways to spend (or save) their “hard-earned” money. In the end, many are surprised with how quickly their bank accounts hit rock bottom or, at best, left room for only a ramen noodle diet! While some are disappointed that the tropical vacation they had in mind won’t fit within their budget, all leave with a new appreciation for how money comes and goes!
Regardless of how we execute our mission to spread financial literacy with COMPASSION, CONNECTION, and COMMUNITY, we know we’ve got to put our boots on the ground and heads together in order to make it happen. When financial literacy permeates households, workplaces, and social and civic groups, communities thrive. Debt is paid down, hard-working people become homeowners, educational aspirations become achievable, and generational wealth is created. Alternatively, when there are significant financial literacy gaps within communities, people fall prey to loan sharks, families never know what it’s like to own property instead of rent, academic achievement thresholds are lowered, and the cycles of poverty and debt are passed on from one generation to the next.
Given the work that we’re already doing in our branches, with local schools, in partnership with local Chambers of Commerce, and even using social media, combined with our recent designation as a Community Development Financial Institution, we’ve never been better positioned to tackle the endless opportunities for spreading financial literacy head-on.
As a Community Development Financial Institution, we have a boatload of resources at our disposal that will allow us to reach and serve members and potential members in life-changing ways. We can’t wait to share more information about the expanded economic opportunities in store for our communities!
In the meantime, please reach out to us with any financial counseling questions you may have, and check out greenpath.com for webinars, podcasts, articles, and one-on-one financial counseling options. We’d love to hear from you and help move you forward into greater financial freedom! While the work of spreading financial literacy is weighty, the investment in our members and communities is worthwhile.