ROCHESTER, N.Y. — Youth financial literacy empowers young people to make informed decisions, build healthy financial habits and secure a stable future. However, with only 26 states requiring personal finance courses in high schools and financial literacy levels critically low among young people, credit unions are stepping up to assist parents in closing the gap.
While subjects like science, history and math are essential in school, many students miss out on critical lessons about budgeting and managing finances. Credit unions such as Kinecta Federal Credit Union are stepping in by providing students with foundational financial knowledge.
They focus on key areas like higher savings rates, the power of compound interest and personalized financial programs that are youth-specific.
Kinecta’s approach includes tailored educational programs to complement school curricula, emphasizing community-focused values, social responsibility and practical lessons for students. In addition to offering youth-specific accounts, they also provide financial counseling to ensure that young people are equipped with tools for long-term success.
Andrew Myers, community program manager at Kinecta Federal Credit Union, says that while teachers mean well, they often don’t cover essential financial topics relevant to today’s society.
“That’s where we can help fill that gap and void,” said Myers. “We provide information on the latest financial technologies, products, and services, and also teach students how to avoid scams and frauds.”
Kinecta also partners with local law enforcement and the FBI to raise awareness about fraud prevention among students and teachers. This financial literacy initiative is part of a national program, and families can access free financial education on their website, benefiting the entire household.
More Stories
Canadian Dollar steady after packed US economic calendar
Comcast considers spinning off cable networks ‘to play some offense’ amid industry turmoil
Phoenix Children’s walks away from giant health insurance contract