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CU System
Article about financial industry courting kids cites CUNA
MADISON, Wis. (8/28/08)--A Tuesday article in Investor’s Business Daily about the financial industry courting kids mentioned the Credit Union National Association’s (CUNA) National Financial Literacy Summit Report. The CUNA report indicated that 60% of teenagers don’t understand the difference among cash, checks and credit cards. Also, high school seniors this year correctly answered only 48% of basic questions regarding saving and investing, earning and spending in a JumpStart Coalition for Personal Financial Literacy Survey--down from 52% in 2006. The article mentions Monetta Young Investors Fund--a kids-themed mutual fund that attempts to persuade kids and young adults to adopt long-term investing. The fund uses online games and prizes, books, toys, activities and age-based financial kits to teach kids age four and up about long-term savings and investment. Also, the Treasury Department created the National Financial Literacy Challenge to inspire kids to learn about personal finance and financial literacy, the article said. More than 46,000 U.S. high school students took the voluntary 35-question test, with the average score being 56%. However, about 400 student scored a least a 94% mark on the test to earn a National Financial Literacy Award--a U.S. Treasury medal.


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