ST. PAUL, Minn. (4/28/10)--As many organizations celebrate Financial Literacy Month this April, Minnesota Credit Union Network (MnCUN) President/CEO Mark D. Cummins discussed credit unions’ involvement in financial education in the April 23 issue of Finance & Commerce
A regular columnist for the publication, Cummins cited that only three states include personal finance education as a high school graduation requirement, and he provided examples of how credit unions work in this arena. “The need for financial education is staggering,” Cummins wrote, using recent statistics from a HarrisInteractive 2009 poll on consumer financial literacy to make his case. Some of the statistics include:
* Forty-one percent of U.S. adults--more than 92 million Americans--gave themselves a grade of C, D, or F on their knowledge of personal finance. This number is highest among Generation Y adults at 47%; * Showing no improvement since 2007, less than half of adults--42%--keep close track of spending; * Twenty-six percent--more than 58 million adults--admit to not paying all of their bills on time; and * One-third of adults--72 million people--report that they have no savings. Forty-eight percent of Gen Y adults--more than any other age group--report having no savings;
Cummins commended Minnesota Gov. Tim Pawlenty and President Barack Obama for making financial literacy proclamations this month. Their formal statements recognize the need for financial education--especially in today’s economic climate--and discuss how learning the basics of personal finance will improve citizens’ quality of life, Cummins said. “While there is still much that can be done in the realm of financial education--both for youth and for adults--your local credit union should be viewed as a trusted source for information and advice,” Cummins wrote, providing examples of credit unions’ financial literacy efforts, through grants an classrooms presentations. “Personal finance is among [credit unions’] top priorities, because we know that improving financial literacy, increasing personal savings, decreasing debt and living within your means is a formula for success,” he said. To read the column, use the link.