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CU System
Youth rap session Many youth dont know CU difference
LA HABRA, Calif. (3/3/08)--Many youth don’t know the difference between credit unions and banks, according to a credit union education coordinator.
Michelle Lawrence, business development education coordinator for American First CU, facilitates a discussion about finances during a “Teen Rap Session” at St. Cecilia School Feb. 26.
Michelle Lawrence, business development education coordinator at American First CU, La Habra, Calif., spoke to youth during a “Teen Rap Session” at St. Cecilia School in Tustin Feb. 26. During the session, 25 members of the school’s student council shared their views on finances with Lawrence. Many didn’t understand the difference between not-for-profit credit unions and for-profit banks. Some said they’d been taught about savings by their parents, and had money in bank accounts, while others said they still used piggy banks and wanted to save up for a car or college.
St. Cecilia School eighth-grader Jacob Karp discusses finances during a “Teen Rap Session” at the school Feb. 26 with. American CU. (Photos provided by American First CU)
“I want to learn how to balance a checkbook,” said Jacob Karp, an eighth-grader. Lawrence also explained interest rates and credit rating scores to the students, who were a “little hazy” on those topics, she said. Lawrence said she was really impressed at how much they knew. “This is a great age to target. They are still at that absorbing stage, where they show an interest. “It was also refreshing to hear that the majority of these students have to save for what they want. I find they understand the value of money more when their own money is involved,” she added. American First has offered a “bank at school” program for the past two years at St. Cecilia, where students can deposit money into their accounts. This was the credit union’s second “Teen Rap Session.”
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