Credit Unions in Ohio to Educate Children About "Money and Stuff"

On Tuesday, the Ohio Credit Union League (OCUL) announced that it has launched a financial literacy initiative in Cleveland, called "MoneyAndStuff".

The initiative was launched due to the fact that a survey revealed that less than one in four parents has "the talk"--that is, the talk about personal financial responsibility--with their children. In addition, the results were that only five percent of very young children received "the talk".

The League perceives that there is a direct connection between personal financial illiteracy and the upswing in bankruptcy rates, record debt, and home foreclosures. OCUL's research concluded that people feel mired in their current financial situations, and believe that there's little they can do to help themselves or their children.

The objectives of "MoneyandStuff" are to teach children as young as nine how to make wise financial decisions, understand the difference between desires and needs, and manage personal debt.

"Teaching personal financial responsibility has always been part of the mission of not-for-profit credit unions...By making smart consumers and savers, Ohio credit unions are investing in brighter futures for the next generation," said OCUL President Paul Mercer.

"In the last three years alone, Ohio credit unions have educated more than 20,000 students in nearly 200 Ohio schools about financial matters," added Rita Haynes, CEO of Faith Community United Credit Union.

Many other economists have also seen the direct connection between financial illiteracy and financial irresponsibility and have cited it as the most prominent factor behind the still-unfolding housing market and foreclosure debacle.