PORTLAND, Maine (NEWS CENTER) —
How important is financial education?
A significant part of financial capability is the ability to make ends meet through adequate savings. Having resources for immediate medical needs is also an important component. In Maine, 15% of individuals reported that over the past year, their household spent more than their income (not including the purchase of a new home, car or other big investment), while 23% of individuals reported having medical bills that are past due. Individuals who are not balancing monthly income and expenses are not saving and thus may find themselves struggling to make ends meet. Overdue medical debt can further compound a household’s ability to meet monthly financial obligations. Getting students to have a better understanding of financial education before they become adults is important in helping them to become successful adults with money management.
April is Youth Financial Education Month in Maine – the Financial Fitness Fairs are just part of what Maine credit unions are doing to promote youth financial education month. Other activities include a savings challenge for kids, special financial literacy events at credit unions or at schools, events to help parents with teaching finances to their kids and more.
More than 38,000 Maine high school students have participated in one of these fairs since 2004.
Maine credit unions have nearly 50 Fairs scheduled for 2016/17 school year.
Maine Credit Unions have won a national award for Financial Education for 15 consecutive years, by far the most of any state in the country.
Financial Fitness Fairs just one part of the Financial Education leadership that Maine credit unions do annually.
Website for more information – www.mainecul.org and click on Community Involvement Tab for links to financial education resources and information.
Getting kids exposed to financial education before adulthood can go a long way towards helping them to become successful financially as adults.
Earlier this year, Maine credit unions launched a new Online Fair for mobile, tablets and online, in general, coordinated by each Maine CU, that helps provide students with the Financial Fitness Fair Experience. The idea is to not have the Online Fairs replace in-person fairs but many schools are having students participate in the online fair either pre or post an in-person fair.
The video features Vice President of the Maine Credit Union League, Jon Paradise who explains the importance of financial education.
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