Ohio Credit Unions Launch Effort to Improve Financial Literacy

MoneyAndStuff helps parents and educators

KENT, Ohio, Nov. 20 (www.allCUnews.com) -- Have you had the "talk"

with your kids yet? Most parents try to talk to their children about making
the right choices when it comes to smoking, drinking and dating. But how
many parents educate their children about making wise decisions when it
comes to money and credit? Not many, it turns out.

That's why the Ohio Credit Union League (OCUL) launched a financial
education initiative today in Kent, called MoneyAndStuff(TM).

According to a survey of Ohio adults, commissioned by the League, less
than one quarter (23 percent) of Ohioans make any effort to encourage
financial literacy in their families. And, only 5 percent were taught about
personal finances when they were young.

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

OCUL President Paul Mercer said, "Teaching personal financial
responsibility has always been part of the mission of not-for-profit credit
unions. We are stepping up our efforts as leaders and collaborators in
financial education because the financial health of Ohio's youngest
citizens is at risk. By making smart consumers and savers, Ohio credit
unions are investing in brighter futures for the next generation."

Mercer said that Ohio credit unions are taking action to protect Ohio's
future by teaching students to make smart financial decisions, understand
the difference between wants and needs, and manage debt.

MoneyAndStuff(TM), the League's financial education initiative, will:

-- Promote the MoneyAndStuff.info Web site as a financial education
resource for parents, educators, public officials, credit unions, and the
media. The site offers free financial lessons, tips for parents, and
educational games.

-- Target the most impressionable ages, grades 4 and 5, 11 and 12.

-- Emphasize credit concepts and how to manage borrowing.

-- Result in more Ohio credit unions providing financial education and
stronger credit union partnerships with every Ohio school district.

Joe Crawfis, CEO of Kent Credit Union, said at a news conference today,
"Credit unions are already educational partners with schools. In the last
three years alone, Ohio credit unions have educated more than 20,000
students in nearly 200 Ohio schools about financial matters."

In addition, by providing free, high-quality educational materials,
credit unions will prepare teachers to meet the state mandate, passed by
the Ohio General Assembly in 2006, requiring that all public high schools
teach personal financial education starting in 2010.

MoneyAndStuff(TM) was launched in Kent this afternoon at Theodore
Roosevelt High School. Joining Mr. Crawfis at the event were State Senator
Tom Sawyer (D-Akron) and Kent City Schools Career Technical Advisor Kathy
Thomas. Several credit union leaders from across northeast Ohio also
attended.

The MoneyAndStuff(TM) media tour will travel across Ohio in the coming
weeks to inform consumers about this important initiative.

Credit unions are member-owned financial cooperatives which are
democratically controlled by the members. As not-for-profit financial
institutions, credit unions return earning to their members in the form of
dividends, lower loan rates, higher savings rates, and improved service.
Credit unions consistently rank the highest in customer satisfaction of any
financial institutions, and have been Number 1 in every American
Banker/Gallup poll conducted since 1989.

SOURCE Ohio Credit Union League