COLUMBUS, Ohio–Credit unions in the Buckeye State have been drawing media attention for the work they are doing in financial education among young Ohioans, especially in schools.
Earlier this year, Gov. Mike DeWine signed a state budget into law that included a provision that allows schools districts to permit students to participate in student-run credit union branches to meet the financial literacy graduation requirement rather than in-classroom instruction.
Under Ohio law, students must complete 60 hours of financial literacy instruction to graduate high school. The requirement aims to help students learn the skills to make good financial decisions.
The Ohio Credit Union League said credit unions’ student run branches are operated by students with minimal oversight from credit union staff.
“By giving students a hands-on opportunity to learn about finances and how to run a business, Ohio credit unions are helping set the next generation of young Ohioans up for financial success,” the league said.
According to the Ohio Credit Union League, recent examples of coverage have included:
Learning the Fundamentals
“Students learn the fundamentals of banking: How to open a bank account and manage it, keeping track of deposits and withdrawals, avoiding fraud, maintaining online safety, and using interest to build savings. They also learn about taking out loans, paying bills and building credit…Students get to practice moving the money around, writing each other checks – and making mistakes – in a safe environment,” writes Laura Hancock for Cleveland.com.
The report–Cleveland.com: Budding entrepreneurs: High school finance lessons blossom for brothers into business success—features two brothers who took a fin lit class in high school who have since used the lessons taught by a credit union to use a credit union as a resource in launching their honey wine business, D & D Meadery.
Student-Run Branches
The league noted Mentor-based Cardinal Credit Union opened its first student branch in 2012. Today it has sites at Mentor, Willoughby South and Eastlake North high schools, as well as at Lake Catholic in Mentor and Notre Dame Cathedral Latin in Chardon.
“Alongside the student branches, Cardinal and another Northeast Ohio institution, Theory Federal Credit Union based in Painesville, have for some time offered financial literacy curricula to high school students, taught by credit union employees,” the league said. “Students learn the fundamentals of banking: How to open a bank account and manage it, keeping track of deposits and withdrawals, avoiding fraud, maintaining online safety, and using interest to build savings. They also learn about taking out loans, paying bills and building credit.”
Additional Coverage
Additional Coverage has included:
