ALCOA, Tenn.— Y-12 Credt Union has launched what it says is a comprehensive financial education program that takes the training to worksites.
Called Y-FI @ Work, Y-12 said there are no membership requirements for the financial literacy program that can be taught either virtually or onsite. The Y-Fi @ Work program is led by certified financial counselors who help guide employees to get answers to questions around better handling finances, according to the credit union.
‘Completely Free’
“The program is completely free to employers in the area. We come in and teach personal finance classes and one-on-one financial counseling,” Jenna Hammer, Y-12 Community Development Consultant, said in comments to WATE.
Hammer and Community Development Consultant Brian Sams are the certified financial counselors who teach the class.
WATE interviewed one employer who said he was most worried about his employees digging themselves into debt.
One Employer’s Position
“Payday loan places…bad. Saving your money…good. Things like that, which seem basic for most of us, but it’s not like that for everybody,” the employer was quoted as saying.
Added Sams, “The biggest one we see is managing debt in a healthy way, then preparing an emergency fund. Most people actually turn to debt for their emergency fund, that’s where we have a credit card issue. So, when they borrow sometimes, they are forced to borrow because they didn’t prepare ahead of time. What we do is try to bring light in, say, you can borrow, borrowing isn’t bad, but let’s have a plan when we borrow.”
