Top-left and bottom-right: The Spring 2011 RCU Teen Financial Literacy Academy class. Top-right: Brett Martinez
The Challenge:
The past years have made the need for financial literacy evident. The economic downturn revealed many consumers had gotten into unhealthy financial situations.
What inspired RCU to develop its financial literacy programs?
Brett Martinez: Financial literacy is the one essential subject that’s not taught in schools that everyone needs to be educated about. Everyone has the right—and should have the opportunity—to learn basic financial skills to help them manage their money and other assets so that they can live comfortably, be financially well, and achieve their financial goals and dreams. Redwood Credit Union (RCU) is committed to educating our communities about financial topics so people can create a plan, feel good about their money and find financial peace of mind.
The past three years have made the need for financial literacy evident. The economic downturn revealed many consumers had gotten into unhealthy financial situations, either by getting into loans they couldn’t afford, by doing business with those they shouldn’t trust, living beyond their means, or not saving enough for unexpected expenses or retirement. With financial skills like budgeting and managing credit, many people can not only mitigate financial hardships, but actually achieve their financial goals, whatever they may be.
What is RCU’s Financial Literacy Academy?
Brett Martinez: RCU’s Financial Literacy Academy is a free 16-hour banking and finance academy for local high school juniors and seniors. Using the High School Financial Planning Program (HSFPP) created by the National Endowment for Financial Education (NEFE), the program includes helpful topics such as budgeting, financial planning, saving and investing, credit and debt management and other life skills related to managing money. Besides learning key life skills, students also earn high school credit for participating, and graduate from the Academy with a certificate and a ceremony that is open for parents to attend. Local officials such as Santa Rosa Mayor Ernesto Olivares, Supervisor Efren Carrillo, representatives from Congresswoman Lynn Woolsey’s office and School Superintendent Dr. Sharon Liddell have also attended and spoken at the graduation events.
The Academy fills a need for financial education that is not currently being met in our schools. Ultimately, our goal is to engage educators and policymakers to include money management training into the curriculum as a requirement for high school graduation.
Have you faced any surprises?
Brett Martinez: We’ve been pleasantly surprised by how engaged the students have been – particularly since all of the sessions we’ve held have been during summer vacation or spring break. We had one student say the course should be mandatory for all high school seniors to learn the basic financial skills needed to be successful in life, and another said that it was the “most useful” course he’s taken in his high school career. We’ve found students participate actively in the exercises and conversations, and our course evaluations indicate the information is valuable, and some are interested in pursuing careers in the financial industry after taking the course.
With which other organizations in the community are you collaborating on this program?
Brett Martinez: For our first Academy in 2009, we partnered with the Santa Rosa Chamber of Commerce and Santa Rosa City Schools to launch the program. We have continued to work with Santa Rosa and Sonoma County schools, and have been able to open the enrollment in the Academy to any student entering 11th or 12th grade in Sonoma County. In the future, we hope to expand this program to the other communities we serve, such as Marin and Napa, as well.
How long do you plan to offer this program?
Brett Martinez: We will offer the program as long as there is demand for it. Once financial education is introduced in high school curriculum as a graduation requirement, all students will receive this vital information to help them in a very real way on a daily basis for the rest of their lives. That’s the most sustainable way to ensure access to this information for all high school students, and if we can get that in place, it will replace the need to offer the Academies.
RCU’s Financial Academies By The Numbers
- To date, 104 students from 10 different local high schools have graduated from RCU’s Financial Academies.
- Several local high schools have already implemented financial education into their curriculum, and several more have indicated that they intend to do so this coming fall.
- RCU will host its 5th Financial Academy June 21-24, 2011. Visit www.redwoodcu.org/academy for more info.
Read in print format. (PDF)
Community Champions is produced by the Marketing Department and the Celebrate Community Partners and does not involve The Press Democrat reporting staff.
Community Champion: Brett Martinez
Top-left and bottom-right: The Spring 2011 RCU Teen Financial Literacy Academy class. Top-right: Brett Martinez
The Challenge:
The past years have made the need for financial literacy evident. The economic downturn revealed many consumers had gotten into unhealthy financial situations.
What inspired RCU to develop its financial literacy programs?
Brett Martinez: Financial literacy is the one essential subject that’s not taught in schools that everyone needs to be educated about. Everyone has the right—and should have the opportunity—to learn basic financial skills to help them manage their money and other assets so that they can live comfortably, be financially well, and achieve their financial goals and dreams. Redwood Credit Union (RCU) is committed to educating our communities about financial topics so people can create a plan, feel good about their money and find financial peace of mind.
The past three years have made the need for financial literacy evident. The economic downturn revealed many consumers had gotten into unhealthy financial situations, either by getting into loans they couldn’t afford, by doing business with those they shouldn’t trust, living beyond their means, or not saving enough for unexpected expenses or retirement. With financial skills like budgeting and managing credit, many people can not only mitigate financial hardships, but actually achieve their financial goals, whatever they may be.
What is RCU’s Financial Literacy Academy?
Brett Martinez: RCU’s Financial Literacy Academy is a free 16-hour banking and finance academy for local high school juniors and seniors. Using the High School Financial Planning Program (HSFPP) created by the National Endowment for Financial Education (NEFE), the program includes helpful topics such as budgeting, financial planning, saving and investing, credit and debt management and other life skills related to managing money. Besides learning key life skills, students also earn high school credit for participating, and graduate from the Academy with a certificate and a ceremony that is open for parents to attend. Local officials such as Santa Rosa Mayor Ernesto Olivares, Supervisor Efren Carrillo, representatives from Congresswoman Lynn Woolsey’s office and School Superintendent Dr. Sharon Liddell have also attended and spoken at the graduation events.
The Academy fills a need for financial education that is not currently being met in our schools. Ultimately, our goal is to engage educators and policymakers to include money management training into the curriculum as a requirement for high school graduation.
Have you faced any surprises?
Brett Martinez: We’ve been pleasantly surprised by how engaged the students have been – particularly since all of the sessions we’ve held have been during summer vacation or spring break. We had one student say the course should be mandatory for all high school seniors to learn the basic financial skills needed to be successful in life, and another said that it was the “most useful” course he’s taken in his high school career. We’ve found students participate actively in the exercises and conversations, and our course evaluations indicate the information is valuable, and some are interested in pursuing careers in the financial industry after taking the course.
With which other organizations in the community are you collaborating on this program?
Brett Martinez: For our first Academy in 2009, we partnered with the Santa Rosa Chamber of Commerce and Santa Rosa City Schools to launch the program. We have continued to work with Santa Rosa and Sonoma County schools, and have been able to open the enrollment in the Academy to any student entering 11th or 12th grade in Sonoma County. In the future, we hope to expand this program to the other communities we serve, such as Marin and Napa, as well.
How long do you plan to offer this program?
Brett Martinez: We will offer the program as long as there is demand for it. Once financial education is introduced in high school curriculum as a graduation requirement, all students will receive this vital information to help them in a very real way on a daily basis for the rest of their lives. That’s the most sustainable way to ensure access to this information for all high school students, and if we can get that in place, it will replace the need to offer the Academies.
RCU’s Financial Academies By The Numbers
Read in print format. (PDF)
Community Champions is produced by the Marketing Department and the Celebrate Community Partners and does not involve The Press Democrat reporting staff.