The economic downturn is making many people suddenly aware of how much they don't know about finances. Everyday brings financial problems... and terminology... that we haven't heard before. This week may help. It's Money-Smart week in Michigan.
Our Amy Robinson visited one school to learn about their unique program and how they hope to use it to educate students.
It's 10:15 on a Monday morning. The Student run credit union at Mt Pleasant High School is open for business. (student transaction/ " I need your signature. Here ya' go")
Junior Alex Haymaker has been working in the school credit union for about six-months.
Under the watchful eye of a grey mangy-looking stuffed toy rat.
(alex) "Herbert Stanley Stewart Alex, and we call it Ping for short." (Amy) Ping is incredibly ugly. (Alex) Laughs- "That was the name of the guy that gave it to me."
In a room about the size of a walk-in closet, with Ping perched overhead... this doesn't look like any other credit union you'd find. But students stopping by the window can open an account, make deposits and withdrawals, even pick up student loan applications.
Alex says its convenient for students. She says there are teens who need a handy means of practicing money management skills - if they'll try it.
I do know people that for college, they have nothing saved. They will save a couple quarters (laughs) but it really doesn't get them very far, and they don't have an account at all."
Of course, it's not just Ping who oversees things in this credit union cubicle. Cristina Delorenzo is the supervisor who comes in three days from the Isabella Community Credit Union.
"This is definitely hands-on education"
She's been managing this program for four-years. She calls this the credit union's third branch.
"Well we have goals for our coop students, so about 40 new accounts a year we're looking at and they're reaching those goals."
The work here is good experience for Alex and for Senior Justin Foote who also helps out. This is a co-op class. And it looks good on a resume. This facility follows banking laws...in many ways you look at it, it runs like any other credit union. And it faces the same challenges that other banks and credit unions do...
(amy) "ok, am I imagining things, or have been here for less then half an hour and you've already lost two pens"? (students/supervisor) - laughs - "you know in school we have kids always getting pens. That's ok, that's good advertisement for the credit union."
This student-run credit union is open three-days a week, during lunch hour.
Students, faculty and staff can bank here.
Delorenzo says this is a good education for Justin and Alex, but also for the rest of the student body. She says the sooner they begin to learn money management skills, the better.
"When they start going for loan requests, we want them to have good credit history. And we see a lot coming through our office that it was abused, because no one ever taught them that this is going to follow you through life, so we want them to learn right from the get go."
The Mt Pleasant student run Credit Union operates throughout the school year. But this week, it's being included as part of a larger national effort called "Money Smart Week".
The week is aimed at educating consumers about a laundry list of financial issues: banking, retirement, and entrepreneurship among others.
Sheila McKean is the Senior Outreach Manager for the Federal Reserve in Detroit.
"The federal reserve hosts MoneySmart week for a variety of reasons, but in theory if consumers are better decision-makers, we're all better off. Because resources are allocated more efficiently and more effectively throughout the economy."
This year's Money Smart week boasts more than 300 classes statewide. McKean says there was an up-tick in interest this year.
She's hoping some of the Money Smart offerings will help people weather the economic downturn.
(hallway sound)
Back in Mt Pleasant, the adults hope that while students hit the school's credit union... withdrawing money for snacks and for this weekend's prom, they're also learning real world lessons in becoming Money Smart.
Our Amy Robinson visited one school to learn about their unique program and how they hope to use it to educate students.
It's 10:15 on a Monday morning. The Student run credit union at Mt Pleasant High School is open for business. (student transaction/ " I need your signature. Here ya' go")
Junior Alex Haymaker has been working in the school credit union for about six-months.
Under the watchful eye of a grey mangy-looking stuffed toy rat.
(alex) "Herbert Stanley Stewart Alex, and we call it Ping for short." (Amy) Ping is incredibly ugly. (Alex) Laughs- "That was the name of the guy that gave it to me."
In a room about the size of a walk-in closet, with Ping perched overhead... this doesn't look like any other credit union you'd find. But students stopping by the window can open an account, make deposits and withdrawals, even pick up student loan applications.
Alex says its convenient for students. She says there are teens who need a handy means of practicing money management skills - if they'll try it.
I do know people that for college, they have nothing saved. They will save a couple quarters (laughs) but it really doesn't get them very far, and they don't have an account at all."
Of course, it's not just Ping who oversees things in this credit union cubicle. Cristina Delorenzo is the supervisor who comes in three days from the Isabella Community Credit Union.
"This is definitely hands-on education"
She's been managing this program for four-years. She calls this the credit union's third branch.
"Well we have goals for our coop students, so about 40 new accounts a year we're looking at and they're reaching those goals."
The work here is good experience for Alex and for Senior Justin Foote who also helps out. This is a co-op class. And it looks good on a resume. This facility follows banking laws...in many ways you look at it, it runs like any other credit union. And it faces the same challenges that other banks and credit unions do...
(amy) "ok, am I imagining things, or have been here for less then half an hour and you've already lost two pens"? (students/supervisor) - laughs - "you know in school we have kids always getting pens. That's ok, that's good advertisement for the credit union."
This student-run credit union is open three-days a week, during lunch hour.
Students, faculty and staff can bank here.
Delorenzo says this is a good education for Justin and Alex, but also for the rest of the student body. She says the sooner they begin to learn money management skills, the better.
"When they start going for loan requests, we want them to have good credit history. And we see a lot coming through our office that it was abused, because no one ever taught them that this is going to follow you through life, so we want them to learn right from the get go."
The Mt Pleasant student run Credit Union operates throughout the school year. But this week, it's being included as part of a larger national effort called "Money Smart Week".
The week is aimed at educating consumers about a laundry list of financial issues: banking, retirement, and entrepreneurship among others.
Sheila McKean is the Senior Outreach Manager for the Federal Reserve in Detroit.
"The federal reserve hosts MoneySmart week for a variety of reasons, but in theory if consumers are better decision-makers, we're all better off. Because resources are allocated more efficiently and more effectively throughout the economy."
This year's Money Smart week boasts more than 300 classes statewide. McKean says there was an up-tick in interest this year.
She's hoping some of the Money Smart offerings will help people weather the economic downturn.
(hallway sound)
Back in Mt Pleasant, the adults hope that while students hit the school's credit union... withdrawing money for snacks and for this weekend's prom, they're also learning real world lessons in becoming Money Smart.
