Frustrations with the “younger generation’s” lack of basic and yet essential life skills, such as communication, critical thinking, problem-solving abilities, and financial knowledge, have become more apparent and concerning. There may be some validity to these concerns, but the lack of these skills isn’t because of a lack of interest or ability; it is because they are not being taught. That is why AODFCU is partnering with local schools to make a change and a difference in the next generation’s lives.
Studies show that when graduating high school, students often lack several essential life skills, which can significantly impact their future success. According to a study by the University of Michigan, 44% of high school students graduate without the necessary skills to manage their finances effectively. Moreover, 85% of college students reported feeling unprepared for the workforce, with 60% citing a lack of critical thinking and problem-solving skills. Communication, time management, and decision-making skills were also identified as areas where students needed to improve.
These statistics highlight the need for a more hands-on and proactive education system that includes the development of essential life skills. The good news is that we can turn this around and start preparing students for a brighter future.
IN SCHOOL CREDIT UNION
AODFCU is excited to be a part of this amazing program, but you may be wondering, “What is an in School Credit Union? An In-School Credit Union is an Educational environment where students can learn about money management by doing real transactions at school. It’s a partnership between a credit union and a school or school district. The details of how it works can vary, but the goal is to give students hands-on experience with finances and teach them important skills. The purpose of an in-school credit union branch program is to assist young people in the development of personal finance and employability skills. It is located in schools, operated by students for students with the major goals of increasing knowledge and education regarding life skills while providing supplements to current studies. We are seeing major progress in the youth’s awareness of financial literacy and basic life skills and can not wait to see what the future holds for these students.
EDUCATING THE YOUTH
In-school branches give students the opportunity to learn money management skills as they make account transactions at school. This includes opening accounts, depositing money, withdrawing money, and checking account balances. Students can also learn about loans, credit cards, and other financial products that they may encounter in the future.
In addition to the practical experience of handling money, in-school credit unions often offer financial education programs. These programs can cover topics such as budgeting, saving, investing, and credit. They may also include workshops on topics such as financial literacy, entrepreneurship, and career planning.
By providing an educational environment where young people can learn about finances, in-school credit unions can help students develop important skills that will serve them well throughout their lives.
TEACHING LIFE SKILLS
In-school credit unions can also help students develop communication and time management skills. Students will need to communicate with credit union staff and their peers to complete transactions and resolve any issues that may arise. This can help them develop interpersonal communication skills that will be useful in their personal and professional lives.
In terms of time management, students will need to balance their academic responsibilities with their financial responsibilities. They will need to plan their visits to the credit union around their class schedules and other commitments.
All designed to help them develop life skills such as critical thinking, problem-solving, communication, time management, and decision-making. By providing a supportive learning environment they will learn skills that will be useful throughout their lives.
SUPPLEMENTING CURRENT STUDIES AND ADDING VALUABLE WORK EXPERIENCE
In-school credit unions can offer a range of benefits to students. By supplementing current math, computer, and social skills through experience learned while working as a volunteer in the school credit union, students can develop practical skills that will help them succeed in their personal and professional lives.
Additionally, working in the school credit union can provide students with valuable work experience. They can learn about customer service, teamwork, and professionalism while working in a real-world setting. This experience can be added to their resumes and can help them stand out when applying for jobs in the future.
EMPOWERING YOUTH TO SAVE AND CALENDAR OF EVENTS
7.6 million children live in households that do not have a bank or credit union account. We expect the youth to know basic life skills and yet many times they have not been taught these skills. Studies show that financial account experience, combined with financial education at an early age can shape a young person’s habits in a way that can last for a lifetime.
AODFCU is proactive in teaching young people about the importance of financial knowledge and basic life skills needed to be successful because we believe knowledge is power. Here are a few extra resources available to help guide you through empowering the youth. It is up to us all to teach the next generation and give them every opportunity to succeed.
- Empowering Youth to Save – Youth Savings and Financial Literacy Programs
- Financial Education Activity Calendar
Reach out to us with any questions. We are all on the same team, and sometimes we need those team members to help us along the path.
For more information, visit MyCreditUnion.gov
