New NCUA Literacy Tool Teaches Kids about Earning, Saving and Spending Money
ALEXANDRIA, Va. (Oct. 15, 2015) – International Credit Union Day is a perfect time for credit unions to teach a new generation of account holders to manage their finances, National Credit Union Administration Board Chairman Debbie Matz said today.
“This year’s theme is ‘People Helping People,’ and educating young people is fundamental to that concept,” Matz said. “Credit unions provide members with the chance to start a small business, purchase a car, buy a dream home or go to college. Preparing the next generation to make smart financial decisions will give our nation’s youth the basic knowledge needed to make the most of what credit unions offer. A small investment in education today can produce a lifelong credit union member.”
To mark International Credit Union Day, NCUA released “World of Cents,” a new online interactive financial education tool. “World of Cents” provides a fun and engaging opportunity for children to learn the concepts of earning, saving and spending money while building their own magical world full of whimsical playhouses.
“Promoting financial literacy is a year-round commitment for NCUA,” Matz said. “Knowledge of math skills, good savings habits and financial literacy are essential building blocks for making smart financial decisions. World of Cents builds all three of these skills in a virtual environment. When young people understand how to manage money, they are equipped with a skill that is key to making their financial dreams a reality.”
Credit unions are encouraged to link to the new financial literacy tool. Matz also reminded credit unions to take advantage of financial literacy resources available on its consumer site, MyCreditUnion.gov
and the agency’s financial literacy site, Pocket Cents
The 68th International Credit Union Day
is designed to appreciate the credit union movement’s history and to promote its achievements. Its goals are to raise awareness about the work credit unions are doing around the world and to give members opportunities for greater involvement.
Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.