Maine’s Credit Unions: Most Honored Group in Educating Youth on Financial Literacy

Maine’s credit unions were again recognized for their efforts in educating Maine’s youth on the importance of money management. In 2009, the Maine credit union movement again received the prestigious Desjardins Award, presented by the Credit Union National Association (CUNA). This is the seventh Desjardins Award that the Maine credit union movement has received, making Maine the only state in the history of the award to be honored seven times. No other credit union movement has received more than three awards, and none have accomplished that feat in consecutive years.  

While the dedication of Maine credit unions to this cause is evident throughout the year, it truly shines each spring, when Maine’s credit unions set aside an entire month to promote financial literacy to parents and children. Again this year, Maine’s credit unions were recognized in a proclamation from Governor Baldacci that praised Maine’s credit unions for “substantially improving and increasing the financial outlook for Maine youth.” The Governor added, “The Maine Credit Union League and Maine’s credit unions are playing a significant role in youth financial education in our state today and I applaud them for their efforts.”

Additionally, a number of credit unions coordinate Financial Fitness – Money Management Experience Fairs, which are similar to an interactive game of life and gives high school students participating an opportunity to gain some ‘real’ world understanding of money management.  There are now six major fairs in northern, eastern, central and southern Maine as well as several smaller ones in various parts of the state.  Maine credit unions are also actively involved in schools throughout the state, helping Maine children develop a better understanding of financial concepts, such as balancing a checkbook, budgets, developing savings plans, credit cards and debts.  In the past year, this partnership helped to expose more than 8,500 Maine children to youth financial education, including a record 2,000 high school students.

“Financial Literacy is so important for our youth,” remarked Jon Paradise, Governmental and Public Affairs Manager for the Maine Credit Union League. “Maine’s credit unions are proud to be part of the educational process and to once again be presenting this program that has proven to be very popular with students. Our goal is not only to educate participants of the Financial Fitness Money Management Experience, but also to make it enjoyable for them to learn.”

The Desjardins Award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement.  It considers all activities supporting the personal finance education of young members and nonmembers, including, but not limited to, face-to-face teaching, publicity, lobbying for curriculum requirements, teacher and volunteer training, and promotion and use of the NEFE High School Financial Planning Program.

For more information about the Financial Fitness Fairs and the efforts of Maine’s credit unions on youth financial literacy visit www.mainecul.org and click on the Youth Financial Services link.