NBJ PR Wire

CARSON CITY STUDENTS GET FINANCE TIPS FROM THE PROS

Release Date: December 2, 2008

Contact: Lee Weber-Koch

CARSON CITY STUDENTS GET FINANCE TIPS FROM THE PROS

~ Greater Nevada Credit Union Launches Financial Literacy Program for Youth ~



(CARSON CITY, Nevada), December 1, 2008 - Juniors and Seniors at Carson High School got a glimpse into the world of finance in their government classes this fall.



Rusty Duncan, manager of Greater Nevada Credit Union's Second Street branch in Carson City, as well as the branch located inside Carson High, and Kate Robinson, Greater Nevada's electronic marketing specialist, offered 10 financial literacy presentations between the two days, as part of Greater Nevada's continuing effort to promote financial literacy among youth in the Carson and Reno community.



"We focus quite a bit on financial education because we believe that it is essential for the future of our youth to learn how to wisely manage their finances," Robinson explained.



Although Greater Nevada has been promoting financial literacy in the community for some time, this was the first time the classes were presented as part of classroom material in a high school government class. The material presented is drawn from the National Endowment for Financial Education's high school program, which meets state guidelines for education in various capacities.



There are several key themes within the 45-minute classroom presentation. The first was about building a budget and the importance of setting goals to prevent "whim" spending. "We kept our material relevant to what high school seniors are going to start dealing with in the near future... rent, utilities, dozens of credit card offers, etc.," Robinson explained.



The second component focused on building the habit of saving. "We explain the theory behind compound interest and how it works. I used myself as a real-world example, since I'm 25 and most of them are 17 and 18. I told them if they start saving now, they'll have much more money when they turn 65 than I will have when I turn 65, even if I invest more than they do overall, because the power of time and compound interest is on their side," Robinson explained.



During the final component, Robinson and Duncan explored credit, and how to use it wisely. They explained to the students how a credit score is determined, hot to monitor it, how to build good credit and avoid bad credit. "The students were surprised to learn that 20 years ago Americans were saving at a rate of 8%, and now we are saving at a national average rate of -2%, because so many of us are living on credit ," she said.



Robinson's involvement with Greater Nevada's financial education program sprang from her involvement with the California and Nevada Youth Involvement Network (CNYIN), a group which works to increase the financial literacy of youth in California and Nevada through classroom presentations and other means. Robinson is a board member on the CNYIN. CNYIN has a relationship with the California Jump$tart Coalition, The Children's Miracle Network and the NEFE. Greater Nevada's in-school branch offers a class that also utilizes NEFE materials.



"I personally love teaching the students because when I got out of high school I had absolutely no idea how to manage my finances, how to save, or build good saving and spending habits. I am quite sure that I would be in better shape financially than I am now if I had known some of these things," Robinson explained.



It was this desire that led her to get involved with CNYIN and with Greater Nevada's financial literacy program. In doing so she discovered that the program was not currently being taught in school classrooms.



So in September Robinson, Duncan and Carson High Greater Nevada Branch Supervisor Pamela Grim met with CHS Counselor Tim McCarthy to discuss the possibility of offering some of the NEFE material to high school students during class time. McCarthy in turn presented the idea to several government teachers, and a month later Robinson and Duncan were guest speakers in ten classrooms.



"The students asked plenty of questions and seemed to be very engaged," Robinson said, adding that since the presentation, she's been approached by multiple students who saw the presentation and said they appreciated it.



Not long after the budgeting and credit presentations, Duncan was invited into another classroom to talk more in-depth about checking and savings accounts and how to balance a checkbook.



For more information about Greater Nevada Credit Union's Financial Literacy program, and how other local schools can get involved in this program, contact Kate Robinson at 775-886-1344. To learn more about how the National Endowment for Financial Education high school program meets various educational standards in Nevada, visit www.nefe.org. For more specifics about the California Nevada Youth Involvement Network, visit www.cnyin.org.

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