Not enough high school students are receiving financial education. In fact, according to the non-profit Next Gen Personal Finance organization, only 1 in 6 high school students nationwide required to take personal finance course to graduate.
Think about it: we’re sending millions of kids out into the world without a good understanding about how personal finance works.
Many don’t know about the various “tricks of the trade” used in consumer lending used to ensnare the unwary into a form of long-term debt slavery.
They don’t know how compounding interest works in their favor – but only when they’re not saddled with high-interest debt.
Young people don’t know how important it is to establish the financial habits of a lifetime at an early age.
Thankfully, there are credit unions. These not-for-profit cooperatives are the perfect place for young people to start their financial education, (since they’re not getting it at school).
Credit unions are happy to teach young people “the ropes” about saving and consumer credit. Parents can be sure that a CU isn’t going to push their kids into disadvantageous financial services products just to make a quick buck.
For all these reasons and more, it’s good to encourage young people to open an account at their local CU.