Keeping It Simple: A Unique Program to Teach Financial Literacy Basics
The Kid’s Cash Kit and Caboodle program, created by the New York Credit Union Foundation (NYCUF), teaches children, ages 5-9, and their families how to manage money using three simple concepts: saving, spending and sharing. Complete the order form to get your kits.
The kits, distributed by credit unions through branches, in-school presentations and after-school programs, provide visual cues and activities to spark discussion about money. Children gain basic financial knowledge and skills with practical hands-on tools contained in the kit including:
- Reusable, polypropylene die-cut gusseted tote – 15” x 12"
- Series of three separate moneyboxes--save, spend, share--with large rubberband
- Save, spend and share activity poster
- Informational flyer/booklet for parents
- Customizable letter for parents to be run on credit union letterhead
- One of three CUNA activity books (while supplies last)
The educational concepts presented through the kit include:
- Financial management
- Goal setting
- Decision-making
- Philanthropy
- Rewards for consistent savings or thrifty financial practices
It is Never Too Early to Start Teaching Financial Literacy to Children
The Jump$tart Coalition for Financial Literacy’s—Making the Case for Financial Literacy, 2007, featured a collection of personal finance statistics gathered from other sources, including some alarming data:
- More than three-quarters of students (76%) wish they had more help preparing for their financial future (2007 survey by The Hartford Financial Services Group, Inc.).
- 49% of teens are eager to learn more about money management, but only 14% have taken a class on the topic (2006 annual back-to-school survey by Capital One).
- Some 70% of parents surveyed indicated their child had not received any formal training in money management, either in school or in the home. Additionally, 76% said that schools should be required to teach money management skills (July 2005 survey of 1,000 Parents of High School Students by Visa).
- Only one in five (20%) of college students claim to have been “very well prepared” for managing their money on campus (August 2006 poll commissioned by KeyBank and conducted by Harris Interactive).
Clearly, we need to reach children as early as possible to help them to begin to understand basic financial concepts that will serve as a foundation for financial success throughout their lives.
