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Perhaps, no where is life-long learning more applicable to financial education. For many, navigating the nuances of financial education never ends. In continuing with the strong leadership in financial education, the Maine Credit Union League, in cooperation with the Maine CU Financial Literacy Council, held its first-ever Financial Literacy Conference in September.
"We had never really had a full-day event that was solely focused on various stages of financial education - from youth to college to retirement. Our presenters all brought different information to the Conference, and generated strong discussion among attendees. We were pleased with the response and the value that attendees placed on the information they received at the Conference," remarked Jon Paradise, Vice President of Governmental and Public Affairs for the Maine Credit Union League.
The Conference included a presentation on resources available to help college students led by Mary Dyer of the Finance Authority of Maine (FAME) and the President of the Maine Jump$tart Coalition. The Maine CU League is a founding member of Maine Jump$tart. Dyer discussed the importance of "helping college students avoid graduating with an overwhelming debt burden." She said FAME partners with a number of credit unions to offer student loans that contain a financial literacy component, as well as other resources. Dyer also encouraged credit unions to utilize the Maine Jump$tart coalition "as much as possible. Maine Jump$tart is a clearing house to help educators and others with financial education. With the significant outreach that Maine credit unions have in financial education, let us know about what you are doing and we'll spread the word."
Following Dyer was a presentation from Christopher Morris of the National Credit Union Foundation, which has been very active in financial education awareness. Morris explained that one of the key initiatives of the Foundation is to "strengthen financial well-being. Through various programs, such as Biz Kid$, Life Simulations, Retirement Fairs, and Enhanced FICEP, the Foundation is a great resource to help credit unions improve the financial well-being of your members." Morris also noted that the Foundation has a number of grants available each year to help credit unions promote financial education to different audiences. Several Maine CUs, and the League have received grants in the past to help fund financial education initiatives. Morris commended Maine CUs for "having a strong commitment to financial education, and for being active with various demographics."
The last portion of the Conference was an interactive excercise as attendees participated in the first-ever Retire On Track Fair. Funding for the Fair was provided by CUNA Mutual Group, and the Fair Kits and resources are available to any CU interested by contacting the League. The Retire On Track Fair, developed by the NCUF, is "an experiential learning program, which helps existing and potential credit union members and staff learn how to better prepare for their retirement." The Fair consists of participants choosing lifestyle goals and assessing the likely costs of these choices. "It's similar to the Financial Fitness - Money Management Experience fairs we have done for years, but it is focused on the cost of retirement. The League is hoping credit unions will utilize the Retire on Track Fair to help people plan for retirement. We are glad that the kits are now available for our credit unions," explained Paradise.
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