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As part of his testimony discussing ways in which employers were helping employees prepare for retirement before the U.S. Senate Special Committee on Aging last week, Rob Carmichael, SVP of HR at Maine Savings FCU, commented on a question that Senator Thom Tillis (R-NC) asked of the panelists, which included finance expert, Jean Chatzky, regarding the value of financial education at an early age by highlighting "the Financial Fitness Fairs developed by Maine's credit unions and the 'teachable' moment they are providing to high school students."
Carmichael told the Committee about how the Fairs operate and the positive lessons learned by Fair participants. "In Maine, Maine's credit unions have been holding Financial Fitness Fairs across the state for high school students that present different financial and career scenarios to students to explore. Students who attend one of our fairs learn how difficult it is to budget, and that is an important part of preparing for retirement as they get older."
"To have the work of Maine's credit unions with regards to the Financial Fitness Fairs, and the lessons they are providing to students noted in a hearing in the United States Senate is a proud moment for everyone. We appreciate the fact that Rob was able to mention the Fairs, and portray the efforts of Maine's credit unions in such a positive light before not only Senator Collins, who Chairs the Committee, but before other members of the United States Senate. Maine credit unions have been leaders in financial education in Maine for many years, including creating Financial Fitness Fairs in 2004, so it's nice to see this effort receive some attention," remarked John Murphy, President of the Maine Credit Union League.
Having a credit union representative from Maine be one of only four witnesses called before the Committee for its hearing on Preparing and Saving for Retirement also attracted attention from various media outlets across Maine including prominent coverage in The Bangor Daily News.
Senator Collins agreed that early education and other initiatives can make a difference. “The issue of retirement security is of great importance not only to those in or nearing retirement, but also to all Americans who hope to enjoy their retirement years without fearing they will run out of money and fall into poverty.”
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