In case you missed it, Ohio credit unions across the state are highlighting the benefits of student-run credit unions, which introduce young Ohioans to finances in an easy-to-understand way and provide hands-on opportunities for financial literacy education.
“Students learn the fundamentals of banking: How to open a bank account and manage it, keeping track of deposits and withdrawals, avoiding fraud, maintaining online safety, and using interest to build savings. They also learn about taking out loans, paying bills and building credit…Students get to practice moving the money around, writing each other checks – and making mistakes – in a safe environment,” writes Laura Hancock for Cleveland.com.
Earlier this year, Gov. Mike DeWine signed a state budget into law that included a provision that allows schools districts to permit students to participate in student-run credit union branches to meet the financial literacy graduation requirement rather than in-classroom instruction.
Under Ohio law, students must complete 60 hours of financial literacy instruction to graduate high school. The requirement aims to help students learn the skills to make good financial decisions.
Credit unions’ student run branches are operated by students with minimal oversight from credit union staff. By giving students a hands-on opportunity to learn about finances and how to run a business, Ohio credit unions are helping set the next generation of young Ohioans up for financial success.
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