Connecticut Credit Union Solutions Foundation

Reality Fair Story

When is 47.5% an acceptable test score?
Answer: When you are a high school senior taking a financial literacy test.

That isn’t exactly true…we don’t consider that an acceptable score, but that is the mean score for 6,856 high school seniors who took a national financial literacy test. Add to these numbers the following facts: nearly 30% of all high school seniors now use at least one credit card; 45% of college students have credit card debt; and college students graduate from college with an average of $10,000 - $25,000 in credit card debt and student loans. Can you see the ‘perfect storm’ forming?

Why do we care? Two very good reasons: this is our future membership pool; and even more critical, this is our future employment pool. These test scores reflect a downward trend from 57% when the test was first provided in 1997.

Credit unions in Connecticut have decided to assist in providing our youth with tools to correct this literacy trend. Over the next year, each of our six Chapters, through the Connecticut Credit Union Solutions Foundation and REAL Solutions, is working to provide a CU 4 Reality Fair to Connecticut high school students.

The CU 4 Reality Fair is the culmination of classroom training related to financial literacy. The Fair provides an opportunity to work with a paycheck and learn how to budget to provide for the future. Students will identify the job they intend to have after school, and assist in identifying a beginning wage range. Fair volunteers will create a net pay after taxes, and provide a budget worksheet to instruct students on what monthly expenses they will face. The students will have to make decisions on living arrangements, food, transportation, utilities, clothing, luxury items, etc. They will be provided with credit scores which will be used to assist in approving or denying loans. At the end of the session they will sit with a financial counselor and review their financial profile.

We all know our credit unions can make a real difference in the financial lives of our members – this program will reach out to bring information to potential members in a meaningful format. If you are interested in joining your Chapter credit unions in bringing this to youth in your area, please contact Barb Bass at bbass@culct.coop for more information.

Click to view a video about an active CU 4 Reality Fair.

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CU 4 Reality Fair

Education Program - Working Paper Outline 5-29-08

Focus: 
1. Career interest identification
2. Basic personal budgeting; maintaining and balancing a checkbook
3. Savings and investments
4. Summary of focus will result in Financial Education Fair.

Career Development

PART 1

o Identify work style/personality types
o Realistic
o Investigative
o Artistic
o Social
o Enterprising
o Conventional
o Complete career inventory
o http://www.learnmoreindiana.org/careers/exploring/InterestInventories/Pages/InterestInventories.aspx
o Identify career option(s) and research
o http://stats.bls.gov/search/ooh.asp?ct=OOH
o http://www.salary.com/
o Determine income
o http://www.salary.com/
o Complete monthly expense sheet
o Calculate tax withholding
o Estimate monthly expenses

PART 2

o Résumé
o Review format types
o Complete sample
o Job application
o Bring credit union applications for completion
o Review sections, employer thoughts when reviewing completed forms
o Participate in mock interview
o Review legal and non-legal questions

Checkbook and Budgeting

o Open mock accounts – review process of financial institution
o Negotiability of items
o Clearing process
o Returned checks (fees involved)
o Stop payment
o Other negotiable item options (cashier’s checks, money orders)
o How to write a check
o ATM cards – how to use, track, fees involved
o Review checkbook register
o Correctly written and calculated
o Deposits, checks and withdrawals
o Adjust for fees
o Enter ATM transactions
o Identify bills and enter into checkbook (each type of bill could be one budgeting class)
o Savings account
o Apartment, house (may include down payment, cleaning/rental deposit, pet deposit, etc.)
o Auto, transportation
o Credit cards
o Food
o Clothing
o Balance checkbook at end of month

Savings and Investments

o Lesson plan for becoming millionaire:  http://www.publicdebt.treas.gov/mar/marmmath.pdf
o Compound interest – rule of 72

Additional NEFE topics

Creating Goals

▫ SMART goals
▫ Analyze how money is received and used
▫ Create a financial plan
▫ Establish guidelines to implement plan
▫ Monitor plan

Credit

▫ Define credit
▫ Advantages
▫ Disadvantages
▫ Applying for credit
▫ Credit history
▫ Credit score
▫ Managing credit
▫ Excessive debt 
▫ Correcting wrong information

Insurance

▫ Managing risk
▫ Insurance as protection
▫ Auto insurance
▫ Insurance and financial planning

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Connecticut Reality Fair

Chapter Meeting Notes
May 29, 2008

Moran Nixon Chapter

Participating credit unions and contacts:

i)  Brandi Carey, First Bristol FCU
ii)  Andy Klimkoski, Achieve Financial CU
iii)  Keith Wiemert, Seasons FCU
iv)  Barbara Thorpe, MiddConn FCU
v)  Doreen Roy, NW Hills CU
vi)  Beth Duffy, Torrington Mun & Teachers FCU

Target group:

▫ Sophomores & Juniors, 14 – 16 years of age.
▫ Target number of students: 250 maximum
▫ Specific class:  Business and Math classes

Potential school(s):

1.   Torrington HS
2.   Litchfield HS**
3  . Bristol Central HS
4.   Bristol Eastern HS
5.   St. Paul HS
6.   Middletown HS**
7.   Portland HS
8.   Cromwell HS
9.   Southington HS
10. Berlin HS**
11. New Britain HS**
12. Oliver Wolcott
13. Mercy HS**
14. Xavier HS
15. Gilbert
16. Wamogo

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Eastern Chapter

Participating credit unions and contacts:

i)  Jodie Bartnicki, Ledge Light FCU
ii)  Deb Berardi, Charter Oak FCU
iii)  Darlene Cutler, Charter Oak FCU
iv)  Maria Shea, Connecticut Community CU
v)  Rick Stout, Charter Oak FCU

Target group:

▫ High school, grades 9 – 12
▫ Target number of students: open
▫ Specific class:  Business and Personal finance classes

Potential school(s):

1. Stonington HS – Art Howe
2. Fiton High School – Lana King
3. Ella Grasso Tech
4. Invite groups form all area HS

Identify approach:

1) Provide CU staff to teach sessions to students
    ▫ Time frame for sessions:  2 hours
1) CU Staff resources:
    ▫ to be determined at Chapter level

Education topics:

▫ NEFE Materials
▫ Materials from Leo at Harbor One FCU

Identify target dates:

1) Contact school: June
2) Meet with school: June
3) Obtain agreement: June

Other: 
Offer Fair in centralized location, one day, 3 sessions at 2 hours each.
Need to review costs, sound system, date, location, # of attendees, curriculum, vendors, schools, financial literacy week?

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New Haven Chapter

Participating credit unions and contacts:

1. Jim Farrell, New Haven County FCU
2. Tansley Sterns, Connex CU
3. Regional Water Authority
4. Linda Spini, Inova FCU

Target group:

▫ High school Sophomores & Juniors
▫ Target number of students: open
ð Specific class:  Business classes (or similar class if offered)

Potential school(s):

1. East Haven HS
2. North Haven HS
3. New Haven HS
4. Wallingford HS

Education topics:

1. Budgeting
2. Careers

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Hartford Chapter

Participating credit unions and contacts:

1. Fred Brown, Northeast Family FCU
2. Kathy Gleason, Enfield Community FCU
3. Jeanne Kelly, Capitol Region FCU
4. Laura Lemoine, Hartford Healthcare FCU
5. Mike Palladino, First New England FCU

Target group:

1. High school, Sophomores & Juniors, 15 – 17 years of age
2. Target number of students: 3 sessions of 150 students
3. Specific class:  Business and Math classes, use Guidance Department

Potential school(s):

1. Manchester HS
2. Wethersfield HS
3. Hartford
4. East Hartford HS
5. South Windsor HS
6. Enfield HS
7. Fermi HS

Identify approach:

1. Review materials
2. Approach schools
3. Initial meeting with each school
4. Group meeting with all contacts from schools for kick off

Identify target dates:

1. Contact school: ASAP
2. Meet with school: ASAP
3. Obtain agreement: June 2008
 
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Stamford Chapter

Participating credit unions and contacts:

1. Kathy Chartier, Members CU
2. Patti Prendergast, Stamford FCU
3. Lynn Sabatino, Members CU

Target group(s):

1. High school, ages 9 – 12 and middle school, ages 13 – 14 
2. Target number of students: 100
3. Specific class:  Business, math and personal finance classes

Potential school(s):

1. Greenwich HS
2. Stamford MS
3. Cloonan CTE

Identify approach:

1. Provide training materials to teachers
2. Volunteer CU resources from Members CU

Education topics:

1) Budgeting
2) Understanding credit/debit
3) Financial planning
4) Saving
5) Insurance
6) Career planning

Identify target dates:

1. Contact school: June 6
2. Meet with school: July 31
3. Obtain agreement: beginning of school year

Other: 
Contact Mojor Weber and Fay Griffin (UCONN Coop Extension 203-407-3160) for assistance.

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Bridgeport Chapter

Participating credit unions and contacts:

1. Mary Ann Vlahac, Sikorsky FCU
2. Patty Schulte, Sikorsky FCU
3. John Keet, Personal Care America

Target group:

1. High school, focus on Junior and/or Senior classes
2. Target number of students: 2,000 +
3. Specific class:  Business, English and Math classes
    Prefer whole class

Potential school(s):

1. Stratford HS – Stratford
2. Bunnell HS – Stratford
3. Law – Milford
4. Foran – Milford
5. Trumbull HS
6. Bridgeport public school system
7. St Joseph – Trumbull
8. Polke – Bridgeport
9. Lauton Hall
10. State Donn – Fairfield
11. Christian Academy – Trumbull

Education topics:

1) General checking – Mike S, Maureen
2) Loans & credit – Bob B.
3) Career – Mitchell B, Carmen
4) Budget – Maloney
5) Marketing

Identify target dates:

1) Contact school: already contacted Stratford & Milford
2) Meet with school: already met with both
3) Obtain agreement: Reality Fair tentative for Oct./Nov.

Other: 

Potential volunteers include: 

CU reps, UI, Water, ATT, Verizon, realtor, car, insurance, salon, pet store, jewelry, police, gym, sports, financial counselor, travel agent, Best Buy, Home Depot, Lowes.
Cost concerns include:  padfolios, food, signs, copy money, event insurance?

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