How Credit Unions are Fighting for Financial Literacy
While most Americans work to have solid finances, many find they lack the financial knowledge to do so. Financial literacy has decreased in recent years with Americans feeling less confident about their overall financial expertise.
To improve financial literacy, credit unions - like Clark County Credit Union - are offering resources to help members learn more about meaningful financial topics. CCCU has partnered with Banzai to provide its members with clear, straightforward lessons to boost their financial literacy. Content from Banzai is available in English and Spanish.
A Solid Foundation Is Key to Achieving Financial Literacy
Financial literacy begins with the basics. It's never too early to begin teaching financial basics to pre-teens or even kids. Banzai Jr. is a free resource from CCCU that introduces kids to basic financial concepts using an interactive story.
Designed for kids between ages 8 and 12, Banzai Jr. teaches the basics of personal finance, including saving, budgeting, borrowing, and running a business. The courses are free and teach the basics of personal finance in a way that's fun and easy to understand. Once kids are ready for more in-depth financial topics, they can move onto Banzai Teen.
Banzai Teen is an engaging course that introduces teens to real-life scenarios that can impact their ability to meet their financial goals. The course consists of a module that introduces teens to basic financial concepts before they begin the game portion. Teens will improve their financial literacy while enjoying an entertaining storyline.
Resources & Tools for Adults
It's never too late for financial literacy. Adults who find themselves struggling to make or stick to a budget or don't know how to prepare for major life events (like planning for retirement or funding a college education) should explore Banzai. Banzai is a free resource that includes lessons, articles, and calculators to help users improve their financial literacy. The content of these alternatives covers the following:
- Maintaining a bank account
- Setting and reaching a savings goal
- Selecting a proper retirement account
- Diversifying your investments
- Selecting and purchasing insurance products
- Understanding your tax obligation (and your options for lowering it)
- Determining the affordability of a loan or credit card
- Adjusting your budget for an unanticipated expense or reduction in income
- Paying off debt or managing debt payments
- Establishing the proper end-of-life documents
- And much more!
Use Banzai at your own pace and research the topics relevant to your current situation. Have more questions on how to achieve financial literacy? Contact CCCU at 702-228-2228 to get started!