April is Financial Literacy Month!

At a time when financial literacy is increasingly recognized to be as important as algebra or geometry, credit unions are uniquely positioned to stand out as a source of personal finance education.

Pittsford Federal Credit Union has its roots in the classroom, and we believe you are never too young to learn the basics about managing your money. The reality is that many of us adults also need a refresher course from time to time.

Credit unions foster financial well-being, and PFCU is committed to education and community. We are proud to offer a money management program in cooperation with Pittsford Schools where we engage with 7th graders in their “Home and Careers” class. The goal is simple: to demonstrate the cost of borrowing and the difference between what is a want and what is a need.

Growing up, many of us did not learn much about managing money. Figuring out finances, managing a budget, saving, how to use credit cards, buying a house, or paying for college were left to adults.

Financial literacy has four basic pillars: debt, budgeting, saving, and investing. We demonstrate these fundamental lessons in class with tangible examples. We approach the students as consumers and future spenders. We explain how credit card interest works and provide a workbook and sample checks to explain how bills are paid and how to budget for monthly spending. When they are ready to earn their own income, we hope these early lessons will help them when it’s time to manage their money.

PFCU also offers an online financial literacy course for teachers to use in the classroom. It is an interactive, game-like course to give students real-life examples of financial decisions that they may encounter.

But financial wellness is more than just about managing money. It is a chance at any stage in life for a better, more secure financial future. Credit unions can play an important role in empowering members with essential financial knowledge.

The Credit Union Difference

Unlike banks, credit unions are not-for-profit organizations owned by their members. This allows the credit union to prioritize financial education and have the freedom to focus on educational initiatives rather than profits. The mission is simple: empower members with knowledge and tools to make informed financial decisions.

Personalized Education

Credit unions understand the importance of personalized financial education to help meet the unique needs of their members. From an initial savings account, car loan, mortgage, or older adults looking to make a big investment, there is room for advice for members. Personalized education allows members to take control of their finances and their futures.

Accessible Tools

At PFCU we offer several online resources, calculators, and digital tools that provide a convenient way to help members stay on top of their spending, saving, and budgeting. We also have in-branch resources. Leveraging technology to enhance financial literacy through mobile apps and interactive resources makes it easier for individuals to learn about personal finance on their own terms and at their own pace.

Rising interest rates, inflation, and an ever-changing economy can seem daunting. Being financially literate and prepared can help make challenging times a little easier. Knowledge is power when it comes to making key financial decisions. By using a resource like the credit union, you can weather any crisis and realize your dreams of a house, education, or vacation.

Financial literacy is a lesson worth learning and sharing with the next generation.