American Heritage Credit Union invests in financial literacy for young people
PHILADELPHIA, PA (December 29, 2017) — American Heritage Credit Union has debuted a new campaign focused on improving financial literacy among the region’s youth. As the season of resolutions approaches, they desire to assist young people achieve new financial goals for 2018 and beyond. With trends of increasing student loans, credit card debt, and the daunting task of saving for retirement becoming even more important, AMHFCU is investing in industry-leading resources to help young people understand and navigate their financial journey through various stages of life.
Chief among its offerings are the various account options designed for young savers. According to youth.gov, a recent survey of 15-year-olds in the United States found that 18% of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison-shopping, and understanding an invoice. Developing budgeting techniques at an early age sets kids up for success. American Heritage Credit Union created five stages of account options to guide young people from birth to age 22 that build their foundation of financial management skills and knowledge. Each account tier offers increased levels of access, independence, and freedom to lay a foundation of smart money management and responsible spending.
American Heritage supports community financial literacy programs, working with over 35 local-area elementary, middle and high schools to provide an in-school, skills-based course that covers money management, checking and savings accounts, interest rates and financial planning. It’s designed to help develop smart money habits for life, helping students become financially literate so they can make smart money decisions.
In addition to the youth account options and the scholastic program for skill building, AMHFCU developed #MONEYWISE this year; a content-rich, proprietary blog featuring articles that educate and enlighten young adults. Topics range from creating a financial plan and reducing student loan debt to tips for buying a first car. The #MONEYWISE blog speaks to the millennial generation in a way that resonates with them. Rather than only teaching to save for retirement, the content weaves in subjects known to be passions for this generation and discusses how to be financially responsible. For example, the 2016 Millennial Impact Report states that millennials are a charitable generation. They believe strongly in supporting philanthropic organizations with 52% having made a donation in the past month. Therefore, the blog serves several pieces of content about volunteering, donating and various charities of interest to help readers understand how to give back and still be financially responsible. The #MONEYWISE blog can be found at moneywise.amhfcu.org.
“We truly believe that an early introduction to the basics of personal finance is crucial to avoiding some of the mistakes many people make in their adolescence and young adulthood,” said Bruce Foulke, American Heritage Credit Union President and CEO. “From their first account, to their first credit card; when they pay off their student loans and begin to save for their own child’s education, we’ve built this resource for the next generation of earners and savers to guide them through every step. We want young people to know that American Heritage is a place they can come to for advice, not just conduct a financial transaction.”
In order to hear directly from young people about what’s important to them, AMHFCU has also formed a Youth Advisory Board. The board is comprised of young people who work to communicate the needs of their peers and help create solutions to improve financial literacy among them. Members present ideas on products and marketing and contribute to the institutions initiatives and projects. Serving as a board member not only helps volunteers become more familiar and involved in personal finance, but also builds leadership skills, prepares them for college and future positions and is a great addition to their resumes. For more information or to apply for a seat on the Youth Advisory Board, visit amhfcu.org/yab.
American Heritage Credit Union is a $2 billion, member-owned financial cooperative serving over 800 Workplace Partners. It is the country’s 116th largest Credit Union with over 168,000 members and 35 branches in the Philadelphia, Bucks, Montgomery, Delaware and Camden Counties.
About American Heritage Credit Union
American Heritage Credit Union is a member-owned financial cooperative with more than $4.5 billion in assets serving more than 800 Workplace Partners and more than 280,000 members, with more than 35 locations across Philadelphia, Bucks, Montgomery, Delaware, and Camden Counties. Founded in 1948, American Heritage Credit Union is now one of the top 75 largest credit unions in the United States. For more information about American Heritage Credit Union please visit at www.AmericanHeritageCU.org.
