Financial intrigue generates hope

Discussions with youth on any topic can lend itself to a variety of directions.  Finances are no exception.

When We Survive has a Day of Hope, one of the components of the day is a fun-filled educational financial segment.  Interestingly enough, the children and youth have lots of questions in regards to this subject.

So, how did we get into a discussion about one of the most popular traditions during the Christmas season--the movie, “It’s a Wonderful Life?”  They eagerly wanted to know about a Building and Loan--remember Bailey Bros. Building and Loan Association!

Then more questions:  Is a Savings and Loans the same thing as a Building and Loan Association? What are Credit Unions, Mortgage Companies and just plain banks if you will--where to start?

During this discussion it was realized that the young people had more questions than there were answers.  They were eager for information.

Looking to Penny Haseker, CEO,  Beacon Community Credit Union  and We Survive’s Beacon of Hope  Ambassador, as a place to start with questions regarding credit unions. Penny said, “you are one of many who wonder that same thing. A credit union is a not-for-profit organization that is held together by a common goal of people helping people. When you open an account at a credit union you become a ‘member’ of that credit union. Money that you put on deposit, along with the other member’s deposits, is used to lend out to members in the form of low interest rate loans, and for investments to bring income into the credit union. Even though credit unions are not-for-profit organizations a minimum amount of profit (income) must be made from loans to members and investments so we can pay for the products and services we offer you at no charge. Products such as mobile banking, debit cards, interest bearing checking accounts, bill pay, home branch, eStatements, and more. It is also used to pay dividends on your savings, CD’s IRA’s, and Money Markets accounts.”

Then asked what makes a credit union different, Penny said, “Some unique information about credit unions is every member of a credit union is a ‘share holder’, or owner, of a piece of the credit union. Every member has an equal say about credit union goals, functions, and services. A credit union’s reason for existence is to serve the financial needs of its members.”

We Survive wants to THANK the financial institutions and organizations that have supported Day of Hope  programs.  PNC, Prudential Financial and Women Make Cents, a local investment club.

We Survive will continue to do financial segments during Day of Hope programming.  Plus, pursuing the expansion of the Making Sense Financial Network.

The first Making Sense program was introduced on February 1, 2014 at St. Augustine Catholic Church.  You may like to read about this Intergenerational Day of Hope experience | a teens perspective.