HIGHTSTOWN, N.J. - The New Jersey Credit Union League kicked off its Financial Literacy Challenge in April of 2010, challenging New Jersey credit unions to provide as much financial literacy education as possible for one year.
The League developed a set of curriculum for children, teens, and adults that credit unions could use in the classroom, at the credit unions, or anywhere else they were able to provide financial literacy education. The League's curriculum was provided free of charge to affiliated, participating credit unions.
"Credit unions do an excellent job of providing financial education to members daily, whether it be through programs designed to provide young students with knowledge of budgets or credit, through programs like the Financial Reality Fairs that were started this year, or just through one-on-one counseling at a local branch," said NJCUL President/CEO Paul Gentile. "The Financial Literacy Challenge was a way for us to further help credit union members by providing them with scholarships to help them further their education on any front."
Participating credit unions were split into three asset categories: under $10 million, $10-25 million, and over $25 million. Participants competed for scholarships for their members. The top credit union from each asset category would receive two, $1,000 scholarships; second place would receive two, $750 scholarships; and third place would receive two, $400 scholarships.
The League tracked the progress of each credit union through the use of attendee evaluation forms.
A total of 16 credit unions signed up for the challenge, and four credit unions did an outstanding job over the past year providing financial literacy to individuals and groups of all ages across the state. NJCUL is proud to announce 1st Bergen FCU, MidState FCU, Central Jersey FCU, First Jersey CU, and Jersey Shore FCU as winners of the Financial Literacy Challenge!
In total, participating credit unions reached 1,466 people across New Jersey with their financial literacy efforts.