The BDN Opinion section operates independently and does not set news policies or contribute to reporting or editing articles elsewhere in the newspaper or on bangordailynews.com
James Lemieux serves as president of Sebasticook Valley Federal Credit Union, based in Pittsfield.
April means many things to Mainers, most notably the end of winter (finally). But did you know that April is also National Financial Literacy Month?
Now is the time to teach young people about saving and investing, given that the overwhelming majority of Americans never had the opportunity to take a personal finance class in high school. Fortunately, Gen Zers are the most likely Mainers to have taken such a course, but there is still serious work to do.
Inflation may be easing, but not as quickly as initially expected. Prices are still up 3.5 percent year over year, so Mainers are struggling to save money while affording gas, groceries and the like. Making matters worse, the typical Mainer holds $5,614 of credit card debt, as of 2023—up more than 10 percent from 2022. People are scrambling to afford basic necessities and often running up debt to do it.
One key facet of helping Mainers navigate these challenging times is to educate our kids and young adults about finances. Those who are finance leaders need to take it upon themselves to share their expertise with the next generation. And it certainly doesn’t have to be a stuffy, boring class that kids and young adults will despise. Credit unions like Sebasticook Valley Federal Credit Union are teaming up with the Maine Credit Union League to think creatively about getting young people engaged with their finances.
Later this month, the Maine Credit Union League will host a “Financial Fitness Fair” at Nokomis High School in Newport, staging a fun, insightful budget simulation. Participating students will be given a career and monthly income, and then visit booths associated with various expenses that the average adult faces each month. After filling in a monthly budget form, the goal is for students to maintain a budget that does not exceed income. Plus, there will be credit union employees (and treats!) to encourage students along the way.
If young Mainers are interested in seizing opportunities to improve their finances, those opportunities do exist. For instance, credit unions like ours offer “free4ME” checking accounts to people who are 25 and under, introducing them to the world of personal finance without charging for a debit card or digital banking. It’s one way for young adults to take ownership of their own bank account, learn financial basics and develop a sense of independence. And for our littlest members, a fun offering this month: Kids can get a free piggy bank at our Newport and Pittsfield branches.
This April, let’s celebrate National Financial Literacy Month by engaging kids on financial matters. You are not alone in setting them up for success. Schedule time with your credit union to discuss opening their first account or attend a Financial Fitness Fair.
Remember: Families have plenty of help when it comes to determining the right path forward given their unique financial situation, and that is especially important for the youngest family members who naturally have less experience in the “real world.”
The more fiscally savvy that young Mainers become, the brighter our future — and the stronger our state economy becomes, too.
