August 12th, International Youth Day, illuminates pressing issues for rising generations, celebrating the positive contributions of young people while empowering them through community resources and opportunities for growth. 

    Our members are the heart and soul of our credit union. To invest in their well-being and the prosperity of their loved ones, we’re honoring the day by bringing attention to financial literacy concerns and the educational resources that can create a brighter future for our youth. 

What is Financial Literacy? 

Financial literacy depends on an individual’s ability to manage financial resources and make informed financial decisions. A person can achieve financial literacy by dedicating time to understanding money in terms of earning, budgeting, investing, borrowing, saving, and spending; a process often referred to as financial education.

Why is Financial Literacy and Education Important?

With a 50 percent financial literacy rating in the US and 84 percent of Gen Zers depending on parents and family for financial information, it becomes crucial that we address this knowledge gap. Especially for unbanked or underbanked communities, the lack of financial literacy and generational experience can lead to improper money management throughout a household. Without the proper interjection of educational training, the effects of inexperience can snowball. 

Even in households with parents or guardians who are financially literate, the shift from financial dependency to independence can still prove to be a challenge for younger individuals. The generational gap and difference in values create a divide in understanding, and the availability and willingness of an educated family member to mentor younger learners is not guaranteed. Searching for assistance, Gen Zers turn to the resources that are familiar and available, often on their phones and personal devices. 

Navigating Online Influences 

While the digital age provides access to a plethora of trustworthy educational resources, consumers must possess a necessary level of apprehension when assessing the legitimacy of each source. 

With thousands of virtual voices telling viewers they have the “secret formula” to financial prosperity and success, it can be challenging to know who to trust. Consider that 76 percent of Gen Zers turn to TikTok or YouTube for financial advice; yet 83 percent say they have received misleading personal finance information on social platforms.

Reliable Educational Resources

Having served our members since 1936, 1166 FCU has seen the ebbs and flows of the financial climate across decades. Throughout this time, we’ve developed a reliable collection of educational resources that don’t fluctuate depending on the latest social trends. Share the links below to provide your loved ones with resources they can rely on. 

NJFinLit.enrich.org
Take free, self-paced courses that help participants build their financial skills and learn about the topics they care about the most.  

Mycreditunion.gov 

Great for free, helpful, comprehensive articles on saving, investing, home ownership, credit cards, and more fundamental financial topics. 

Office of the Comptroller of Currency Resources 

Access a directory of free resources provided by the federal government and nonprofit organizations dedicated to financial education. 

Khan Academy - Financial Literacy Course

Complete a free, self-paced course featuring videos, written explanations, and practice exercises to improve financial literacy. 

Washington State Department of Financial Institutions 

Play free interactive games for children, preteens, and teenagers that teach about money in a fun and engaging way. 

Consumer Financial Protection Bureau 

Free and helpful guides and answers to commonly asked financial questions. 

Listen to financial podcasts!

The Ramsey Show

The Clark Howard Podcast

HerMoney 

Federal Deposit Insurance Corporation - Money Smart

K-12 self-paced curriculums that include real-life examples and offer additional resources to reinforce lessons. 

Maryland State Department of Education

Resources for parents, educators, and students to develop and teach financial literacy skills. 

Read books about financial literacy

“The Intelligent Investor” by Benjamin Graham

“The Total Money Makeover” by Dave Ramsey 

“The Psychology of Money” by Morgan Housel

“The Richest Man in Babylon” by George S. Clason 

“Think and Grow Rich” by Napoleon Hill

How 1166 FCU Can Help

All members of 1166 FCU can receive free financial counseling from our trustworthy and reliable team. We also offer free, easy-to-share financial education blogs right on our website. No matter your life circumstances, we’re here to help you with every step of your journey to financial literacy. Contact us today! 

About 1166 Federal Credit Union

1166 Federal Credit Union, established in 1937, is based in Swedesboro, NJ. We are committed to providing robust financial services, great loan rates, and broad-based financial education to our more than 1,200 current members. Our products include mortgages, student loans, credit and debit cards, checking and savings accounts, ACH access, financial literacy education, and more. The credit union’s unique name references our charter number, but it also adds up to the exceptional service and savings we offer our members. Our philosophy is real people helping real people manage their financial needs.