Pennies for Power Youth Credit Union

Submitted by jetrump on Thu, 10/30/2008 - 18:33

the problem:

In low-income communities the immediacy of day to day needs often overshadows thoughts of planning ahead and saving for the future. This project addresses the importance of teaching middle and high school students in Apopka, Florida how to manage money and save for their futures. About one third of Apopka High students are eligible for free or reduced price lunches and one quarter are non-native speakers of English. Many students are unfamiliar with financial institutions and the concept of saving money. I want to help Apopka students become financially literate through a fun, hands-on project. As a 23-year-old Americorps volunteer in Apopka working with the Pennies for Power Youth Credit Union Program, I feel like I am in a unique position to address the issue of youth financial literacy in Apopka.

vital stats:

people impacted:

300

people involved:

25

why it's important:

The Pennies for Power Youth Credit Union Program addresses the problem of youth financial literacy through a fun, hands-on, after school program in which students organize and manage a youth owned and operated credit union. The first element of the program is teaching students practical financial skills from first-hand experiences. As tellers, publicists, and members of the Board of Directors, students learn the basics of running a business and all the financial know-how that goes with it. The second element of the program is helping students understand how credit unions function as community-based, cooperative, democratic financial institutions, and how this can be a powerful tool for sustaining the financial well-being of a community. The final element of the program is student to student outreach. Once the participants in the program have developed a solid base of financial knowledge, they will help educate their peers through recruitment, a student designed website, informational brochures, financial literacy seminars, and any other ideas the students may have.

the plan of action:

There is great potential in the Pennies for Power Youth Credit Union Program, and I am excited about working toward realizing this potential. While PFP was founded in 1996, it has been practically dormant for several years due the lack of a program director. As the first PFP director in about 5 years, my goal is to revive the program, get students involved in the management and day-to-day operations of the credit union, and open a functional teller window transaction site on the Apopka High campus and eventually the middle school campus as well. After researching age-appropriate financial literacy curricula and making recruitment presentations at Apopka High School, I have gathered a group of about 15 diverse and enthusiastic students who are going to lead the way in establishing this enterprise. This is my first time working with such a diverse group of students, and it has provided some unexpected challenges with group cohesion. However I am continuously trying new strategies to assure that everyone in the group feels welcome and valued.

how you can get involved:

If anyone knows of, or has experience working with, a similar program, we would love and information or advise you may have.

project updates:

05/04/2009

In the heat of this recession, business is steady at the Darter Dollar$ branch of Pennies for Power Youth Credit Union in Apopka. In March and April, 10 new students opened savings accounts and started building their nest eggs. The student operators (some of whom posed for the pictures above) gave a combined total of more than 15 classroom presentations over the last two months to spread the word about our project, educate their peers about the importance of saving, encourage their peers to open accounts. Their hard work paid off as we saw a spike in membership during the week or two after our presentations. Congratulations crew!

The student operators also recently held elections to solidify their leadership for next year. Congratulations to sophomore, Maria Uribe, and junior Pedro Cordero who were elected as president and vice president respectively to carry the toarch for the Darter Dollar$ branch next year!

The remaining above photos above show our credit union office ready for operation. The first shows our storefront as all students see it when we operate on Tuesdays during lunch. The second shows a behind the scenes view of our "office" behind the third vending window in the Apopka High lunchroom. Not too shabby, eh?

Darter Dollar$!.JPG
Our Office.JPG
03/06/2009

I have calculated some official statistics to track our progress and the run-down is as follows:

Since opening at Apopka High School on January 20, 2009, our credit union has opened 20 new accounts and taken over $400 dollars worth of deposits. We also have not made a single withdrawal, which indicates that the students and children are depositing to save.

Right when the credit union opened, my students made a video commercial that aired on the Apopka High School news (Darter News Network) to get the word out about the credit union. (I don't have a digital copy of this video yet, but when I get one, I will try to post it here.) The week after the commercial, we had a big wave of account openings which we are now noticing is being followed by a bit of a slump. We are currently working on some short classroom presentation that the students will give in pairs in a number of different classrooms to continue our effort to get the AHS student body and faculty aware of and involved in our credit union. We plan to start giving our presentations in classrooms in the second half of March.

We have also started talking about how to set and work toward savings goals by making a personal budget. I have asked my students to track their expenses and their revenues for one week as a confidential exercise to help them evaluate their spending habits. I plan to talk more specifically about saving for college in the weeks to come.

The students are working hard and in February logged a combined total of about 175 volunteer hours for this project! I am privileged to work with such a dedicated group high schoolers! We will keep you posted about our progress!

02/12/2009

The Pennies for Power youth credit union is up and running and looking for new members! On January 20, 2009 Pennies for Power opened a branch at Apopka High School called Darter Dollar$. Darter Dollar$ is operated by a group of AHS students and is open every Tuesday during all lunch shifts. Students can open accounts and make weekly deposits right at school. This is a safe and convenient way for them to build their savings to prepare for expenses after graduation.

In addition to the new branch at AHS, Pennies for Power continues to operate on Mondays and Fridays from 4-6pm at Community Trust Federal Credit Union. Pennies for Power offers savings accounts for all youth 18 years and under to help them develop the savings habit and prepare for their futures. Youth can open their own accounts or parents may also start savings account for their children. You only need $5 to open an account. It’s never a bad time to start saving!

Penneis Logo.bmp
Pedro's Logo 1.JPG

Comments

nayob says:

I am the CEO & Founder of The National Association of Youth-Owned Businesses. I would love to work with your credit Union I was think of starting one my self.

*****************End of Message*******************

Commissioner Connell Wise

Founder, President and Chief Executive Officer

The National Association of Youth-Owned Businesses

The Voice of Young Business Owners

P.O. Box 76775
Washi

nayob says:

The National Association of Youth-Owned Businesses
The Voice of Young Business Owners
ceo@nayob.org
WWW.nayob.Org

marrymejoejonas says:

this is really awesome! maybe the smalll business administration would be into it?

nayob says:

I would like to extend a free one year membership to nayob. For your credit Union.

just shot me an email.

*****************End of Message*******************

Connell Wise

Founder, President and Chief Executive Officer

The National Association of Youth-Owned Businesses

The Voice of Young Business Owners

700 12 Street NW., Suite 700
Washinngton

jetrump says:

Thank you for your interest in my student credit union project! I am intrigued by your idea that we could get some help/support from the Small Business Administration, but I'm not really sure what kind of help/support to look for. Could you explain a little more what you are thinking when you say maybe the SBA would "be into it?" Thank you very much for your time!

Jenny

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