The financial decisions young people make will have reverberations through the rest of their life. So, it’s especially important for them to have a solid grasp now of the fundamentals of financial literacy.
Alexandria, VA (Vocus/PRWEB) March 22, 2011
Pentagon Federal Credit Union (PenFed) and the PenFed Foundation announced today a new partnership with MoneyU®, an award-winning financial game, further expanding the credit union’s and Foundation’s commitment to helping improve the financial skills and well-being of its members. The credit union will offer MoneyU to all of its members between the ages of 17-25, free-of-charge. For those outside this age range, the program can be purchased for a one-time cost of just $20.
“Financially literate individuals are more likely to spend prudently and put more money in savings, retirement funds, and other wealth-building accounts; and are less likely to lose money due to high-interest payday loans,” said Frank Pollack, president of PenFed. “Young people especially can have difficulty learning how to manage their finances. By offering this course, free-of-charge, we can help more of them make smarter decisions sooner.”
MoneyU takes content that is relevant to college and high-school students and presents it in a dynamic medium to help young people become financially literate. The self-paced, game-based course covers essential financial skills, such as understanding a cardholder agreement, comparing car loans, and creating a budget. With widgets and simulations, users develop skills in just six to eight hours that would take 30 hours in a traditional classroom.
The PenFed Foundation, a nationally recognized nonprofit organization working to meet the unmet needs of military personnel and their families, will offer the program to recipients of its Military Heroes Fund and Asset Recovery Kit (ARK) programs, also free-of-charge. “By offering this new program in addition to our other services we are reinforcing the message the financial literacy is a priority for long-term prosperity,” said Christopher Flynn, president and CEO of the PenFed Foundation.
A recent study released by the Financial Industry Regulatory Authority found that across all military sectors, junior enlisted service members had poor financial habits such as having difficulty covering monthly expenses and paying bills, receiving low credit scores, and lacking funds for anticipated and unanticipated financial needs.
“The financial decisions young people make will have reverberations through the rest of their life,” adds Pollack. “So, it’s especially important for them to have a solid grasp now of the fundamentals of financial literacy.”
About the Pentagon Federal Credit Union (PenFed)
PenFed is the third largest credit union in the United States with over a million members and and more than $15 billion in assets. The credit union provides worldwide service to Department of Defense, Army, Marine Corps, Navy, Air Force, Coast Guard, and Department of Homeland Security personnel; members of the VFW; employees or volunteers of the American Red Cross; employees of Tripler Army Medical Center, and others in the defense community and their families.
For more information about PenFed or learn how to become a member, visit http://www.penfed.org or call 800-247-5626.
MoneyU was developed by social venture Griffin Enterprises. The online game-based course in Personal Finance was designed especially for young adults 17 to 25 because that's when they begin to make financial decisions, which are too often significant mistakes with lasting consequences. 10,000 learners have graduated MoneyU, in colleges, high schools, homes and the workplace in 35 states. Just months after its debut, MoneyU won critical acclaim from Tech&Learning as one of the "Best Education Offerings" of the year. MoneyU's results have been independently evaluated by Assessment expert Dr. Jack Naglieri, finding that MoneyU is significantly effective.
To learn more about MoneyU, visit: http://www.moneyu.com.
# # #