MoneyU Partners with PenFed Credit Union and Foundation to Provide Financial Skills Training to Members

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Financial skills are critical to the financial well-being of consumers, and PenFed demonstrates outstanding commitment to members and the military by offering MoneyU.

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MoneyU, an award-winning financial game, announced today a new partnership with Pentagon Federal Credit Union (PenFed) and the PenFed Foundation, to help improve the financial skills and well-being of PenFed's members. The credit union will offer MoneyU to all of its members between the ages of 17-25 free-of-charge.

“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 the Pentagon Federal Credit Union. “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.”

“I'm extremely impressed by PenFed's commitment to the financial capability of its young adult members” said Katherine Griffin, creator of MoneyU. “At this stage of life, they're beginning to make many financial decisions, and the consequences of any financial mistakes they make can be quite costly and long-lasting. Getting credit cards, and taking out school loans or car loans requires skills.”

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 Pentagon Federal Credit Union Foundation (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 that 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.

About the Pentagon Federal Credit Union (PenFed)
PenFed is the third largest credit union in the United States with over a million members and assets in excess of $14.7 billion. 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.

To learn about membership or other information about PenFed visit http://www.PenFed.org or call 800-247-5626.

About MoneyU
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.

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Katherine Griffin
MoneyU
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