Credit union commits funds to financial-literacy effort

Summit Credit Union is funding a financial literacy room in the new Boys & Girls Club-Allied Drive Family Center, which is scheduled for completion in May.

"The need for financial education among young people is increasingly apparent," said Rebecca Gerothanas, vice president of marketing at Summit Credit Union. "Research conducted by the National Endowment for Financial Education shows that as little as 10 hours of finance education positively affects students' spending and saving habits."

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Summit plans to contribute $75,000 over five years toward the effort, Gerothanas said.

The Boys & Girls Club offers children and their families personal development training to improve their social condition.

Tom Popp, interim executive director of the Boys & Girls Club of Dane County, said his group provides courses in character development, educational and career skills, health and quality-of-life maintenance, artistic expression, sports, fitness and recreation.

"The new facility will also be a community center with adult programming," Popp said. "Financial literacy will be a part of that, giving parents the skills they need to manage their family income."

The 22,000-square-foot facility will be across the street from the current Boys & Girls Club building at 4705 Jenewein Road. The financial literacy room will occupy 500 square feet dedicated to money management education.

Earlier this year, Summit Credit Union in partnership with the Boys & Girls Club and Great Wisconsin Credit Union (formerly CUNA Credit Union) opened a money management institution just for young people. STAR Credit Union, 2001 Taft St., offers club members the opportunity to open a savings account and learn fiscal responsibility. Earning 5 percent annual interest, each account can grow to a maximum of $500.

Wyolanda Singleton, director of club operations, said the credit union gives young people an alternative to payday lending institutions that charge high service fees and discourage saving.

She said the financial literacy room will expand upon the training the club provides and will help to end the cycle of intergenerational poverty.

"It's important to teach children money management skills at an early age," Singleton said. "There're a lot of people in our community, even adults, who don't have these skills. The financial literacy room and the programs we teach will help people take control over life's circumstances instead of circumstances taking control of them."

The room will be a meeting place where club members can learn from business leaders the importance of good money management. The funds raised by Summit and its customers will go toward furniture, computers and other materials to furnish the room.

Amy Crowe, public relations and educational liaison for Great Wisconsin Credit Union, has served the Boys & Girls Club as a financial instructor for more than two years.

"I get so excited to see kids get excited about money," Crowe said. "Whether they're learning about car loans or credit unions or even piggy banks, they're getting skills that will carry through over a lifetime. I want to make sure that I'm arming kids with the information they need to make good financial decisions."