In alignment with the ‘people-first’ or ‘people-not-profit’ philosophy of credit unions, UKRFCU earnings go back to the membership in the form of higher interest on deposits, lower rates on loans, fewer and lower fees, and community support. We are also committed to providing our members with more educational resources, guidance, and education.
This April, we’re celebrating National Credit Union Youth Month, “The Future is Yours… Picture it! Save for it! Share it!”. This theme encourages our youth to look forward to their futures, picture their goals, and learn how to save their money to chase their dreams. This is a time when credit unions all over the country promote to younger members the importance of savings by financial literacy, which will ultimately have a positive impact on knowledge and measurable financial behaviors. Financial literacy provides younger members with the knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.
UKRFCU is committed to teaching our youth the importance of saving and financial literacy at an early age. From our youngest members at Ukrainian Heritage School to Manor College students and everyone in between, financial education for our young members is part of our mission to help them manage their financial resources effectively throughout their lives. Below are a few ways we teach good financial habits to our young members:
- Student Savers Program – At UKRFCU, we strive to inspire and educate students in the Ukrainian community to make smarter decisions towards achieving financial success. Students can join our Student Savers program at our participating Ukrainian Schools. This program helps students develop a routine every Saturday to store away money into their savings accounts, so that they can be ready for their future.
- Personal Finance at Ukrainian Heritage School (UHS) – For the past few years, students (grades 10 and 11) from UHS joined the UKRFCU Annual Meeting to learn more about how the credit union works operates in the financial sector and within the Ukrainian-American community in the greater Philadelphia area. Furthermore, students participated in a focus group with the UKRFCU’s Marketing Department and engaged in discussion on personal finance needs and wants, online security best practices, debit card usage, and more.
- Personal Finance at St. Basils Academy (SBA) – UKRFCU’s Director of Business Development, Anatoli Murha currently teaches a group of 11th and 12th graders on the topic of “Why Money Matters” at SBA. The class is designed to discuss personal finance best practices early in life to empower students to better plan their finances throughout multiple phases of life. Topics include importance and ways to save money, budgeting, setting up for retirement early, how to understand credit, and more.
- Personal Finance at Manor College – UKRFCU staff presented a Personal Finance Workshop for Manor College students. Topics included using credit wisely, budgeting, cybersecurity, and needs vs. wants.
As a result, through lectures, workshops, and valuable advice, we hope students will be educated to make better and wiser financial decisions in their own lives. In a survey from the University of Kansas, they found that only 6 percent of millennials (6,000 people ages 18-34) were financially educated and about half of the millennials surveyed were not saving for emergencies. “Having the knowledge and the opportunity to make decisions financially can relate to your ability to save for retirement down the road, how you invest in home ownership and other types of wealth. It’s very critical,” said Terri Friedline, Associate Professor of Social Welfare at the University of Kansas.
Throughout the month of April, we will be posting financial tips for young members. We encourage you to also take a moment to teach your children a thing or two about good money management skills. Although April is known as National Credit Union Youth Month, we must remember that financial literacy is a lifelong learning process and we are constantly learning about best financial practices throughout our lifetime. As such, in the past two years, we have hosted member education sessions on a variety of topics such as:
- First Time Home Buying Seminar (FTHB) – UKRFCU hosted a FTHB Seminar with Re/Max Regency Realty Realtor, Marta Pilip. As a Realtor, Pilip discussed how to purchase your first home and how to start building credit history. UKRFCU Loan Originator, Nataliya Syvyk, presented on how to qualify for a mortgage and what loans are available at our credit union.
- First Time Home Buying Seminar & ID Theft Prevention – UKRFCU hosted a FTHB Seminar with Liberty Mutual Senior Sales Representative, Shayna Carnevale. Carnevale presented on ID Theft Protection best practices and cybersecurity. UKRFCU Loan Originator Manager, Walter Patrun presented on the home buying process, home ownership, loans available at UKRFCU, and qualifications.
- Social Security Seminar – UKRFCU hosted a Social Security Seminar with Daniel P. Batty from uFinancial. Batty presented on Medicare, Social Security fundamentals choices, qualifications, filing, and resources to help you make the right decision.
- Investment Property Seminar – UKRFCU hosted a Social Security Seminar with UKRFCU’s Loan Originator, Borys Pawluk, and Business Loan Manager, Christina Hewko. They presented an overview of investment property opportunities, how to finance, and the process of buying an investment property.
As a friendly reminder, all UKRFCU education sessions/seminars are free! We will continue to host these sessions and look forward to seeing you at one soon. Stay tuned on www.ukrfcu.com for upcoming events.