SEFCU Encourages Teens to Take Control of Their Financial Future

SEFCU’s Institute for Financial Well-Being provided free financial education to teens and young adults participating in summer youth employment programs across New York State. The youth employment programs provide teens and young adults an opportunity to gain on-the-job training where they work approximately 20 hours per week and are paid for those hours. SEFCU worked with participants in these programs to give them a basic understanding of saving, budgeting, and spending now that they are earning what might be their first paycheck.

In addition to an ongoing commitment to Schenectady County Summer Job Training Agency, the City of Albany, and Broome-Tioga BOCES Summer Youth Employment programs, this summer SEFCU Institute educators and staff volunteers also taught young adults at Albany Police Athletic League, Girls Inc., Jefferson Elementary School (Schalmont) technology summer camp, the Town of Halfmoon Recreation Department summer camp, CNY Works, and SUNY Erie.

How Do I Pay for That?, My First Job:  Paycheck Basics, and Joe the Monkey Saves for a Goal were some of the interactive sessions students attended where they learned how to save money, got an overview of debit cards and savings accounts, heard about payroll withholding and social security, and could plan for future goals.

Other sessions like My Vehicle to Freedom, the Making Financial Decisions series, and Budgeting Basics: Mad City Money incorporated technology and research skills by teaching a planned buying process, challenged youth to budget as they envisioned ways to create positive community impact, while a simulated life budgeting experience helped youth connect with the future impact of daily financial decisions. These specific topics are the catalyst for generating a broader cognitive process for youth to consider their world with awareness that they have value as critical thinkers, goal setters, and influencers of their financial future and the world around them. In all sessions, youth have shared significant insight regarding their finances and as consumers and wage earners.

Find out what other sessions SEFCU’s Institute for Financial Well-Being offers for all ages by visiting our seminar page.

SEFCU’s Institute for Financial Well-Being is a unique educational initiative that features an innovative approach to providing free financial education to community organizations and individuals. The Institute for Financial Well-Being is intended to guide and encourage participants to focus on achieving personal economic stability and financial independence through a series of free workshops that aims to have a lasting impact on the community. SEFCU products and services are not discussed in these seminars. The Institute is the recipient of both the national and statewide 2018 Desjardins Youth Financial Education Award (more than $1 billion asset category).