Local Union Bank Teaches Youth Financial Literacy

Posted by: KHTS FM 98.1 & AM 1220 in Santa Clarita News July 12, 2013 - 3:47 pm 0 133 Views

Local Union Bank branches designed a program called Financial Wellness to educate youth ages 8-to-17 to prepare themselves to make good financial decisions.

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Financial Wellness consists of different outreach programs, in which Union Bank partners with the different organizations to create learning experiences to teach financial literacy.

“We’re proud of the program because it gives us an opportunity to participate in our community,” said Oscar Dominguez, vice president at the Newhall branch of Union Bank.

The program is enacted by local offices of Union Bank in participation with different local organizations. Union Bank recently partnered with The Boys and Girls Club in a five week program. Each week there would be a new segment educating youth on savings.

“We called it the ABC’s of savings,” said Dominguez.

Union Bank also held a workshop at College of the Canyons with 28 people in attendendance.

“We try to give kids a tool box to make those complicated decisions around financial well being less difficult,” said Dominguez.

The bank also announced the results of its national YouthQuery survey, conducted online by Harris Interactive, this week. The survey held in June provides insight into the financial needs and desires of 8-to-18-year-olds.

“This study is eye opening, and confirms that our nation’s youth are hungry for knowledge, including learning and talking more about how to save with teachers, parents and other adults,” says Union Bank Executive Vice President George Leis, regional president for the bank’s Central Coast division.

The survey of more than 1,200 U.S. youth reveals that 83 percent agree that they should spend less of their money in order to save more, and 76 percent want to learn more about how to save money.

80 percent agree it is very important for someone their age to have a savings account, 63 percent of U.S. youth want to talk more with adults about how to save money and 61 percent wish they had better sources of information about how to save money.

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