16 THE NAFCU JOURNAL JULY–AUGUST 2022 program. Once parents set up a savings account, children can add to or withdraw from their account at the elementary school “branch,” which, prior to the coronavirus pandemic, often was a table or booth on the playground that was staffed once a week by local Mission Fed employees. The pandemic changed this, but the schoolyard branches are slowly starting again as schools allow. “It’s amazing how quickly deposits of quarters and nickels add up,” said Debra Schwartz, president and CEO at Mission Fed. “We currently have 14,312 Mission to $AVE Accounts with total balances at $19,130,609!” Students receive swag, such as mini piggy banks, when they open the account and, as balances increase, they see how much their account has grown. An added incentive for parents and other family members to deposit into the account is the 5% interest paid on the first $500 saved until the child turns 13. “Branches choose their school partners, which is often decided based on locations near the branch, or schools attended by employees’ children and of course, school administration’s willingness to participate,” said Schwartz. “Once the student turns 18, the account transitions into a regular savings account.” While the Mission to $AVE program is focused on educating children 7- to 8-years-old, the credit union’s involvement with Junior Achievement of San Diego County ( JA) has created a financial literacy course that includes 6 to 13 sessions on financial literacy for high school students that culminates with a visit to the Mission Fed JA Finance Park. The Finance Park is a simulation exercise in which students are guided through adult life simulations that allow them to put the budgeting, saving and spending lessons they’ve learned into practice for themselves and their virtual families. “We donated $1 million to JA as seed money to build the facility because it teaches students lessons they need to know to prepare themselves for the real world,” said Schwartz. A student might receive a real-world virtual life scenario, for example that he is a 32-year-old single man with a good job and salary, and then he has to determine how he will spend, save and budget his money. “The first reaction might be to buy a new Mustang, but then he has to budget for car and insurance payments along with rent, groceries, taxes, meals out and other expenses and savings.” A long-time Mission Fed partnership with Girl Scouts San Diego promotes financial education through a “Money Madness” Financial Literacy patch scouts can earn by completing requirements that teach them how to make good decisions with money. “Community involvement is important to us, as well as identifying meaningful opportunities to promote financial literacy,” said Schwartz. Staff is involved in organizations and on various nonprofit boards, which give them the chance to hear what is needed and come up with solutions that make sense. Building Literacy and Membership When SkyPoint Federal Credit Union looked at enhancing financial literacy education for the communities it serves, the focus was on high school and college students. “Not everyone has the opportunity or the interest in going to college, so high school is ideally the opportune time to catch young adults before they step out into the real world,” said Audra Pettus, community relations director for SkyPoint. “While algebra and geometry are important subjects, many of us do not ever use these subjects again beyond high school, but do you know what every person needs to know?” she asked. “Knowing how to “ Community involvement is important to us as well as identifying meaningful opportunities to promote financial literacy. ” DEBRA SCHWARTZ, PRESIDENT & CEO, MISSION FED
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