Clued-in Credit Union Workshop
On Wednesday, 03 February 2016, Ms Flynn’s second year Business class were visited by a guest speaker, Ms Lena Shaw, a representative from the Clued-in Credit Union program.
Ms Shaw introduced us to the program called Clued-in, a resource aimed at second level students which explains personal finance and the role of credit unions. The aim was that after briefly hearing what the program has to offer, our teacher would deliver it to us in more detail in class.
Ms Shaw began by giving us an overview of the program which is split into different sections.
The first section deals with the importance of money in our lives ‘Money & Me’. Ms Shaw gave us and our teacher a quick quiz to determine if we were savers or spenders. Thankfully, most of our class were SAVERS! The boys that were spenders were given tips on the importance of saving.
After this, we were shown the second part of the program, ‘Spending & Budgeting’. We were shown examples of our needs and our wants. These play an important role in deciding if we should buy something.
The third section deals with ‘Credit & Debt’. Here we were told the difference between good debt (debt that is used for a productive purpose) and bad debt (unsustainable, high interest forms of credit). Ms Shaw then spoke to us about loans and credit cards.
The last section of the program was about Credit Unions, how they are governed and how they differ from other financial institutions.
At the end of the talk, we were told about the project element of the program which we can choose to undertake based on what we will be learning about in the various modules. If our class decides to do the project, our local Credit Union, Castlebar Credit Union would sponsor it. We would all like to undertake the project.
In first year Business class we learned about the topic ‘Money & Banking’. We did class group projects on the various financial institutions. We mainly covered the banks so it was nice to get the opportunity to gain more of an understanding of how the credit unions work.
The key message from the talk was to start saving at a young age and to remember that the credit union is a co-operative and is a brand for its members!
By Paul Grealis