Sonoma State, Redwood Credit Union Team Up For Financial Literacy

ROHNERT PARK, CA — Sonoma State University and the Redwood Credit Union have launched
a joint effort to increase financial literacy education in schools. The effort is partly in response to a "Survey of the States" by the Council for Economic Education this year. The survey showed there has been minimal to no growth in recent years of teaching personal finance and economic education in grades K-12.

Studies show that teaching about those topics reduces personal debt in adult years and provides a greater chance of saving for both retirement and unforeseen emergencies.

Redwood Credit Union has given a $25,000 grant to the Sonoma State University School of Education for the development of a course to train undergraduates on teaching financial literacy in the classroom.

Carlos Ayala, dean of the SSU School of Education, and Susan Campbell, a professor of education, developed the three-phase course.

The first phase incorporates a financial literacy curriculum into existing School of Education classes. The second phase expands the curriculum to other academic areas that will reach 70 percent of all SSU students by spring 2021.

Phase three, an Advanced Financial Literacy Certificate program offered to current teachers, will be developed simultaneously with the second phase.

Students in the credential program will learn more about FICO credit rating scores and personal credit card debt, Campbell said.

"But the main focus is how do they teach this to elementary school students to get them started on thinking 'What do I need to live and what do I want,'" Campbell said.

The financial literacy program coincides with the state Board of Education's effort to promote greater financial literacy instruction in grades K-12.

"Imagine the impact that all these students will have when they go out into the community to incorporate these lessons in their teaching plans. It would change the nature of banking and debt," Ayala said.

The SSU and RCU partnership started last week at SSU with a "Bite of Reality" program offered throughout the North Bay by the credit union.

Students who were given identities and financial portfolios were presented with life opportunities and challenges that called for decisions on the car they would buy and pay off with their personal budget and even the type of groceries they would purchase. Some students succeeded financially
and others had to confront the necessity of budgeting.

Former SSU student and current Redwood Credit Union employee Wrynn Valentine Reynoso presents the Bite of Reality program to local schools and youth organizations.

"So many parents and teachers don't talk about personal finances with children and students because they don't feel secure in it themselves," Reynoso said in a statement.

"If we can help future teachers to be more secure in their financial literacy, then they are more likely to let that trickle down, and it could mean amazing things," Reynoso said.

By Bay City News Service

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