Grade: F*

That's the average report card 12th graders earned for financial literacy in 2008. For about a decade, the Jump$tart Coalition® has been surveying high-school seniors about personal finance.

What our youth don't know is shocking.

For example, only 23% understand that interest/dividends on savings accounts may be taxable. Only 40% realize they could lose their health insurance if their parents become unemployed.

Achieving economic prosperity is difficult.

It's especially hard for young people who've never learned how to manage money. 66 Federal is ideally positioned to respond because we believe in the power of education. We're here to help you launch the youth in your life toward financial independence.

Join.

As a start, open a Johnny Appleseed savings account for each child in your family at the Credit Union. As soon as your children can write, show them how to write deposits and withdrawals in their register. Guide teenagers through using a debit card and balancing a checkbook.

Share.

Include your children in your household finance discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cell-phone plan, calculating the total monthly cost of owning a car, or sticking to a budget with back-to-school or holiday spending.

Coach.

Remind your children to ask for help when they need it. And turn to your Credit Union when you want help. Our tradition of service and philosophy of self-help make us a natural partner in pursuing financial security.

*The first National Financial Literacy Challenge was held in the spring of 2008. More than 46,000 high school students took the 35-question Challenge test of their financial knowledge. The average score was 56%, or an F.
Read more about the National Financial Literacy Challenge