Last week, Verity Credit Union held its Teach Children to Save Day (TCSD). While the National TCSD was on April 28th this year, ours came around a few weeks later. Teach Children to Save Day is a day when financial professionals across the country go into schools and teach the kids how to save, spend and share their money. As part of our commitment to the communities we serve, we were excited to make a difference in a neighborhood school.

This year we partnered with Northgate Elementary. Nine Verity volunteers went to the school and taught six classes lessons on different aspects of how to handle money. And it was AWESOME.The kids were great! Super sharp and very responsive to the lessons. In my class, the students were exposed to the concept of negative numbers for the first time (representing borrowing) and they caught on right away. Another volunteer was asked by a student if she could come back and teach everyday.

I love this event. First of all, teaching the kids is a blast. Their enthusiasm for learning and participating is infectious. Second, financial literacy is an important subject that is not stressed enough in the school system. There is very little formal education that addresses the complex world of everyday finances. Not to mention the larger topic of lifetime financial goals. In America, financial literacy is a very low priority and our emphasis on financial education is lacking.

In a study done by the FINRA Investor Education Foundation, respondents were asked five questions to evaluate their financial knowledge. In the Millennial generation group, only 24% could answer four or five of them correctly.* (click below to see the questions) And the Council for Economic Education found that only 20 states require high school students to take a course in economics. Even less, 17, require them to take a course in personal finance.^

This is a dangerous situation. Our society’s ability to remain financially sound depends on our ability to make good financial decisions. And this all begins with education. “Recent analysis of data from the 2012 National Financial Capability Study indicates that young adults who have both financial education and savings accounts are financially more sound than their peers lacking either or both, even among low-income young adults.”#

The good news is that it seems like the financial education issue is finally getting some attention. In 2013, President Obama created the President’s Advocacy Council on Financial Capability for Young Americans. In 2015, it issued its final report with recommendations to the President and the Treasury Department. Among other key findings, the council stressed the need for financial education early in school and focusing on local governments and organizations to provide training.#

And, just last year, it was announced that Washington state schools will add financial education to their curriculum. In September 2016, the Washington State Financial Education Standards (K-12) was adopted and will integrate financial education into the classrooms of primary and secondary schools. The standards include such topics as spending, saving, employment, investing and financial decision making. Hopefully, this is a just the first step. For our part as individuals, it is important that we continually educate ourselves about the increasingly complex financial world we live in. We also need to pass on our financial knowledge whenever we can. And continue to teach the children.

 

*FINRA “The Financial Capability of Young Adults – A generational view”, March 2014, see the questions: http://www.usfinancialcapability.org/quiz.php

^http://councilforeconed.org/wp/wp-content/uploads/2016/02/sos-16-final.pdf

#”President’s Advisory Council on Financial Capability for Young Americans” Final Report, June 2015 https://www.treasury.gov/resource-center/financial-education/Documents/PACFCYA%20Final%20Report%20June%202015.pdf

+”Washington State Learning Standards K-12, Financial Education” http://www.k12.wa.us/CurriculumInstruct/FinancialEducation/pubdocs/FEK-12LearningStandardsOct2016.pdf

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Verity Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

 

 

Gavin Chinn, CFS* Financial Advisor

Check the background of this investment professional on FINRA’s BrokerCheck.

An Investment Advisor registered through CUSO Financial Services, L.P., Gavin has 22 years of experience as an advisor in the Puget Sound area.

“I believe every client is unique and deserving of a personalized financial plan that will help them reach their individual financial goals. Before I make any recommendations, I like to get to know my clients. By asking the right questions, and developing an honest, trusting relationship I can really get a sense of what’s going to work best for them.”

Gavin graduated from the University of Washington with a BA in Business Administration and started his financial career with US Bank in the Investment Department. Prior to joining Verity in 2006, he spent eight years with Piper Jaffray.

So what is Gavin’s vision for his dream retirement?

“My dream retirement would be absolutely worry free: financially, emotionally, and in every aspect of life. My finances would be in order so expenses for travel, luxuries, and gifts for the kids, grandkids, and great-grandkids would be taken care of. My kids would be financially sound, so I would be confident in their prosperity. This would give me the freedom to travel and play and do whatever it is I want to do.”

When Gavin’s not working, he enjoys spending time with friends and family, watching Husky football, and taking weekend trips around the Northwest.

Gavin is registered to transact securities business in the states of WA, OR, CA, AZ, FL, HI, ID, IL, MN, NM, NY and VA.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Verity Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

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