Grant will allow Virginia Credit Union to provide financial education course to youngsters
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VACU has been awarded a $60,000 grant from the foundation to offer its six-week Financial Education for LIFE program to older youth in foster care. The program will be offered in-person in Richmond and Lynchburg and virtually, with a goal of reaching 30 participants (mostly between the ages of 15 and 19).
The program will teach youngsters the basics of budgeting, banking products and services, credit, avoiding financial scams, building and maintaining good credit, and the auto-buying process. Participants who complete the program can earn up to $1,000, open a checking and savings account with VACU, and receive financial counseling and advice. VACU will match the dollar amount participants contribute to their savings accounts for six months after completing the program.
“Learning how to plan, budget, save and spend wisely are personal finance skills that help us achieve financial well-being and financial security," said Cherry Dale, senior vice president for financial education at VACU. "We recognized that young people in foster care may need a helping hand to successfully transition from foster care to financial independence as an adult. We’re grateful to the National Credit Union Foundation for enabling us to help what is a financially vulnerable population.”
VACU is partnering with United Methodist Family Services of Virginia Project LIFE to identify program participants.
