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Press Release
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“Bite of Reality” Financial Workshop for Seniors In San Rafael High Schools
April 19, 2013—The San Rafael Chamber of Commerce and Redwood Credit Union today announced that they would be jointly conducting the inaugural “Bite of Reality” financial workshop for seniors from San Rafael, Madrone and Terra Linda high schools on Wednesday, April 24, from 8:30 a.m. to 11:30 a.m. at the San Rafael High gym. The event, which will teach basic money management in a fun setting, is a hands-on simulation designed to provide teens with a taste of real-world financial realities. There is no charge for the workshop and Chamber members and staff from Redwood Credit Union will serve as mentors and play the roles of business people that adults encounter in their financial lives.“What is particularly valuable for the participants,” said Rick Wells, CEO/president of the Chamber, “is that they will be faced with all the challenges they will encounter after graduation, from paying off student loans to medical insurance to purchasing basic necessities.” While California is one of 22 states which require a high school course in economics, only 14 require a course in personal finance and California is not among them. This despite the fact that, according to a recent survey by Allstate Financial, 40 percent of adults admit they are not knowledgeable about how to handle personal finances. Taking place during National Credit Union Youth Week, the “Bite of Reality” program was created by the RMJ Foundation. To start the session, the teens are given a fictional, but reality-based life setting, including an occupation, salary, family, credit cards and a checking account. They then walk around to various table-top stations to “purchase” housing, transportation, food, clothing, household necessities, day care and other needs. “We encounter young adults at our branches every day,” said Sal Medina, manager of Redwood Credit Union’s San Rafael branch, “who are earnest about wanting to be financially responsible but simply have not had access to information or education about personal money management. Our goal is to provide the opportunity to learn about what they will face as adults in a safe environment where the results of a financial misstep do not have real-world consequences.” Participants will have to deal with pushy car salespeople, commission-based realtors and various other providers as they weigh their wants versus their needs. During the exercise, the teens will be faced with challenging decisions as they find that the money from their salaries might not meet their desires for goods and services. “We expect that there will be some sticker shock,” said Wells. “But better in this setting than when they are on their own for the first time.” Chamber members who would like to represent their occupations at the session can sign up through Robert Friedman at Redwood Credit Union at 707-775-9614 or by email at rfriedman@redwoodcu.org. About the San Rafael Chamber of Commerce The San Rafael Chamber represents more than 585 members with over 12,000 employees. The Chamber is a member-based business advocacy organization providing a strong voice in support of the economic vitality of our community. For more information visit www.SRChamber.com. About Redwood Credit Union Founded in 1950, Redwood Credit Union (www.redwoodcu.org) is a full-service financial cooperative providing personal and business banking to anyone living or working in the North Bay and San Francisco. RCU offers complete financial services including checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, commercial and SBA lending, investment and financial planning services and more. The Credit Union also offers a variety of insurance products and discount auto sales through their wholly-owned subsidiary. RCU currently has more than $2.1 billion in assets and serves 225,000 Members with 18 full-service branch locations from San Francisco to Ukiah. About the RMJ Foundation The Richard Myles Johnson (RMJ) Foundation, established in 1958 as the California Filene Foundation, supports the financial education efforts of credit unions in California and Nevada, with a special focus on youth financial education. The RMJ Foundation, a 501(c) 3 organization, seeks to fund meaningful youth financial education projects, such as “Bite of Reality,” as well as to provide scholarships for credit union staff and volunteers to attend educational seminars and conferences. Funding financial education programs is yet another positive public advocacy tool, and helps credit unions fulfill their mission of serving the underserved. |