SEATTLE--(BUSINESS WIRE)--On October 10 more than 1,500 BECU employees will be hard at work teaching 2,000 high school students the importance of financial literacy. Returning for its second year, ‘Closing for Good’ gives students a crash course on the financial realities of adult life. BECU’s 40 locations, along with most of the financial services industry, will be closed on October 10 for a federal holiday.
“As a credit union, a crucial part of our mission is giving people the tools to build strong financial foundations,” said BECU CEO Benson Porter. “Helping students leave high school with a solid understanding of budgeting and finances is crucial to securing our community’s financial future.”
A study BECU funded last year with the National Foundation for Credit Counseling showed that one in four American adults do not save any of their household income for retirement. One in three say they carry credit card debt from month to month.
At this year’s Closing for Good event, hosted at the Washington State Convention Center, BECU will work with students from three Highline schools: Highline High School, Global Connections, and the Academy of Citizenship and Empowerment. The schools are also ‘closing for good’ and suspending regular classes for the day so their students can participate in BECU’s financial reality simulation. Participants are assigned a job and income and then set off to make the financial decisions adults face every day: car buying, living arrangements, pets, clothes, electronics, entertainment and more.
The event will kick off a full week of future-focused workshops for the schools, where students will consider options for college, work and post-high school life.
“We see events like Closing for Good as important learning opportunities for our students,” said Highline Public Schools Superintendent Susan Enfield. “Financial literacy is a vital skill for everyday life and I believe this will be an eye-opening experience for our students.”
In addition to Closing for Good, BECU periodically offers budget simulations at Junior Achievement World in Auburn, which individuals can sign up for through BECU’s news webpage, BECU.org/news.
“The number one thing we hear from participants is ‘being an adult is expensive!’” said Sara Moorehead, BECU’s vice president of co-operative affairs. “Giving students a tangible way to see how quickly monthly expenses add up is a great tool to create a healthy outlook for financial decisions.”
BECU is also planning an additional financial reality simulations for Spokane area high school students in early 2017.
BECU is a not-for-profit credit union owned by its members. Earnings are returned to the members in the form of better rates and fewer fees. With nearly 1 million members and over $15 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates more than 40 locations in the Washington. All Washington state residents, Boeing employees and their families, and students attending Washington colleges and universities are eligible to join. For more information, visit www.becu.org.