Thanks to the collaborative efforts of Security Service FCU (SSFCU) and the Family Services Association, hundreds of teens and their families were exposed to important financial education training.
Thanks to the collaborative efforts of Security Service FCU (SSFCU) and the Family Services Association, hundreds of teens and their families were exposed to important financial education training. For their part, the Cornerstone Credit Union League has awarded SSFCU a first place award in the Desjardins Youth Financial Education Award, more than $500 million in assets category. The credit union’s entry has now advanced to the national competition.
With funding from the city of San Antonio, the Family Services Association offers a six week summer internship program for youth ages 14 to 16 years. Applicants participating in the career internship earn $7.25 per hour working 20 hours a week for 6 weeks, while receiving leadership development training and money management education.
Some 204 students were selected from four low income council districts in San Antonio. Parents and teens are required to attend an orientation outlining their responsibilities during the program. The youth career opportunity internship program takes the teens through interviews and pre-employment training prior to beginning their internship with local employers. All interns must open a savings account and save at least 10 percent of their earnings.
Representatives from the Family Services Association met with local financial institutions, including credit unions, and ultimately selected SSFCU to provide the teens and their parents with a products and services overview, and four financial education presentations that covered everything from money basics to using credit wisely, budgeting, and taxes.
SSFCU also provided free savings and checking accounts to the students that did not have accounts set up. SSFCU processed 52 new account applications, provided lunch and snacks for the kids and their parents.
"Supporting the Family Services program was so important to Security Service because it served as an example of what our mission is all about," says Letha Harrelson, SSFCU's business development manager. "Helping these young people secure jobs and financial skills is key to their future success. And, when they succeed the whole community succeeds."