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VSECU Contributes $6,250 to Continuation of Growing Money Financial Education Program

FOR IMMEDIATE RELEASE: January 3, 2007

Contact: Jim White
Champlain Valley Office of Economic Opportunity, Inc.
802-860-417 Ext. 102

Burlington, VT — The Vermont State Employees Credit Union (VSECU) has contributed $6,250 to the Champlain Valley Office of Economic Opportunity’s (CVOEO) Growing Money Financial Education Program. Growing Money which aims to increase the money management skills of low-to-moderate income households in Northwest Vermont, originated in November 2005 with a grant from Ameriprise Financial, Inc. “Thanks to the VSECU’s generous award, we will continue to offer classes that address the serious debt and savings challenges that confront many local families,” comments Jim White, Program Director.

Yvonne Garand, the VSECU’s Business Development Officer, states, “The credit union is excited to contribute to Growing Money because it runs parallel to the VSECU’s own efforts. We understand that our members and those in the communities we serve are seeking the realworld skills that Growing Money has been successful in communicating – how to budget household funds, how to read and correct a credit report, how to manage loan needs and credit cards and how to build savings and family assets over time.”

Growing Money is a primarily a classroom-based approach built around two modules. In Financial Self-Protection, participants learn to manage spending. In Creating a Financial Future, they identify goals and learn to save. Participant Katherine Freund concludes, “I have developed more of a savings mentality. I think about what I need and what I buy and relate it to my future financial goals. I think about ways I can make a little extra money, or spend a little less each month so I can save more while not compromising the quality of my life. I think about budgeting, savings, mortgages, IRAs, CDs, investing, retirement where I didn’t much before these classes. And I have an emergency fund that I can draw on in times of necessity.”

An Economic Development Program of Champlain Valley Office of Economic Opportunity, Inc.

In 2006, over 43% of the 185 Vermonters who contacted the program to express interest have taken the training. With an average household income of $14,874, average savings of $646, and average debt of $9,851 participants, according to White, are motivated to improve their situations, and many experience rapid progress in gaining control of their money. He states, “Participants, who range in age from 19 to 77 years old, are eager to find their next step in dealing with money, whether it’s paying down credit card debt, or starting to save regularly.”

The VSECU, the largest state-chartered credit union in Vermont and the second largest in the state among all state- and federally charted credit unions, has a track record concerning money management education. In addition to teaching money skills in a number of middle and high schools, the VSECU has partnered with Vermont Jump$tart for Personal Financial Literacy to promote personal financial literacy among Vermont’s K-12 population.

Sunitha Balasubramanian, a Member Service Consultant in the VSECU’s Williston Office, has been a guest expert several times at the Growing Money monthly savings support group. One topic she addressed was the car loan process, “Many do not understand what’s involved in a car loan so they are scared to approach a credit union or bank. The savings group is a safe place to get answers. Supporting the Growing Money Program is one practical way for the VSECU to pursue its community education goals.”

The VSECU was organized in 1947. Its main office is 1 Bailey Avenue in Montpelier, with branch offices in Berlin, Waterbury, Rutland, Burlington and Williston. Originally open to state employees and their families, the VSECU in 2002 opened membership to anyone who lives or works in the 7 counties of Addison, Caledonia, Chittenden, Lamoille, Orange, Washington and Rutland, and to employees of many nonprofit organizations. The VSECU offers a full range of financial products and services to nearly 43,000 members in Vermont. For more information about the VSECU’s services, visit www.vsecu.com.

CVOEO is a nonprofit community action agency dedicated to addressing fundamental issues of economic, social and racial justice, and to working with low-income people to achieve economic self-sufficiency. The agency serves residents of Addison, Chittenden, Franklin and Grand Isle Counties through a variety of programming. For more information about CVOEO services, visit www.cvoeo.org.

Yvonne Garand (left), the VSECU’s Business Development Officer, presents a check for
$6,250 to Jim White (center), Director for the CVOEO’s Growing Money Financial
Education Program, and Tim Searles, the CVOEO’s Executive Director.