Words by Jenny Lynn Davis | Images by Al Blanton
Alabama Credit Union is making financial literacy more accessible for students, families, and community members through free educational resources, community outreach, and one-on-one financial coaching.
The credit union offers a variety of financial education tools designed to help people better understand saving, budgeting, credit, fraud prevention, career planning, and other real-world money topics. Through classroom visits, community programs, and online learning opportunities, Alabama Credit Union aims to give people of all ages practical information they can use in everyday life.
“As a credit union, we want people to know about financial literacy,” says Shelli Vanzant, manager of Alabama Credit Union’s Jasper branch. “Credit unions are nonprofit, so we want to put everything we have back into the community.”
One of the main tools available through Alabama Credit Union is Banzai, a free online financial literacy program accessible on the credit union’s website. The program includes game-based lessons and courses for children, teens, and adults. Topics include saving, budgeting, preparing for college, interview preparation, fraud and security, opening a first account, income and expenses, interest calculators, and more.
The Banzai program also includes interactive activities such as a lemonade stand game that teaches students how to manage income and expenses. Players begin with supplies and eventually have to budget for items like lemons, sugar, and cups to keep the stand running.
“It teaches through play,” Vanzant says.
Alabama Credit Union’s financial literacy outreach has already reached local schools and community groups in several Walker County communities, including Dora, Oakman, Curry, Carbon Hill, and Jasper. The credit union has also offered fraud and scam prevention programs for seniors, who are often targeted by increasingly sophisticated scams.
Older students may take part in budgeting exercises, career-based activities, bingo games, or lessons using fake money. Some sessions also introduce the 50/30/20 budgeting rule, which encourages people to allocate 50 percent of income to bills, 30 percent to spending, and 20 percent to saving.
For younger students, the lessons may include simple activities that introduce basic money concepts. One example is a “need or want” game that asks children to think through the difference between something essential, such as water, and something optional, such as pizza.
Programs can be adapted for different age groups and audiences. While children may learn through games, teenagers may focus on budgeting, checking accounts, debit cards and career planning. Adults may receive information on credit building, emergency savings, or financial wellness, while seniors may learn to recognize fraud attempts and online scams.
Vanzant said many young people are familiar with swiping a card but may not understand the account behind it.
“We went to talk to 75 eighth graders, and only about five of them knew what a checking account was,” she says. “A lot of kids just think money is a card you swipe.”
Vanzant also says the goal is to make financial education approachable, not intimidating.
“The more available and approachable we are, and the more we can be out in the community, the more people know we’re here to help,” she says. “We want them to know everything we know so they can make good financial decisions.”
The credit union also offers youth account options that encourage saving from an early age. Children ages 0 to 12 can open a Billy Bear account with a $6 deposit, with $1 serving as the membership fee and $5 remaining in the account. As children make deposits, they can earn small prizes to build excitement about saving.
Teenagers can open a Future Billionaire account with a $6 deposit. Teens may also be eligible for a checking account and debit card with a parent, grandparent, or guardian as an account holder. Those who complete the Banzai course and questionnaire may receive $50 for learning about financial literacy.
Vanzant said incentives can help get young people interested, but the larger goal is to help them develop habits and knowledge that will serve them later.
In addition to online resources and in-person programs, Alabama Credit Union also offers free financial coaching. Laura Turner, a certified financial coach at the Jasper branch, is available to meet with anyone seeking help with topics such as credit repair, credit building, saving money, or planning for a future purchase. Individuals do not have to be Alabama Credit Union members to meet with Turner.
The credit union’s website also serves as a resource for those who want to learn at their own pace. Vanzant described the site as a “whole training facility” with courses, activities, and information available to the public.
While Alabama Credit Union has 39 branches across the state and one in Florida, Vanzant said the broader goal is to let people know that help is available, whether they are students just beginning to learn about money or adults trying to make stronger financial decisions.
“We have an open door,” she says. “We want people to come in and feel like they can talk to us about anything. That’s really our goal — helping people, making them feel comfortable, and making them smile.” WL
To learn more, visit alabamacu.com/financial-education
