Credit Unions' Spanish-Language Financial Education Classes Kick Off Second Year

biz.yahoo.com Wednesday February 5, 7:44 pm ET

COLUMBUS, Ohio, Feb. 5 /PRNewswire/ -- The Ohio Credit Union Movement's Latino Financial Literacy Program this week kicked off its second year of helping Central Ohio's growing Spanish-speaking population learn more about personal finance. More than 225 individuals attended one or more of the classes in 2002, the program's pilot year.

Three Columbus credit unions -- OhioHealth, Telhio, and Western -- and the Ohio Credit Union Foundation sponsor the financial literacy program, which is free and open to the public. The weekly two-hour classes are delivered in partnership with The Ohio State University Extension Office, with additional funding and in-kind support from various Columbus area credit unions, businesses, and charitable organizations.

The credit unions publicize and host the classes, which are taught by Dr. Ruben Nieto, a native of Venezuela and an associate of The Ohio State University Extension Office. Nieto developed the class curriculum, which in a four-part series covers budgeting, financial goals and priorities, establishing and maintaining good credit, and financial products and services. The three credit unions and a grant from the Ohio Credit Union Foundation pay for the course materials and instructor. Several Central Ohio churches and community organizations have provided meeting space for the classes.

To graduate, individuals must complete all four parts of the class series. In 2002 more than 53 percent of the participants graduated.

"Credit unions know that education will make life better for these new residents," said Sue Helmreich, manager of outreach programs for the Ohio Credit Union League, a trade association for the state's credit unions. "Participants in the financial literacy classes come from many countries. Some cannot speak English, some can't read or write any language, but the common bond is that they want to learn how to handle money in this country where they have come to make a better life for themselves and their families."

Helmreich said that the Spanish financial literacy classes are scheduled for the first half of 2003. Additional funding sources are being sought to extend the program into 2004. Securing appropriate funding will enable the Credit Union Movement to expand the program throughout the state.

The majority of class participants are natives of Argentina, Brazil, Colombia, Costa Rica, Cuba, the Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Peru, Puerto Rico, and Venezuela.

The Ohio Credit Union League, with offices in Dublin, is a state trade association representing more than 500 credit unions. Credit unions are not- for-profit financial institutions owned and democratically controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their nearly 3 million members. To learn more, visit www.OhioCreditUnions.org .