Building a Legacy of Financial Literacy

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Building a Legacy of Financial Literacy-mom kissing baby while sitting at the dining table doing finances

Our Education Roots Sprout Success: Part 5

Studies show nearly half of all students leave high school without any financial education. Recognizing this financial literacy gap, OnPoint has worked for many years to equip people of all ages with the tools and knowledge they need to achieve sustainable financial wellness. With more than two-thirds of Americans facing severe economic setbacks in 2020, financial education is more important than ever.

“Engaging young people in money topics now, especially during this time of uncertainty, will instill responsible habits early and empower them to take control of their personal finances, even if it starts with their weekly allowance,” said Erin Moore, our Education Program Manager who oversees OnPoint’s efforts to increase financial resiliency among residents of Oregon and SW Washington. “Now is the time to engage kids on basic financial concepts that will help them understand how to make smart financial decisions as adults.”

As an organization founded by schoolteachers, financial education is part of our DNA. In part five of the “Our Education Roots Sprout Success” series, we share more about programs that empower people to make smart money management decisions.

Building a legacy one volunteer at a time

Our employees’ dedication to sharing their time and expertise in our community fuels OnPoint’s mission to improve financial literacy and wellness in the region. Volunteers like Araceli Gonzalez, Branch Operations Supervisor at our Kruse Meadows Branch, engage local students through Financial Beginnings and Junior Achievement of Oregon and SW Washington. Araceli works directly with elementary students and high school girls in the Hispanic community who are beginning to work and make their own financial decisions.

“When I was in high school, a financial professional spoke to one of my classes. At first, I had no idea what he was talking about because I had never learned any of these concepts before, and I was not alone,” recalled Araceli. “The discussion around CDs and the fact I could make money with my own money caught my attention and truly changed my life. Anyone who handles money should have basic financial knowledge, and that’s practically everyone. I want to share these important lessons with other members of my community who will see benefits for the rest of their lives.”

When students attend financial literacy sessions with volunteers like Araceli, they gain confidence and prepare to enter the world with a better understanding of money and finances.

Our financial literacy volunteers are crucial to our mission of improving financial literacy in our region. To ensure our classrooms have continued access through hybrid and remote learning, we adapted our in-person approach into engaging virtual formats. We look forward to serving more classrooms in the coming year. Learn more about our free financial education resources.

 

Building a Legacy of Financial Literacy_Woman looking through personal finances in her kitchen

Partnering to expand our impact

We’re continually looking for new opportunities to amplify the missions of community organizations that share our dedication to financial literacy. We are proud to have launched a new partnership with Birch Community Services (BCS) this year with a $5,000 donation to help local families build a foundation of success with grocery relief and financial education.

Our support helps fund BCS’s innovative Sustainable Families Program, in which families pay $80 per month to have a membership. Members must volunteer at least two hours of their time each month in the warehouse sorting groceries and clothes, stocking shelves or tearing down boxes.

In return, members can go “shopping” every week in BCS’s warehouse, taking home an average of $1,000 per month in food, clothing and household items. Members also have one-on-one meetings with a Financial Literacy Manager and take an eight-hour financial literacy course that helps with budgeting, catching up on bills, building savings and paying down debt.

Suzanne Birch, Executive Director of BCS explained, “We look like a food security program, but we primarily focus on financial literacy. Providing our families with immediate financial relief on groceries, clothing and personal care items not only creates margin to pay down debt, but it also opens them up to the world of financial education.”

Learn more about how your organization can receive a charitable donation from OnPoint.

Financial education starts at home

Reaching financial goals starts with understanding. That’s why we offer various financial education resources that help families set realistic goals, understand how their relationship with money affects decisions, and how to create a plan to achieve their goals.

  • Enrich helps people build a personal understanding of money and chart a customized financial education journey with practical tools that create or update a budget, establish financial goals, and create a personalized plan. OnPoint provides free access to these resources for everyone in our community.
  • Getting started with your free profile unlocks full access to digital courses and personalized recommendations. From there, you can complete our money personality quiz and financial wellness checkup to stay on track. These tools will tell you where you are in your journey and unlock custom content that will help you make money decisions that will prepare you for tomorrow.
  • BALANCE provides members in financial distress with access to confidential, no-cost one-on-one financial counseling, support from creditors to develop a debt repayment plan, and hands-on money management tools.
  • The OnPoint Blog offers the latest practical tips and advice to help families improve their understanding of finances and attain financial wellness. One example is our post “The Biggest Cybersecurity Questions for Parents” which provides useful guidance to help keep kids and families safe online.

Building a Legacy of Financial Literacy_mom smiling at baby boy while working on family finances

Never too soon to start learning

When talking to kids about money and finances, the earlier, the better—learning how to make, count, and save money early on builds a foundation of knowledge and instills responsible habits that provide lifetime benefits to kids.

OnPoint offers financial products and services to support young people as they begin their financial journey. OnPoint Savers is a great place to start. This high-yield savings account for kids is an exciting way to introduce the basics of money and finances. Not only do we offer an incredible 5.00% APY**, but we also deposit an additional $55* when a child’s membership is opened with a minimum deposit of $25. Learn more about OnPoint Savers.

It takes years of dedication to create a true legacy. With the schoolteachers who founded us as our inspiration and guide, we have worked for 89 years to advance financial wellness in our region. Whether we are inspiring students with financial education, supporting our high school seniors with scholarships, closing the education gap for underserved students, or honoring the outstanding educators in our community, our work never stops.

As the region continues to face financial unknowns, we are more determined than ever. We look forward to growing our partnerships and our team of volunteers, adapting to our member and community’s evolving needs, and ultimately, fulfilling our purpose of building strong communities, one person at a time. Thank you for your ongoing support.

Disclosures

*OnPoint Savers Account rate of 5.00% APY is accurate as of December 1, 2020 and subject to change. Stated APY is for balances up to $500; balances of $500.01 and higher earn posted Regular Savings Account rate. Account must be established for members age 17 or younger by parent or guardian with a minimum $25 deposit. Parent or legal guardian must be on the membership and present to open the OnPoint Savers Account. When primary member attains the age of 18, accounts will be converted to Regular Savings Account, earning that account’s published rate at that time. Fiduciary memberships, including UTTMA and Minor Settlement Accounts are not eligible for OnPoint Savers. One OnPoint Savers Account per member/TIN. One $55 bonus per tax ID for new members only. Bonus will be included on a 1099-INT for tax purposes. Cannot be combined with other offers for opening a new membership, such as new branch promotions or Refer a Friend.

The full account balance APY is calculated by combining the 5.00% APY earnings on the first $500 with the standard APY on the remaining balance above $500.

**APY=Annual Percentage Yield.

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