Randy Sacilotto is vice president of community development at Navigant Credit Union. He talks with Providence Business News about this year’s Financial Literacy Month, what the credit union is doing and how it measures success.
PBN: What’s Navigant Credit Union doing for Financial Literacy Month?
SACILOTTO: While we certainly appreciate the national awareness that comes with an official month dedicated to this issue, we also know that financial literacy education needs to be a yearlong effort if we want to see real change. Throughout the year, Navigant Credit Union offers a series of seminars and educational classes covering aspects of financial literacy like first-time homebuying, and we partner with EverFi to bring financial literacy curriculum to high school students across the state. This month, in addition to our regularly planned initiatives, we’re also planning to visit local senior centers in northern Rhode Island to offer free personal finance lessons to residents.
PBN: Why is it important to draw awareness to this issue?
SACILOTTO: On a macro level, a financially literate society is good for the economy. If young people grow up without knowing the basics of personal finance, investing or planning for retirement, they’ll struggle to reach the financial milestones that our economy is built on. We’re seeing some of those issues right now, as young people are finding it financially difficult to get married, have children, or buy homes or cars. On a smaller level, it’s good for the individual. Everyone deserves a chance to afford a good quality of life, and educating yourself on financial literacy – and becoming financially independent at a relatively young age – is a critical first step.
PBN: What’s the No. 1 aspect of financial literacy that folks tend to lack?
SACILOTTO: I think for many people, the most pressing issue is simply learning the basics. Jump$tart released a survey a few years ago that reported more than 70 percent of college students across the country scored a “D” or an “F” on a basic financial literacy test. These students said they struggled with creating a simple budget, tracking their spending, and – most troubling – many said personal finance is one of the most “significantly stressful” aspects of their lives. It’s important to emphasize that taking control of your finances doesn’t have to be a scary, stressful endeavor. It just requires the right preparation.
PBN: What age group do you typically target?
SACILOTTO: You can’t be too young or too old to learn more about this subject, and we try to support all age groups. We’ve sponsored finance fairs at local middle schools, we offer our members a wide variety of free financial planning and personal finance courses, and – in 2011 – we became the first credit union in the United States to partner with EverFi to bring financial literacy courses into local high school classrooms at no cost to schools or taxpayers.
PBN: How do you measure the effectiveness of Navigant’s financial literacy efforts?
SACILOTTO: One way we can quantify the results of our efforts is by looking at the data. Since we launched our partnership with EverFi, our program has reached more than 4,000 students in Rhode Island, who completed more than 30,000 financial literacy modules and logged more than 22 million hours of learning. Another way is a bit more personal: talking to our members. Just about every day, a Navigant Credit Union member will achieve his or her financial dream, whether that’s buying their first home, launching their first small business, or simply reaching their annual savings goal. These success stories can’t happen without financial literacy, and – whether we’re looking at the data or the people – we’re proud of the results.
