Seeking to break down boundaries which have left many Michiganders caught in a zone on the cusp of poverty, one native group is working towards educating the youth to assist information them towards a greater monetary future.
United Method Montcalm-Ionia Counties, which fights for the well being, schooling and monetary stability of all members of the 2 counties, has introduced a Monetary Literacy Video Contest focused towards highschool youngsters.
Hosted in partnership with title sponsor Most well-liked Credit score Union, together with platinum sponsors Mercantile Financial institution of Michigan, Michigan, One Group Credit score Union, Isabella Financial institution and Unbiased Financial institution, the competition, which asks college students to create a 90 second video on a monetary matter of their alternative, can be open to youngsters from the Belding, Carson Metropolis-Crystal, Central Montcalm, Greenville, Ionia, Lakeview, Lakewood, Montabella, Pewamo-Westphalia, Portland, Saranac, Tri County and Vestaburg faculty districts.
Matters may vary from explaining a credit score rating, saving to purchase a automobile, tips on how to fund school and price range for a semester and extra.
Based on United Method Montcalm-Ionia Counties Govt Director Terri Legg, the partnership and contest comes about following the outcomes of the current Asset Restricted, Revenue Constrained, Employed (ALICE) report showcasing financial developments from 2019.
The ALICE Report confirmed previous to the COVID-19 pandemic in 2019 there was a near-record-low variety of individuals reported to be unemployed.
By December 2020 the Unemployment Insurance coverage Company (UIA) confirmed practically 700,000 Michigan residents have been receiving unemployment advantages.
Michigan was one of many main states within the nation with important job loss, and as well as, low-wage jobs proceed to dominate the state’s financial system, making it tougher for employees to seek out jobs with wages that may help a primary family price range.
Resulting from progress within the variety of low-wage jobs, minimal will increase in wages and extra fluctuations in job hours, schedules, and advantages that make it more durable to price range and plan, over one million Michiganders remained caught within the ALICE threshold — dwelling between the degrees of poverty and the center class.
Based on the report, In Montcalm County, 43% of households are thought of to fall inside ALICE, and in Ionia County, 37% are additionally on this class. These are households that earn greater than the Federal Poverty Degree however lower than the essential price of dwelling for the state.
Moreover in 2019, a file variety of Michigan employees, 58%, have been paid by the hour and greater than half of the state’s jobs paid lower than $20 per hour.
“With these financial developments in thoughts, the United Method of Montcalm and Ionia counties needs to get forward of the curve with our communities’ youths,” Legg mentioned. “We all know that when teenagers perceive monetary literacy, they will handle their cash extra efficiently and be higher ready to price range for actual life conditions.
In creating brief movies for the competition, United Method Montcalm-Ionia Counties Group Affect Affiliate Jeffrey Puehler mentioned college students will present their creativity whereas instructing others about monetary literacy.
“By internet hosting the Teen Monetary Literacy Video Contest, we hope to assist and encourage the youth in our neighborhood by letting them analysis a subject about monetary literacy,” he mentioned. “Understanding Monetary literacy is the stepping stone for monetary success and understanding tips on how to earn above the brink.”
In representing the title sponsor of the competition, Most well-liked Credit score Union Vice President of Member Expertise Chris Pratt mentioned he’s hopeful the competition will assist set space youths on the suitable path towards monetary stability later in life.
“Sponsoring the Teen Monetary Literacy Contest is a approach to assist educate youth on the significance of economic literacy and all of the areas it should influence their life,” he mentioned. “Studying extra about funds and budgets, particularly at a younger age, will assist set these children as much as make sound monetary decisions down the street. Youth are our future leaders, and we need to be an element setting them as much as succeed. Educating children about cash could have an ideal influence on their future.
“What’s monetary literacy?” he continued. “To me, monetary literacy is having the information to make sound monetary decisions and be assured in not solely day-to-day funds and budgets, but in addition planning for the longer term. Monetary literacy is knowing how funds, utilizing credit score, investing and debt administration play an element in your every day lives. Monetary Literacy will assist children attain life objectives, whether or not that be shopping for a brand new car, buying a home, beginning a enterprise, pursuing greater schooling, saving for retirement or simply being ready for the sudden.”
For extra info on the competition go to www.liveunitedm-i.org/teen-financial-literacy-video-contest for guidelines and the sign-up kind or e-mail Puehler at [email protected].
The competition is open to all college students in grades 6-12. The deadline to submit is 11:59 p.m. Could 31 with winners to be introduced June 11.