TUKWILA, Wash.—BECU announced today that it plans to close its doors for part of the day on Tuesday, Oct. 20, and send its 1,300 employees to lead Financial Reality Fairs in high schools across Washington State.
The “Closing for Good” initiative will reach at least 2,500 students, BECU said. It is part of BECU’s 80th anniversary celebration as a not-for-profit credit union dedicated to community involvement. The event is also part of an internal BECU initiative giving employees paid volunteer time off. BECU’s financial centers will reopen at 1 p.m.
“As a credit union, our primary motivation is making a difference for our members and our community,” said BECU CEO Benson Porter. “Through ‘Closing for Good,’ we want to make sure the teens in our community have a high level of financial literacy as they embark on their adult lives.”
During the workshops, students will participate in a hands-on financial role-play simulation. Students are assigned a career and starting salary, then must make decisions about housing, utilities, food, transportation and other expenses.
“‘Closing for Good’ is all about experiencing the real-life budgeting decisions people face every day,” added Porter. “We want to give teens a chance to think about their financial choices analytically, so that when the time comes, they can make educated decisions.”
Recent studies indicate that American teens lag behind in financial literacy. A 2014 survey of 40,000 college students by EverFi showed 31% of students surveyed believe it’s better to have something now and pay for it later and 50% think it’s okay to incur a bank overdraft fee if they plan to have funds to make up for it.
BECU call centers, ATMs and other supporting services will remain online during the event, but all of BECU’s 42 locations will open at 1 p.m.