Yolo Federal Credit Union kick started its two-day financial boot camp Tuesday, which was filled to capacity.
About 28 high school students, recent graduates and college attendees ages 15 to 20 participated in the workshop, covering budgeting, borrowing, investing, goal setting, car buying and fraud protection.
"The turnout has been huge," said Kelley Jacobsen, Yolo Federal marketing coordinator, who already has a waiting list going for next year. "It's really exciting to get such support from the community."
While this is the first Financial Boot Camp at Yolo FCU, staff regularly visit area schools in an effort to promote financial literacy. This workshop is geared specifically for teens and young adults because they will
Budgeting skills including with income distribution, savings methods and balancing expenses are all part of a financial boot camp program. (Elizabeth Kalfsbeek/Democrat)
soon be experiencing the work force and college, explained Jacobsen.
"It's really important for them to have this type of information; they are the future," she said. "It's important to know the different parts of a budget, the difference between a variable expense and a fixed expense, and how things can fluctuate."
The seminar will wrap up today, Wednesday, at the Woodland branch located at 266 W. Main St., with guest speakers from Elm Ford, Dave Edwards and his team at the District Attorney's Office as well as Lori Perez from the Yolo County Office of Education.
In a recent study conducted by the Financial Industry Regulatory Authority, results showed that in California, 15 percent of individuals reported their household spent more than their income and only around 45 percent of Californians have a "rainy day fund."
Furthermore, the Center for Financial Literacy at Champlain College has graded all 50 states on their efforts to provide financial literacy to high school students. California received a grade of "F."
"We're telling (these students) that they're lucky, they have a fresh start to create what they want to be (financially)," Jacobsen said. "They are all coming in now knowing a little bit, but we're going in depth to different parts of finances. We want to make sure all their questions are answered and they got what they needed out of this."
Davis High School student Ben Simmons, 15, said he was interested in learning more about "smart investing." Though he's not saving for anything in particular, "it's always good to have that money."
"I want to learn how to keep my money on track because I'm starting to work now," explained Woodland High student Itzel Martinez, 17, who is also preparing to save for college.
Rather than "learn as she goes," recent DaVinci Charter Academy graduate Celia Rizzo, 18, wanted to be specifically informed about how to write out a check and the difference between savings and checking accounts.
Young adults aren't the only ones who are interested in these types of informational sessions, Jacobsen said. They received responses from adults who would like to see a similar "boot camp" offered for their age group and circumstances.
Meanwhile, Yolo Federal does offer focus-based workshops on a regular basis for adults. This year topics have included credit reports and scores, home buyer resources, securing a small business loan and uncovering small business resources.
The next scheduled workshop will discuss identity theft and fraud prevention from 6 to 7:30 p.m., Thursday, Aug. 8 at the Davis branch, 501 G St., followed by grant writing for nonprofits from 8 to 10:30 a.m., Tuesday, Sept. 10 at the Woodland branch, 266 W. Main St.
