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In The News

Redwood Credit Union Offering Free Upcoming Money Workshop Gives Teens a “Bite of Reality”

Redwood Credit Union (RCU) will offer a free “Bite of Reality” financial education workshop for Sonoma County high school students at its Santa Rosa administrative offices, located at 3033 Cleveland Ave., on Thursday, March 26. The hands-on event will run from 9 am to 12 noon, and will provide teens with a simulation of the money management challenges adults face every day.

“From buying a car to paying bills, getting medical insurance and more, Bite of Reality gives students a foundation for using these important skills in the real world,” said Lee Alderman, assistant vice president of training and financial literacy.

A program of the Richard Myles Johnson Foundation, Bite of Reality begins by providing teens with a fictional identity. Participants are given an occupation, salary, family, credit cards and checking account. They must then visit a variety of stations to purchase housing, transportation, food, clothing, household necessities, child care and other needs.

Participants will face pushy salespeople, commission-based realtors, and other vendors as they weigh their wants versus their needs. During the exercise, the teens will be faced with challenging decisions as they find that the money from their salaries might not meet their desires for goods and services. Volunteers from the credit union are on-hand to help the students through their financial challenges.

“Parents and schools alike have embraced Bite of Reality for the positive impact it has on youth, and we're seeing more school districts implement these concepts directly into their curriculum. It's exciting for us to play a role in helping youth to achieve a successful financial future,” Mr. Alderman said.

To register your teen for the event, contact RCU at biteofreality@redwoodcu.org or (707) 576-5259. Include name of student, age, high school and email address.

About Redwood Credit Union

Founded in 1950, Redwood Credit Union is a full-service financial institution providing personal and business banking services to anyone living or working in the North Bay or San Francisco. As a financial cooperative focused on people not profit, RCU offers complete financial services including checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, commercial and SBA lending, investment and financial planning services and more. The Credit Union also offers a variety of insurance products and discount auto sales through its wholly-owned subsidiary. RCU currently has $2.5 billion in assets and serves over 240,000 Members with full-service branch locations from San Francisco to Ukiah, and more than 30,000 free network ATMs nationwide. RCU has a five-star Bauer Financial rating, and is rated Excellent by Weiss Ratings. For more information, please call 1 (800) 479-7928 or visit www.redwoodcu.org.  

About the RMJ Foundation

The Richard Myles Johnson (RMJ) Foundation, established in 1958 as the California Filene Foundation, supports the financial education efforts of credit unions in California and Nevada, with a special focus on youth financial education. The RMJ Foundation, a 501(c) 3 organization, seeks to fund meaningful youth financial education projects, such as “Bite of Reality,” as well as to provide scholarships for credit union staff and volunteers to attend educational seminars and conferences.  Funding financial education programs is yet another positive public advocacy tool, and helps credit unions fulfill their mission of serving the underserved. To learn more, visit www.rmjfoundation.org.

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