Financial literacy class can pay off for young adults

The world of interest rates, mortgages, IRAs and 401Ks can get confusing for many young adults.

Folks at the Federal Way Vineyard Church recognized the need for more understanding of personal finance among young people and set out to help. They, along with the Woodstone Credit Union and Metropolitan Market, will host a free series on financial literacy for young adults.

“We came up with this financial outreach because a lot of the people in our church were saying that finances were one of the biggest challenges,” said pastor Gary Georgeson. “Especially with the recession that has recently hit us, we thought, how could we make a difference in our community in a really practical way?”

The class will be aimed at young adults, but anyone with minimal experience in financial planning is welcome to attend. Participants will receive a $5 gift card for the Metropolitan Market at the conclusion of each class.

The growing subprime loan crisis is an example of why citizens need to get a better understanding of their finances, said Stacia Kirby, a spokeswoman for Woodstone Credit Union.

“People don’t understand a lot of good principles about handling money,” Georgeson said. “A lot of young people are growing up...and not really understanding how interest works and savings.”

Expanding debt hurts more than a person’s pocketbook, Georgeson said.

“It hurts relationships, marriages, families, when you’re under financial stress like that because of debts and mistakes that you’ve made,” he said.

Representatives from Woodstone will teach the class and cover topics such as savings, budgeting, how to handle credit cards, how to look at your career and find a good job and basic principles for investing.

“Basically everything you could think of about handling money will be in this class,” Georgeson said. “Anybody who shows up, I think that they’ll find value in it.”

Contact Margo Horner:

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