Kids contre Michael McCarthy Contributing Columnist CONOR Patrick McCarthy is nearly four years old. That means my son may soon be old enough to run a bank. You laugh? Read on. Credit unions, run by kids as young as age six, are springing up in many com- munities. _ Modelted after the D.E. Wells Youth Credit Union ~— which commenced com- mercial operation in Springfield, Massachusetts in 1988 — over 15 youth credit unions are now in business and more are planned. Along with youth sitting on city planning boards, interviewing and hiring high school teachers, operating city youth departments, and ‘being elected to civic office, youth-run credit unions signal a huge change in the way that some communities across North America are planning for the next decade. Simply put, youth are our future. They are the people we expect to pay for baby boomer pensions, retire- ment funds, social services and seniors programs With a youth uncmploy- ment rate of nearly 20% in some areas, it’s best we get them plugged into hands-on money management and job creation soon. Walk through the doors of the San Francisco Youth Credit Union, for instance, and you will be greeted by the sight of nine-year-old tellers, a manager aged 12, and a board of directors ranging from 15 to 18. More than 70 young people spent years research ing and designing the pro- gram, which is supervised and overseen by qualified banking personnel. “This allows kids to know they have the ability to understand a sophisticat- ed entreprencurial venture,” says program co-ordinator Scott Goering. The project encourages kids to establish short and long-term savings accounis thar can only be drawn on atter 18. The kids are funding their own college educa- tions. They also learn leader- ship, collective decision- making, public speaking, community economics, account management, per- sonal budgeting, buying a first car, the stock market . well, the list goes on. A loans program is also in the works. The concept of youth handling their own financial affairs is so new that you might not have heard cf it. “No, I haven't,” says Charles Hain ac the North Shore Credit Union, “but our potential merger part- ner Pacific Coast Savings is examining doing something similar. “It’s a great idea. “Handling money under supervision is no big deal. “I would recommend that my own children bank their moncy there. Learning by doing is more cdifving.” Will we see a youth-run credit union on the North Shore soon? “The North Shere Credit Unioa probably SEND US YOUR CELEBRATION PHOTO Send us a good-quality photograph of your zecent engagement, wedding, milestone (first and every fifth year) anniversary or milestone birthday (age 80 and over), with as much information as possible, and we'll gy to publish as many as we can each week in our Celebrations page on Sundays. Free. For guaranteed publication, or publication on a specific date, contact the North Shore News classified advertising at 986-6222. would consider doing some- thing like this through a school, junior achievement or economics class,” reports Hain. “It’s a valuable commu- nity initiative and we should consider copying it.” Entrepreneurship is the key to future growth in job ATTENTION! Quaiity repairs by factory trained technician. Wednesday, January 21, 1998 ~ North Shore News — 25 creation in the province, our current backward-look- ing resource exploitation stance notwithstanding. The problem for youth has always been access to credit. A financial institu- tion run by youth, for youth, working with a senior partner, is obviously ling cash pays dividends part of the solution. “Daddy, when I grow up, can I buy a really fast rocket car Hike Batman?” Conor, I can hardly wait. — Michael McCarthy is a North Vancouver writer who writes about youth and posi- tive community initiatives at change@skybus.com. 985-6237 or 831-7499 1405 Pemberton Ave., North Vancouver January Fabric & Fashion Clearance me ontinues: “until” Restocked! — oe New Spring iti Arrivals Our cup runneth over. ~ So we're having a sale. SIDEWALK SALE JANUARY 19 - 25 Park Royal has been blessed with an abundance of new stores, new products, new ways to dress up your home, new ways to address most every need of everyday. We're thankful for your continued patronage and would like to say thank you. So we're having a mall wide sale with mall wide savings. Enjoy.