NAFCU: Credit Unions Make Financial Literacy A Top Priority
Washington (April 9, 2014) - The National Association of Federal Credit Unions (NAFCU) today reported that 87 percent of surveyed credit unions provide financial literacy training to their members.
“This data underscores credit unions’ tradition of putting members first,” said NAFCU President and CEO Dan Berger. “Credit unions are member-owned, not-for-profit financial institutions, and they are committed to helping their members learn how to make financial decisions that will help them achieve their goals.”
The findings on credit unions’ financial literacy activities are provided in the April edition of NAFCU’s Economic & CU Monitor. This month’s special topic is Capital and Financial Literacy.
Specifically, the report found:
Over 87 percent of survey respondents offer financial literacy training to their members, spending an average of 178 hours per month on those programs.
The most common beneficiaries of those programs are children (93.1 percent), followed by homebuyers (75.9 percent) and high-risk borrowers (72.4 percent).
The most popular type of training offered addresses home buying (82.8 percent), followed by online financial tips (69 percent) and overdraft avoidance (65.5 percent).
NAFCU’s Economic & CU Monitor is a NAFCU-member only publication. It is prepared monthly based on survey data from NAFCU-member credit unions on the special topic of the month and other matters important to credit unions. Members can take the survey at www.nafcu.org/research/participate.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.