Credit Unions Help Pave Road to Superior Financial Literacy

by | 12/02/13 | Commentary, Insight, Uncategorized

It has long been known how powerful credit unions have been in driving the growth and success of the financial literacy movement over the last several years.  A key driver of the many ways in which credit unions have served individuals in the area of financial education has been the fact that many credit unions offer financial literacy services in a range of structures that enable consumers to access these services in the manner that suits them best.  For example, some people learn most effectively via online programs; others learn best from in-person classroom education, while others prefer one-on-one financial counseling.  Understanding that the best way to impact individuals’ financial literacy is to offer initiatives via these and other formats, credit unions have been a key force in delivering financial education programs for quite some time.

The impact of credit unions in raising levels of financial literacy and providing innovative and effective solutions that empower individuals to have greater control over their financial decisions was very evident with the recent announcement by the Credit Union National Association (CUNA) of the winners of the 2013 Desjardins Awards for Youth and Adult Financial Education.  Nine first place winners and many other second place and honorable mention winners were selected to receive honors from an overall field of entries coming from more than 25 states.  The extensive number of entries served as an important verification of the dedication among credit unions to improving the financial health of credit union members and prospects.

Alphonse Desjardins, for whom the Desjardins Awards are named, founded the North American credit union movement more than one hundred years ago as a result of his concerns regarding the problems associated with usury.  He also spearheaded youth savings clubs and other progressive initiatives to encourage individuals to budget, save and engage in thoughtful planning for their financial affairs in their elder years.  It is this spirit of helping individuals best manage their overall financial matters that has remained the hallmark of the comprehensive approach espoused by credit unions in tackling what has become staggering rates of financial illiteracy in virtually all geographic regions and socioeconomic segments.

In an effort to capture and spread awareness of exemplary case studies of innovative and successful programs rolled out by credit unions, many have published examples of specific financial education programs offered by credit unions to serve as models for new programming design and implementation.  Examples like this article serve to highlight the important work of credit unions in financial literacy and related areas.  It is widely believed that if such programs continue to be designed and launched throughout the U.S. and indeed in all countries, average individuals and families will be best served with improved financial health and greater empowerment and success with their financial affairs today and in future generations.

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