How These Credit Unions Embrace the Financial Literacy Challenge

By Dan Kadlec

April 25, 2018

Financial literacy for all ages

Credit unions have emerged as leaders in the financial education space. The #StopMoneyShaming campaign from Philadelphia Federal Credit Union is just one example of a credit union directly counseling or educating its members about their personal finances.

More than one-third of the 5,689 federally insured credit unions in the U.S. offers financial counseling and education to members, reports the National Association of Federal Credit Unions. One in five offers financial literacy workshops.

This year, members of the Georgia Credit Union Affiliates celebrated National Credit Union Youth Month with coloring contests and prize giveaways themes around “the Science of Saving.” Five Star Credit Union in Alabama is sponsoring financial literacy classes in 18 schools.

The Cornerstone Credit Union League, representing Texas, Arkansas, and Oklahoma, is supporting various local programs like Money Smart Week in El Paso, TX. A joint program between Lutheran Social Service and Firefly Credit Union in Burnsville, MN, combines financial education and counseling and has helped 200 credit union members pay down $3 million of debt since 2007.

More on financial education and credit unions:

Open a Credit Union Branch in School to Boost Financial Literacy

Why ‘Credit Squirrel’ Works for Financial Education

The FinLit Bond that Gave this Child a Huge Head Start

Posted in Youth on April, 2018