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April 17, 2012 – Most credit unions, or 58.9 percent, responding to NAFCU's first annual survey on financial literacy reported they participate in a financial education program in a local high school – more than 10 high schools, on average – and have been doing so for more than eight years.

The survey, which was timed to produce results during National Financial Literacy Month, showed that, among respondents that have financial literacy programs in schools:

• 65.6 percent of respondents reported their programs offer financial education;
• 6.3 percent have an in-school branch; and
• 28.1 percent provide financial education and have an in-school branch.

Of credit unions reporting they have financial literacy programs in place:

• 63.6 percent said they focus on credit counseling;
• 48.5 percent focus on retirement planning;
• 42.4 percent focus on encouraging people to save; and
• 39.4 percent focus on mortgage counseling.

Of all responding credit unions, 22.2 percent said they participate in a local "Bank On" program emphasizing the benefits of basic banking services. Additionally, 18.2 percent host or participate at a Volunteer Income Tax Assistance site.

The survey also sought information on how credit unions are delivering financial literacy education generally to members. The most popular modes of delivery are workshops (48.5 percent of credit unions); one-on-one counseling (40.9 percent); and online programs (33.3 percent).

Results were published in the April issue of NAFCU's Economic and Credit Union Issues Monitor (member only).