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America Saves Week: American Airlines Federal CU commits to members' financial wellness
As part of America Saves Week, NAFCU is highlighting the efforts of member credit unions with strong financial education programs that encourage members to save and strengthen their personal finances. Today, learn more about American Airlines Federal Credit Union's Financial Wellness Program and the tools used to improve members' finances.
"Delivering new and engaging financial wellness solutions better prepares our members to master all aspects of personal finance," said Lori Hall, Senior Vice President of Member Experience at American Airlines Credit Union. "Our increased focus on financial wellness will help members achieve the dreams they’ve cast for their life and enjoy financial freedom. I believe financial health is a privilege that everyone deserves."
Prior to launching its rebranded Financial Wellness Program, American Airlines Credit Union researched the importance of financial wellness, including how poor financial health impacts personal relationships and job performance. The credit union concluded its research with the mission to ensure every member has:
- a short-term emergency fund to cover unexpected expenses;
- the ability to pay revolving debt (credit cards) in full every month and not rely on credit cards to subsidize income;
- a strong credit score, so they have the ability to pay the lowest possible interest rates on funds;
- long-term and retirement plans established to fulfill lifetime goals and dreams; and
- financial knowledge and resources available to make sound financial decisions in all aspects of life.
American Airlines Credit Union has established several tools to achieve this mission, including a web portal to help members' track their financial paths, meetings with financial wellness coaches and advocates, free credit monitoring, educational seminars, emergency fund savings account, and access to financial advisors to prepare for the future.
Learn more about American Airlines Credit Union's Financial Wellness Program.
NAFCU has pledged to promote financial literacy and ensure credit unions' members can reach their financial goals by working closely with credit unions, lawmakers and regulators. See NAFCU's resources. Many credit unions offer services to help members reach their financial goals (see how Summit Credit Union, Franklin Mint Federal Credit Union, and State Department Federal Credit Union are also promoting financial literacy); NCUA has resources available to both credit unions and members and the CFPB has additional consumer financial literacy resources available.
The America Saves Week program continues through tomorrow and each day features a specific theme that aims to drive social conversations and public awareness. Today's theme is "Save by Reducing Debt"; engage in the conversation with #ReduceDebt2Save and #ASW2020.