April 16, 2015

CUs spend 86 hours a month on financial literacy efforts

The April edition of the NAFCU Economic & CU Monitor, available now, puts the spotlight on financial literacy in a survey report showing credit unions spend an average of 86 hours each month on matters related to that topic.

Nearly every credit union respondent offers financial literacy training to its members (84.6 percent), according to the April Monitor. Respondents reported their financial literacy efforts reach an average of 20,800 members per credit union.

Most respondents (61.9 percent) also saw an increase in the number of members taking advantage of financial literacy resources in 2014. Specific resources offered included programs for homebuyers (86.4 percent) and students (81.8 percent). Those member types cited most often for their increased usage in 2014 were students (54.5 percent) and high-risk borrowers (45.5 percent).

Other financial literacy training programs credit union offer their members, in order of popularity, are: home buying, overdraft avoidance, online financial tips, overuse of financial services and emergency fund planning.

Credit union respondents also noted that they are using NCUA's financial resources more than CFPB's resources.

The next edition of the Monitor survey will cover member business lending. Credit unions can participate in the survey online or in a spreadsheet format. The deadline is May 1.