Financial Literacy Day on the Hill today
April 10, 2014 – NAFCU's lobbyists are participating in Financial Literacy Day on Capitol Hill today with lawmakers and their staffs, promoting the ways credit unions work to help members make sound financial decisions to support life goals.
On Wednesday, NAFCU released findings of a recent survey showing that 87 percent of credit union respondents provide financial literacy training to their members. The findings on credit unions' financial literacy activities are provided in the April edition of NAFCU's Economic & CU Monitor. This month's topic is Capital and Financial Literacy.
"This data underscores credit unions' tradition of putting members first," said NAFCU President and CEO Dan Berger. "Credit unions are member-owned, not-for-profit financial institutions, and they are committed to helping their members learn how to make financial decisions that will help them achieve their goals."
Specifically, the report found:
- Over 87 percent of survey respondents offer financial literacy training to their members, spending an average of 178 hours per month on those programs;
- The most common beneficiaries of those programs are children (93.1 percent), followed by homebuyers (75.9 percent) and high-risk borrowers (72.4 percent);
- The most popular type of training offered addresses home buying (82.8 percent), followed by online financial tips (69 percent) and overdraft avoidance (65.5 percent).
The Economic & CU Monitor is a NAFCU-member only publication. Members can take the survey at www.nafcu.org/research/participate.
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