April 11, 2014

NAFCU touts CUs' financial literacy efforts

Clockwise from top left: Sens. Mike Enzi, Jack Reed; Louisa Quittman, Treasury's financial education director, NAFCU's Dan O'Brien.
(NAFCU photos)

April 11, 2014 – NAFCU lobbyists advanced the benefits of credit union membership to hundreds of attendees at the 2014 Financial Literacy Day on Capitol Hill event Thursday.

The NAFCU representatives used the event to promote the ways credit unions work to help members make sound financial decisions to support life goals, as detailed in a recent survey report in the association's April Economic & CU Monitor.

In the NAFCU survey:

  • More than 87 percent of survey respondents offer financial literacy training to their members, spending an average of 178 hours per month on those programs.
  • 93.1 percent of respondents said children are the most common beneficiaries of their financial literacy programs, followed by homebuyers (75.9 percent) and high-risk borrowers (72.4 percent);
  • 82.8 percent of respondents offer home-buying training at their credit unions; 69 percent offer financial tips; and 65.5 percent offer overdraft avoidance information.

Thursday's event was held in the Hart Senate building. Sens. Michael Enzi, R-Wyo., and Jack Reed, D-R.I., were honorary co-chairs of the event, which was presented by Jump$tart Coalition, Junior Achievement USA and the Council for Economic Education.