Why are financial programs & counseling important?
Improving financial literacy has the potential to improve the lives of millions of Americans. Only 27% of Americans state they feel well-informed about managing their household finances. Financial education can help people own a home, live comfortably in retirement, finance one’s own or children’s education, and generally choose wisely among the marketplace of financial products and services. Uninformed choices can be dangerous and costly.Why should credit unions care?
Well-informed and educated consumers make good credit union members because they save and borrow responsibly. That is the ultimate mission of credit unions – to help their members improve their financial well-being. Consumers have an increasingly complex myriad of financial options from which to choose. Credit unions can use financial programs and counseling services to strengthen member relationships and loyalty, while improving their members’ financial skills.What can credit unions do?
Most, if not all credit unions provide some type of financial counseling, whether informally through member service representatives or through more formal programs, such as Balance or certified financial counselors. Credit unions are in a position to be viewed as reliable and reputable places to obtain financial information. They can help their members understand how to qualify for, shop for, obtain, and maintain credit. They can help their members become efficient managers of credit.Cutting Edge
Financial Check-Up » View details
Member service representatives are called “Financial Doctors.” Members are encouraged to sign up for a FREE annual check-up with a doctor, who, together with the member, review the member’s account and product usage to ensure the member is receiving full advantage of all credit union offerings.
METRO
Fuel Accounts » View details
FUEL accounts are similar to Individual Development Accounts (IDAs). Families with middle or high school students in the Chelsea School System agree to save a predetermined amount each month based on the goal of $1,500 by senior year. They also agree to attend at least six savings circle meetings per year to learn more about financial management. The students agree to participate in an afterschool program for homework support and a positive environment. As of January 2010, 100 students and their families were participating in the program.
Cutting Edge CU's Financial Check-Up Flyer
Cutting Edge CU's Financial Check-Up Survey
Cutting Edge CU's Financial Check-Up Postcard (Front)
Cutting Edge CU's Financial Check-Up Postcard (Back)
Cutting Edge CU's Financial Check-Up Prescription Form
2008 Financial Literacy Survey Summary Report – National Foundation for Credit Counseling
