Credit unions and financial literacy

Statistics on financial literacy are often discouraging. For example, FICO surveyed U.S. bank customers and found only 30 percent got a passing grade on questions about their own financial rights. Younger people were less informed than the older generations. Those who were satisfied with their current financial institutions also answered better than those who weren’t.

“The study showed a correlation between financial literacy and better customer engagement, more use of bank services and decreased likelihood to switch banks,” Anthony Sprauve, senior consumer credit specialist at FICO, said in a release.

On the occasion of International Credit Union Day, National Credit Union Foundation Executive Director Gigi Hyland wrote on the kinds of services credit unions can provide to their communities.

“Local service can mean so many things for credit unions,” Hyland wrote. “It includes affordable, appropriate financial products and services for members. It includes community leadership, collaboration, stewardship and charitable giving. It includes educating members and communities about financial issues.”


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