As 2015 is coming to close, it’s a great time for credit unions to reflect upon their mission and role as a financial institution in their community. Part of a credit union’s DNA is to improve the financial lives of their members and increasing financial literacy is a key component.
Results of a survey from The Global Financial Literacy Excellence Center were recently published about the state of our global financial literacy. This survey is the world’s largest global measurement of financial literacy, and examined financial concepts in over 140 countries and surveyed 150,000 people. They found that 33% of adults worldwide are financially literate; meaning 67% arenot. More specifically, in the United States the survey results indicated that43% of adults are not financially literate.
In a study conducted by Bankrate.com, 76% of Americans are living paycheck-to-paycheck, and 27% of those surveyed have no savings at all. Scary, I know.continue reading »