As April comes to an end so too does Financial Literacy Month, but that is no reason to drop any new educational initiatives put into action over the last few weeks. If anything it provides us with the perfect opportunity to access the success of any programs in place this month, and then tailor them to continue throughout the year. Financial education is just too important to only focus upon for one twelfth of the year.
Making thoughtful and informed decisions about finances is getting much more strenuous for consumers as the financial landscape is changing. Recent trends have put more financial burden on the shoulders of consumers, much more than was on any generation before. However, this doesn’t mean they aren’t willing to learn how to deal with these changes.
While over the last three years roughly the same percentage of American adults would grade their knowledge of personal finance an A or a B, three in four would agree, and nearly one in four would strongly agree that they could benefit from advice and answers from a financial professional.
With consumers looking for advice and answers to their questions it is imperative that credit unions be there to empower them by providing the relevant education. It is not enough to simply offer a program on budgeting, saving and investing and assume the knowledge will linger until the participant needs it. An ideal program would be made available at any time, with continually open communication.
Remember that improving financial literacy will have a profound impact on consumers and their ability to be prepared for whatever the future may hold for them. Providing these types of programs and services offers the added benefit of nurturing your existing relationship with a customer and ensure you have a place in their successful financial future.