Financial education isn’t working

Financial illiteracy is more pervasive than we think and education alone isn’t enough, according to Academic Director of the Global Financial Literacy Excellence Center (GFLEC), Professor Annamaria Lusardi.

While a credit union’s efforts to provide financial education to their members is done with best intentions, many hurdles to the desired outcome stand in the way. The good news is, there are many solutions we (and others) are testing right now that credit unions can offer members to help reach financial success.

Research conducted by GFLEC states that, “Americans are increasingly being asked to manage their own financial well-being during their working years as well as in retirement. At the same time, financial markets have become more complex, expanding the set of instruments that households can use to save and invest. The trend toward more individual responsibility means that people’s financial decisions made early in life can have long-term consequences.”

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