Gaining perspective on financial education: A walk down credit union memory lane

About 88% of U.S. parents with children younger than 18 say it’s extremely or very important to them that their children grow up to be financially independent and have jobs they enjoy – far higher than the shares who prioritize their children eventually getting married or having children of their own. This is according to a recent PEW Research Center survey.My how things have changed through the generations. But it’s also interesting how things have not changed within our credit unions. As the needs of young families have evolved, the way we approach our products and services, and especially financial education, has not.

Catch my drift?

Let’s throwback to the 1970s for a moment. Most young parents born in the 1990s were raised by parents born in the 1970s. And the conditions they were raised in play a big role in how they think about money.

Income Levels: Average household incomes were higher in the 1990s compared to the 1970s. The median household income in the United States increased to approximately $35,000 to $40,000 per year, which, adjusted for inflation, would be equivalent to around $60,000 to $70,000 today.

 

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