There is no shortage of studies and articles pointing to the need to boost financial literacy among U.S. citizens. Pardon any unintended bias, but quick research seems to show that credit unions actively promote and engage in financial education efforts more frequently and to greater degree than most other financial institutions. Studies on financial education also show that the earlier we begin to teach responsible money management skills, the more successful the outcome.
At Credit Union Network for Financial Literacy, we want to hear directly from the foot soldiers. So, we surveyed some 400 credit union representatives to find out where their interests and efforts lie. We asked four simple questions. The results were interesting but we still want to hear from more credit unions.
Seventy percent of respondents consider financial education a very important part of their business development strategy. Twenty-seven percent consider it important, while three percent see financial education as being somewhat important.
About half of all respondents consider reducing the average age of their credit union’s membership important. Forty percent find lowering their average age demographic very important, while less than ten percent consider it somewhat important.
Considering these responses, it is somewhat surprising to learn that an overwhelming majority, 82 percent, allocates less than 25 percent of their marketing efforts to youth under the age of 14. Since this age group is too young to take advantage of most of the services and products offered by a credit union, it makes sense to restrict marketing efforts focused on youth. However, when household penetration is taken into consideration, outreach opportunities are endless, making marking to this demo invaluable.
If your credit union promotes financial education, tell us what tools work well for you and what tools would take your efforts to the next level. Let us know how we can knock your socks off. Comment below or click here to take our three minute survey.