Focus on financial education this Financial Capability Month
WASHINGTON, DC (April 20, 2021) —
April is Financial Capability Month and the perfect time to encourage individuals to take steps towards securing their financial futures. While credit unions do this every day and it is important to think about finances every month of the year, it can be difficult for people to start. Thankfully, it is never too late and who better to help then their local credit union?
We have all experienced the ups and downs of the last year. The challenges we’ve faced collectively as a nation have not gone away, even as restrictions ease. There are businesses that closed that will never reopen, and for many, livelihoods remain uncertain. With all this uncertainty, short-term survival over long-term savings goals can easily take precedence. So, how do you navigate this when talking with your members?
Last April Financial Literacy Month, we recommended doubling down on financial education during the pandemic, and a year later that advice has not changed. Credit unions excel at financial education, and this month is a great opportunity to reach out to members that are historically less engaged. Make sure your members know about all the resources that you make available to them to help them navigate the ever changing world and take hold of their finances. Remind them what the credit union ethos is all about: people helping people. And what better way to help than to educate your members on ways to achieve financial success?
DCUC member credit unions continue to find new and innovative ways to support their members’ financial education from partnering with schools and developing social media campaigns to helping their members develop savings plans that fit their needs. They host webinars and provide worksheets for children to start learning the basics of savings with their families.
There isn’t one single right approach to financial education and only you know the specific needs of your community and the best way to support them. That said, looking to your fellow credit unions for inspiration can be a great way to find new ways to reach your members.
If you’re looking for additional resources, consider DCUC’s Armed Forces Financial Guide. This valuable guide is perfect for military members, veterans, and their families to learn how to navigate each stage of their financial journey. And while it was designed with our military in mind, it has useful information for everyone.
Credit unions are great at what they do, and this April during both Financial Capability Month and Military Saves Month is the perfect time to reassess and recommit to the financial success of your members.
About Defense Credit Union Council (DCUC)
The Defense Credit Union Council is the premier resource for credit unions on all military and veteran matters. By maintaining a close and constant liaison with the Pentagon, Capitol Hill, and NCUA, the Council champions the interests of credit unions serving our military and veteran communities by coordinating policy, procedures, and legislation impacting morale and welfare, financial readiness, and the delivery of quality financial products and services. Organized in 1963, the Council’s membership is comprised of 180 credit unions with over 35 million members. If you would like more information about this topic, please contact DCUC at email@example.com.