Matz: America and Military Saves Week a “Great Opportunity” for member education
NCUA Hosting First Twitter Chat Feb. 26, Providing Resources for Credit Unions
ALEXANDRIA, VA (February 21, 2014) — “An educated consumer is better prepared to make sound financial choices, build savings and find greater financial peace-of-mind,” National Credit Union Administration Board Chairman Debbie Matz said today.
Matz urged credit unions to educate their members and their communities about the importance of saving during America Saves Week and Military Saves Week, which runs Feb. 24 to March 1.
“The week is a great opportunity for credit unions to educate Americans about why saving is an important element of achieving financial security,” Matz said. “Teaching individuals how to build wealth is a core mission of the credit union system, and I strongly encourage credit unions to take part in various activities to remind their members of the importance of saving. Nearly 44 percent of American households have almost no savings for emergencies; that’s a serious economic concern that credit unions can address.”
Credit unions can partner with local savings campaigns and consumer organizations to offer motivational workshops and obtain posters, brochures and other resources. NCUA’s America and Military Saves Virtual Campaign Headquarters page offers many resources for credit unions interested in participating. Credit unions also can learn more about America Saves activities here and Military Saves activities here.
For the first time, NCUA will host a Twitter chat, the first of a two-part series focusing on financial literacy, on Wednesday, Feb. 26, at 11 a.m. Eastern. Kenneth Worthey, Financial Literacy and Outreach Analyst with NCUA’s Office of Consumer Protection, will guide credit unions and consumers through the agency’s financial literacy resources and answer participants’ financial literacy questions. Credit unions and consumers are encouraged to follow the conversation and contribute using the #NCUAChat hashtag on Twitter. Participants can submit questions ahead of time to email@example.com.
Consumers additionally can visit NCUA’s updated pages on mycreditunion.gov and the agency’s financial literacy site, Pocket Cents, to get more information about saving, borrowing and managing credit. NCUA’s consumer Twitter feed, @MyCUgov, also provides personal finance tips covering a wide range of topics year round. During Military Saves and America Saves Week, @MyCUgov will focus on savings issues.
America Saves Week and Military Saves Week are national campaigns that unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. America Saves Week is coordinated by America Saves and the American Savings Education Council. Military Saves is part of the Defense Department’s Financial Readiness Campaign and has been a partner with the department since 2003. Managed by the Consumer Federation of America both programs encourage saving, reducing debt and building wealth.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.