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NY credit unions lead the way in financial education

ALBANY, NY (April 8, 2015) — New York’s credit unions provided financial education to more than 402,000 individuals in 2014, according to the New York Credit Union Association’s 2014 MORE Report. The report is an annual compilation of credit union outreach stories that celebrates the positive difference New York credit unions make for their members and communities. The full report will be available to the media, lawmakers and the public in the weeks ahead.

In honor of Financial Literacy Month, which is celebrated throughout the month of April, the Association is releasing highlights from the report dealing with financial education.

According to the report, New York’s credit unions provided:

  • more than 14,000 in-classroom lessons on saving, budgeting and other financial skills;
  • financial education lessons to more than 230,000 youths and 172,000 adults;
  • personal financial counseling sessions to more than 390,000 individuals; and
  • more than $3.3 million in college scholarships.

“The state’s credit unions are certainly doing their part when it comes to providing financial literacy lessons to those who need it the most” said NYCUA President and CEO William J. Mellin. “As not-for-profit cooperatives with deep roots in our local communities, credit unions understand that it’s our responsibility to educate children, teens and adults about the importance of good saving and spending habits. Ultimately, all of us benefit when others understand and have control of their finances.”

The New York Credit Union Association has served as the trade association for the state’s credit unions for 97 years. With more than 5 million memberships, New York credit union assets total more than $68 billion. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.

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