Y-12 Federal Credit Union tackles financial literacy crisis with Y-Fi @ Work
With more Americans feeling financially strained than ever, one credit union is determined to help through employer partnerships.
OAK RIDGE, TN (June 12, 2023) — Y-12 Federal Credit Union (Y-12 FCU) recently developed and launched a program called Y-Fi @ Work, a comprehensive financial education program dedicated to supporting organizations that actively seek to engage their employees on the importance of financial independence. The program is free, and there are no membership requirements.
Y-Fi @ Work is backed by an award-winning financial literacy platform, educational resources customized to employee needs, and instructor-led training offered onsite or virtually. The program also provides self-directed online modules with budgeting, saving, and understanding credit. Online financial counseling is provided 24/7.
Y-Fi @ Work is managed by the Credit Union’s financial outreach manager, John Nolan. “Statistics show that most Americans lack the critical skills to live financially healthy lives. This program is much bigger than banking or who you choose to bank with. The nation is experiencing a financial literacy crisis. We believe an essential part of our Credit Union’s framework is to provide solutions that help people discover financial freedom. I am thrilled to see lives changed through Y-Fi @ Work, and I am grateful to our partners who share our passion by supporting their employees through the program,” said Nolan.
According to online data retrieved from economists, reports from CNBC ,and through Global News Wire:
- More than 2/3 of Americans are financially unhealthy.
- 42% of Americans say finances negatively impact their mental health.
- Two in three Americans could not cover a $400 emergency expense
- 70% of employees feel financial wellness programs help reduce stress and increase loyalty to their employer.
When Y-Fi @ Work launched, The Quality Family of Companies was the first to partner with the program, offering it to their 1,800 employees as part of its comprehensive benefits package. “We appreciated the many benefits that Y-Fi @ Work program has brought to our staff at Quality Private Duty Care. It has really helped our staff to get answers to those complicated financial questions and gain understanding of their personal finances. This is priceless knowledge, especially during these difficult financial times,” explained Kristie England, Human Resources Director.
For more information on how to offer Y-Fi @ Work to your organization or to learn more about the program and its resources, contact John Nolan at Y-12 FCU.
About Y-12 Federal Credit Union
Y-12 Credit Union is a full-service financial institution headquartered in Oak Ridge, TN, with 16 branches located in Anderson, Blount, Campbell, Knox, Roane, Loudon, Union, and Sevier counties serving over 114,000 members. Membership is open to businesses and individuals including immediate family members that live, work, worship, or attend school within our eight-county service area. Membership may also be obtained for individuals who join the Y-12 FCU Gives Foundation. For more information about Y-12 Credit Union, visit y12fcu.org.
