NCUA Board Chairman Debbie Matz urged credit unions on Friday 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% 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, the NCUA said in the release. And, the NCUA’s America and Military Saves Virtual Campaign Headquarters page offers many resources for credit unions interested in participating.
To celebrate the week, 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 the 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 firstname.lastname@example.org.
The $1 billion Hanscom Federal Credit Union will offer financial seminars, programs for youth and military spouses, and a resource fair at each of the three military installations it serves in honor of Military Saves Week. Members of the credit union, headquartered on Hanscom Air Force Base in Massachusetts, can take advantage of special offers when they open a CU Thrive account. CU Thrive is a savings account featuring automatic transfers and an attractive rate, the credit union said in a release.
“This event makes all of us at Hanscom FCU incredibly proud of our strong military affiliation,” said Chairman Paul Marotta. “Military Saves Week is a perfect fit for everything we believe in and practice as a credit union, and we can’t wait to kick it off.”
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.