Financial Education Key to Savings, NAFCU Testifies

WASHINGTON – NAFCU submitted testimony to the House Education Reform Subcommittee, which recently held a hearing on financial literacy, regarding credit unions’ financial literacy efforts. NAFCU said in its written statement that financial literacy is crucial for all Americans because it is directly tied to personal savings, which is at a 40-year low. The group explained how credit unions, like The Summit Federal Credit Union and Affinity Federal Credit Union, have long been at the forefront of financial education efforts. The Summit FCU in Rochester, N.Y. began offering a financial education class to local middle and high school students last year, NAFCU explained. The course is one-hour long for six weeks and focuses on financial goal setting, savings, investments, budgeting, credit, and other issues. Affinity FCU, headquartered in Basking Ridge, N.J. offers programs for everyone. They have classes designed for overextended adults down to elementary school students. It is also part of the Jump$tart program helping bring financial experts into elementary schools to teach students the basics of personal finance. “As the credit union mission has always been to encourage savings, credit union employees were some of the first financial educators in America,” NAFCU wrote. “In addition to being among the first to place an emphasis on financial literacy, today credit unions are also among the finest at offering their members sound financial management advice.” NAFCU offered its assistance to the Education and Workforce Committee on the matter.