ARLINGTON, Va. – The majority of credit unions that provide financial education programs do so in a general manner, according to NAFCU's latest Flash Report.
The monthly survey of approximately 100 NAFCU member credit unions found that 94% offer financial counseling and of those 78% are "general" financial education programs. Seventy-three percent also said they offer programs that target the 25 and under crowd. Nearly half (48%) offer programs for high school students while 42% responded that they offer programs for elementary school students. Forty percent offered programs to middle school students while 30% aim for college students.
For those of us beyond school age, 43% of credit unions offer programs geared toward retirees. Other groups that credit unions target for financial education include the military, women, and the underserved.
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Delivery comes in a variety of ways. Most credit unions (81%) said they hold seminars and 76% said they included financial education tools on their Web sites. Three-quarters also include financial literacy information in their newsletters and 46% said they use statement stuffers. Credit unions also use magazines, classroom presentations, and personalized counseling.
Of those offering financial education programs, just 22% have worked with federal government agencies. Forty-three percent of those said they had worked with Treasury, while 21% got aid from the Federal Reserve, 21% worked with the Department of Defense, and 7% worked with the Department of Education. Another 7% responded that worked with local agencies and school boards.
"Clearly it appears that credit unions are aiming their financial education efforts at a wide range of age groups with an emphasis on younger members," NAFCU's Flash stated. "Also, many credit unions use various mechanisms as means of educating their members."
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