PEWAUKEE, Wis. — There may not be a national branding campaign, but credit unions in Wisconsin are quickly gaining a reputation as the financial literacy experts consumers can turn to and trust.
Credit unions across the state recently reinforced their commitment to promoting financial education during Money Smart Week Wisconsin.
During the week of Oct. 7 to Oct. 13, credit unions, worked alongside financial institutions, businesses, organizations and government to teach Wisconsin locals better money management skills.
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"Managing money is a critical life skill, one that's needed to reverse the massive growth in personal debt that has created a society that lives on the financial edge," said Wisconsin Credit Union League President/CEO Brett Thompson.
Developed in 2006 by the Governor's Council on Financial Literacy, Money Smart Week Wisconsin shines the spotlight on helping consumers improve their financial position over the long term.
Viewed as an extension of their REAL Solutions initiative of helping members in the community without regard for profit, credit unions have come out in force for the program.
Over 40 credit union representatives are members of the 12 Money Smart Planning Committees in major cities across the state dedicated to increasing public awareness for Money Smart Week Wisconsin events.
The Planning Committees, made up of representatives from financial institutions, businesses and other organizations within the community, each have at least one credit union member. According to the league, the level of credit union involvement is impressive.
"It is something credit unions did on their own. These committees have been formed at a grassroots level, and really show how credit unions have cemented themselves as leaders in this massive event," said Chad Helminak, public relations assistant of the Wisconsin CUL. "Media around the state have also taken note of their involvement, quoting credit union representatives in several news stories about Money Smart Week Wisconsin."
As part of Money Smart Week over 700 free events offering information and ideas on everything from saving, budgeting and credit to homeownership are held across the state.
"Financial education is the key to helping people become better prepared to weather the inevitable financial crises of life," said Thompson. "Learning to save is a big part of that. But it's also important to understand the costs of credit and how to build and protect one's creditworthiness as a means to greater financial security."
Helminak adds that promoting financial literacy and educating consumers is something that is a natural fit for credit unions here and further showcases the credit union difference.
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