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Is your credit union making the most of meeting members’ financial literacy needs? A brass/Media Inc. study revealed that both young adults and their parents believe financial literacy is important and are interested in learning more about money. In addition, while young adults think their financial institutions currently provide some education and help them make the financial decisions, they still rely on their parents’ advice. The study also found that there is an opportunity for financial institutions to do more to help younger adults by being accessible online and providing relevant products and services. As for the parents, the study found that 99% of those surveyed agreed overwhelmingly that financial literacy is important for their children. They felt a high degree of responsibility for financial education but were also looking to schools and their financial institutions for help and assumed that personal experience plays an important role as well. Parents also indicated they wer nearly equally concerned about their children saving for retirement, paying their bills, living beyond their means, paying for college and having credit card debt. Here is a look at some other findings.

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Peter Westerman

 

Credit Union Times

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