Coaching members to financial wellness epitomizes the credit union difference
Roy Bergengren, one of the pioneers of the credit union movement, once said the most important function of a credit union is “the education of its members in the management and control of their own money.”
Unfortunately, most Americans don’t learn financial literacy as they grow up, either at home or in school. The 2015 Standard & Poor’s Global Financial Literacy Survey found that while the U.S. was the world’s largest economy, it ranked only 14th in the percentage of adults considered financially knowledgeable (57%).
The same survey asked Americans questions about compound interest, financial diversification and inflation. Only 37% were able to answer correctly.
Household income was increasing and poverty declining before the pandemic. Now financial education is more important than ever to avoid a national crisis.