Financial Education Data
In 2011, the National Credit Union Foundation (NCUF) and its REAL Solutions® program conducted a comprehensive national study on the financial education efforts of credit unions through the nation. The data compiled through this survey provides the Minnesota Credit Union Network (MnCUN) and the broader credit union movement with information that quantifies the extent to which credit unions advance consumer financial literacy and decision making. Working with MnCUN and state leagues around the country, NCUF’s goal is to provide data that can be used in public awareness building and related outreach efforts to demonstrate the power of credit union education and counseling initiatives.
The data for NCUF’s report was collected through an online survey of U.S. credit unions. With few exceptions, the inventory consists of a census of the 10 largest (as defined by the number of members) affiliated credit unions in each state. A primary objective of the report is to account for credit union financial education programs, products and tools available to the greatest proportion of members possible during 2010. After all the data has been compiled, NCUF will assemble a report consisting of eight sections. The sections will include:
- Classroom Education,
- Adult Seminars,
- Financial Counseling,
- Online Games
- Online resource centers and tools,
- In-school branches and
- Community Partnerships
Minnesota Financial Education Data
NCUF’s survey includes information from Minnesota credit unions dedicated to financial literacy. The data spotlights credit unions’ commitment to helping their members improve their financial knowledge, increase personal savings, decrease debt, and live within a budget.
Most Minnesota credit unions surveyed offered financial counseling to members and consumers through their staff and a variety of partner organizations. A majority also provide seminars and workshops for adults, which complement the many partnerships that credit unions have forged with local schools, community organizations and non-profits.
Below are some of the statistics gathered from the NCUF survey of Minnesota credit unions’ 2010 financial literacy efforts:
- 495,144 members have access to retirement and estate planning counseling
- 1,700 members entered into a debt management program
- 2,118 adult members attended 1 of 157 financial seminars
- $140,000 was spent on financial education programs
To view the complete report information follow the links below:
Financial Education Resource Guide
In July 2012, the National Credit Union Foundation released a supplemental guide to assist credit unions in expanding their financial literacy efforts. The newest report builds off the original financial education report and provides examples and additional information for each method of financial counseling/education. It also features tips to help credit unions expand their current education programs or introduce new ones. To download this report, click the link below: