ARLINGTON, Va.—Ninety-two percent of credit unions offer financial literacy programs to their members, a new study shows.
Most credit unions reported they believe their financial literacy programs have had a positive effect, with 25% of respondents saying that they had “a significant positive influence” on their members’ financial habits, reported NAFCU, citing data from its latest Economic & CU Monitor.
The content of programs ranged from those providing older members with retirement planning tips to basic materials designed for younger members.
Additional Findings
According to NAFCU, the survey also found:
Active in Communities
Meanwhile, 80% of respondents indicated their credit union had sponsored events in their community within the past year and 68% said individual staff members had been directly involved with community redevelopment programs.
Increases in Certain Fraud
NAFCU said the Monitor survey found 90% of respondents observed an increase in attempted fraud targeting older members in the past two years, such as IRS and romance scams.
“Credit unions fight fraud in many forms and the best frontline defense is often educating members about scams and tactics used by criminals,” NAFCU stated. “While these efforts have helped credit unions earn the trust of their members, NAFCU continues to advocate for enhanced governmental coordination to stop financial crime through law enforcement intervention.”
Improved Economy
In addition, the Monitor also shows economic data are on an upward trend: there has been an improvement in retail and vehicle sales and early estimates for second quarter Gross Domestic Product (GDP) are strong.
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