WASHINGTON—Touting the financial literacy and community outreach efforts of credit unions, NAFCU Vice President of Legislative Affairs Brad Thaler has written to senators to highlight the credit union industry’s “deep commitment” to their members' financial well-being.
"Providing financial literacy and education is paramount to improving credit union members' financial lives, and NAFCU is proud that so many in the industry provide this valuable service," said Thaler.
Thaler was writing ahead of this week’s Senate Health, Education, Labor and Pensions subcommittee hearing discussing financial literacy and its impact on an individual's retirement. The letter was addressed to subcommittee Chair Michael Enzi (R-WY) and ranking member Bernie Sanders (I-VT).
According to Thaler, "financially literate individuals are more likely to spend prudently and put money in savings, retirement funds, and other wealth building accounts. Likewise, the same individuals are less likely to rack up large, burdensome—and sometimes unaffordable—debt, and are less likely to be victims of predatory practices."
A NAFCU Economic & CU Monitor report on financial literacy and community outreach released in March revealed that roughly 94% of survey respondents' credit unions offer some kind of financial literacy program. The survey data found that credit unions' educational programs offer traditional financial management topics, and are also becoming more forward-looking and innovative.