ARLINGTON, Va.—A new report reveals that roughly 94% of survey respondents' credit unions offer some kind of financial literacy program, with home buying sessions offered by 93% of them.
That finding is from NAFCU's March Economic & CU Monitor report on financial literacy and community outreach. Also noted in March's Monitor report is a 2016 Financial Industry Regulatory Authority (FINRA) study that revealed Americans' relatively low level of financial literacy. The Monitor survey found that credit unions' educational programs offer traditional financial management topics, and are also becoming more forward-looking and innovative.
This new Monitor survey also shows that credit unions are active in their communities, with all respondents indicating that their institution, board or staff volunteers at and donates to local nonprofits. Respondents indicated that their credit union has relationships with, on average, 70 local community organizations each.
Also included in the Economic & CU Monitor are the results from the March Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden.
The CUSI declined in March after reaching its highest point on record in February. The decrease was driven by respondents' more moderate outlook on growth, as well as a decline in the regulatory burden sentiment. The earnings component saw a sharp increase – after falling in February – due to improved outlooks on loan demand, the economy and interest rate environment, NAFCU said.