Why Create Educational Content for Your Credit Union Website22 July, 2022
As a credit union, you are invested — literally — in the long-term financial well-being of your members. One way to achieve this is by using your credit union's website to teach financial literacy.
Americans tend to be pretty bad at managing their money. A recent study by the Milken Institute showed that only 57 percent of adults in the United States are “financially literate” — and it’s no wonder. Only twelve states require any personal finance education in high school, and one in three parents say they never talk to their children about the subject. There is no one single place for people to turn when they want to learn how to manage money.
The lack of good financial education comes with a hefty price tag: according to Forbes, poor financial decisions regarding savings and debt cost our nation hundreds of billions of dollars each year — and, as with so many things in our society, disadvantaged groups suffer disproportionately more from the effects of this financial illiteracy.
Developing financial content deepens member loyalty
As a credit union, you are in a great position to offer financial education to your customers. In fact, it’s part of why you exist in the first place: the Federal Credit Union Act of 1934 was put into effect "for the purpose of promoting thrift among its members." Guiding your members to financial independence is good for them and good for your bottom line.
And most Americans want to be more financially literate. A recent poll from the National Endowment for Financial Education showed that 88 percent of respondents believed financial education should be added to high school curricula. Millennials and Gen Z agree: they want better financial education.
Credit unions are beginning to meet this need by creating robust financial education—offering seminars and events, videos, and whole online libraries of resources and information, sometimes in-person, sometimes on the credit union’s website, and sometimes even on TikTok.
Helping you reach your members is what Vibrant is best at. If you want to explore ways to connect with your community and deepen their financial literacy, then let us help you put those ideas into action.