Ode to My Credit Union: Becoming Your Members’ Go-To Resource
From Tracy Anderson:
I have to admit that my personal finance skills have never been great. Sure, my parents encouraged me to budget and tried to reinforce the importance of saving for a rainy day. It wasn’t until I found myself buried with student loans and other “adult” expenses just like many other college grads that I finally cracked down on my spending, and created a personal budget.
I received plenty of help from my credit union to get my budget on track through categorized expense tracking, calculators, personal meetings and and tips on their Web site. The small amount of personal attention made them my go-to resource for any questions or future financial assistance.
While it is great to have these resources now, I often wish I had been fully engaged with my finances from an earlier age. I didn’t truly grasp the concept of how much life could cost until I was out on my own – thrown into the real world!
Younger generations are really struggling with money management skills much like older members, and the economy hasn’t made life easier for anyone. This is evident by a recent article in Credit Union Magazine stating that bankruptcy filings in March of 2010 represented the highest monthly consumer filing, reaching 149,268! American Bankruptcy Institute(ABI) Executive Director Samuel J. Gerdano states, “The sustained economic pressures of unemployment coupled with high pre-existing debt burdens are a formula for consumer filings to surpass 1.5 million filings.”
Many members are feeling lost and unsure of what their next step should be, so now is the time for credit unions to sweep in and help. While you can help your current members get back on their feet, you also have the ability to be known as the source of good personal finance habits for potential members and prevent the financial issues many people currently face.
What kinds of things are you doing to be the trusted, go-to resource for your current and future members?
Tracy Anderson is Marketing Communications Specialist for the Credit Union National Association.