"1.6 Million Consumers Received Financial Counseling or Advice Through a Credit Union" Says New Report

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Jan 23, 2012, 01:15 ET

Landmark Report Shows Impact of Credit Unions' Education Efforts

MADISON, Wis., Jan. 23, 2012 /PRNewswire-USNewswire/ -- Credit unions continue to make educating their members about money a top priority, with 576 credit unions that responded to a recent survey indicating they provided financial educational and counseling to 1.6 million consumers in 2010. That's just one of the many findings from a new comprehensive report by the National Credit Union Foundation (NCUF) that illustrates how the credit union industry is improving the lives of its members through financial education and counseling.

"Reaching 1.6 million consumers is a major accomplishment, and we feel our survey is just showing the tip of the iceberg," said NCUF Executive Director Wendell Sebastian. The 576 U.S. credit unions that responded represent about 8% of all U.S. credit unions and about one-quarter of credit union memberships as of December 2010. "Extrapolating the survey results, we estimate that nearly 20 million U.S. consumers received financial education and counseling from credit unions in 2010."

NCUF, which is the charitable arm of the credit union industry, just released the free online report entitled "Credit Unions: Focused on Financial Capability Across the Nation." The report, which was prepared under the NCUF's signature REAL Solutions™ program, is the result of an almost yearlong data collection effort by NCUF with the help of state credit union associations (or leagues).

"Credit unions invest millions of dollars to provide financial education and counseling programs that touch millions of lives," adds Sebastian. "Against a fragmented landscape where each credit provider is seeking maximum gain, not-for-profit credit unions continue to be true to their mission of serving as trusted advisors to their members and communities."

To download the full report at no-cost, visit realsolutions.coop. The full report is available as a single document and individual sections highlighting each state are also available as separate documents (all are in .PDF format).

Report Highlights – 1.6 Million Consumers Reached
The report reveals significant findings, such as (note that all figures correspond to calendar year 2010):

1.6 million consumers received financial counseling and/or advice through a credit union;
Credit union representatives presented more than 24,000 educational sessions to over 600,000 students in classrooms across the nation using high quality resources designed in accordance with state and national curriculum standards;
111,500 student members had $34 million on deposit at 1,400 in-school credit union branches that encourage savings and connect financial education with financial access; and
Credit unions invested $140 million during 2010 toward improving the financial capability of members and consumers in general.

In an effort to help the credit union community understand the depth and breadth of existing programs, NCUF conducted a comprehensive national study of credit-union provided member and consumer financial education and counseling. The data derived from this study quantifies the extent to which credit unions are providing opportunities for members/consumers to advance their financial knowledge and decision-making skills.

Report Contents – Case Studies, State Profiles, Keys to Success & More
"Credit Unions: Focused on Financial Capability Across the Nation" describes ten financial education/counseling interventions offered to members/consumers by credit unions. It provides cumulative data about member use of and access to credit-union provided financial education/counseling products, tools, and courses, and it reveals probable keys to program success. National data is supplemented by case studies of credit unions and state leagues/associations that illustrate each type of educational intervention. Finally, an overview of financial education/counseling programs at credit unions within each state provides a comprehensive look at the varied and numerous educational outreach efforts geared toward credit union members and consumers in general.

Data & Survey Information
The data on which this report is based was collected through an online survey of U.S. credit unions. Data collection began in March 2011 and continued through year-end 2011. This report is based on information submitted by 576 credit unions of all asset sizes. They represent 8% of all U.S. credit unions, and 27% of all U.S. credit union memberships as of December 2010.

Questions or Report Hard Copies…
For questions and additional information or to order hard copies of the report, please contact Lois Kitsch at [email protected] or (407) 616-2409.

To learn more about credit unions, visit aSmarterChoice.org.

About the National Credit Union Foundation (ncuf.coop):
The National Credit Union Foundation is the U.S. credit union movement's primary national philanthropic program provider, fundraiser and grant-maker. Through NCUF grants and programs, credit unions provide widespread financial education, create greater access to affordable financial services, and empower more consumers to save, build assets, and own homes.

The National Credit Union Foundation is a 501(c)(3) tax-exempt charitable organization. NCUF continues to earn the Better Business Bureau seal of approval as an "Accredited Charity" for meeting all 20 BBB Wise Giving Alliance Standards for national charities.

SOURCE National Credit Union Foundation