MADISON, Wis. (7/15/08)--The Credit Union National Association’s (CUNA) first-ever Personal Finance Institute will help attendees learn how to develop financially fit staff and credit union members. The institute takes place Sept. 10-12 in Lansdowne, Va. The CUNA Personal Finance Institute was designed to help attendees draft a strategic financial literacy plan for their credit unions to educate youth, adults, and the underserved, with special focus on measuring the effectiveness of those educational efforts. Credit union professionals will learn how to create new financial behaviors and build a culture of financial learning to attract and help members. Also, the “Creating New Behaviors That Last” session will explore how the brain works and how it affects the way people manage money. Attendees will receive a prework packet to complete prior to the institute, as well as a copy of CUNA’s new Model Youth Program Guide. The institute was one of seven key recommendations of the CUNA Financial Literacy Task Force in its “Long-Term Strategic Plan to Empower Members by Improving Financial Literacy.” The plan was created to help elevate financial literacy to the level of a core value within credit unions to help sustain the movement’s ongoing philosophy of service to members and communities. The task force operated under the belief that long-term credit union growth depends on improving members’ financial literacy. And that the more financially literate consumers become, the more likely they are to:
* Save and borrow; * Generate fewer loan losses; * Resist competitor’s teaser rates: * Recommend membership to others; and * Raise their children to be members.
With the current economic conditions, there isn’t a topic that is more important or relevant right now than financial literacy, said Juri Valdov, task force chair and senior vice president for external affairs, Northwest FCU, Herndon, Va.