Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs a trusted source for fin ed--Minn. league CEO
ST. PAUL, Minn. (4/28/10)--As many organizations celebrate Financial Literacy Month this April, Minnesota Credit Union Network (MnCUN) President/CEO Mark D. Cummins discussed credit unions’ involvement in financial education in the April 23 issue of Finance & Commerce newspaper. A regular columnist for the publication, Cummins cited that only three states include personal finance education as a high school graduation requirement, and he provided examples of how credit unions work in this arena. “The need for financial education is staggering,” Cummins wrote, using recent statistics from a HarrisInteractive 2009 poll on consumer financial literacy to make his case. Some of the statistics include:
* Forty-one percent of U.S. adults--more than 92 million Americans--gave themselves a grade of C, D, or F on their knowledge of personal finance. This number is highest among Generation Y adults at 47%; * Showing no improvement since 2007, less than half of adults--42%--keep close track of spending; * Twenty-six percent--more than 58 million adults--admit to not paying all of their bills on time; and * One-third of adults--72 million people--report that they have no savings. Forty-eight percent of Gen Y adults--more than any other age group--report having no savings;
Cummins commended Minnesota Gov. Tim Pawlenty and President Barack Obama for making financial literacy proclamations this month. Their formal statements recognize the need for financial education--especially in today’s economic climate--and discuss how learning the basics of personal finance will improve citizens’ quality of life, Cummins said. “While there is still much that can be done in the realm of financial education--both for youth and for adults--your local credit union should be viewed as a trusted source for information and advice,” Cummins wrote, providing examples of credit unions’ financial literacy efforts, through grants an classrooms presentations. “Personal finance is among [credit unions’] top priorities, because we know that improving financial literacy, increasing personal savings, decreasing debt and living within your means is a formula for success,” he said. To read the column, use the link.
Other Resources

RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago