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NCUF prelim data CUs strong fin ed providers
MADISON, Wis. (5/23/11)--Credit unions are making a difference through financial education, according to preliminary data collected by the National Credit Union Foundation (NCUF) as part of its 2011 Credit Union Member Education Inventory.
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Click for larger viewIn 2010, for example, 200 credit unions reached 182,000 students through classroom presentations and over a million people received financial counseling or advice. Sponsored by state credit union leagues and NCUF’s REAL Solutions program, the data and information gathered from credit unions will help the credit union movement demonstrate the power of financial education and counseling in the lives of members and communities across the country. A sampling of preliminary results as of May 5, based on the first 200 credit union survey submissions from 37 states, indicates that in 2010, these credit unions:
* Provided formal financial counseling to 225,00 people through199 certified in-house professional counselors; * Referred an additional 37,000 members to counseling agencies; * Provided informal financial counseling to788,000 members; * Developed debt management plans for 19,000 members; * Established mortgage loan workout options for 7,000 members; * Provided 7,300 classroom presentations to 182,000 students; * Conducted 3,000 seminars for 64,000 adults resulting in 3,600 new accounts; * Produced 358 experiential learning programs (such as real-world fairs) for 29,000 students resulting in 800 new members; and * Operated 161 in-school branches with 14,000 student members, $5.9 million on deposit, and 850 student workers.
The information could be used for state and national public awareness, advocacy, and related outreach efforts, said NCUF. The report also will contain state-specific data and comparisons with national statistics and will be accessible to participating credit unions at no charge through the REAL Solutions Impact Center (use the link). Also, a companion tool will detail member financial education/counseling products and credit union best practices. An online survey tool began gathering the data in March. Credit union leagues in 29 states are working with Lois Kitsch, NCUF REAL Solutions national program director, to collect data. All U.S. credit unions are invited to participate. For more information, contact Kitsch at or at 414-793-1991.
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