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REAL Solutions Illinois talks savings immigrant outreach
NAPERVILLE, Ill. (10/11/10)--Partner credit unions of the Illinois REAL Solutions met at the end of September to discuss savings challenges, immigrant outreach and other topics, said the Illinois Credit Union League. REAL Solutions field coach Mark Lynch presented information about The Savings Revolution, an idea from the Filene Research Institute through its i3 teams to allow people to overhaul their financial lifestyles to save money and reduce debit. Savings Revolution has two components: a savings challenge and a savings revolution. The challenge is an event in which selected members of the credit union compete toward their defined savings and debt reduction goals, and the participants closest to or exceeding their goals wins a prize. Monitoring of the participants' progress via media interaction stimulates other members and consumers to check on their progress and prompts them to think about taking a step toward their own goals. The revolution involves a mass, nationwide implementation of setting financial goals and working toward them in concert with neighbors and fellow members. This requires networking of members and the ability to easily set their goals and monitor their progress. They also must actively share notes with their friends and neighbors who face similar challenges and see how others respond to those challenges. At the meeting, Warren Morrow, CEO of Coopera Consulting, shared information about the most effective ways to reach the Hispanic market. Coopera partnered in March with the league to help Illinois credit unions strengthen their Hispanic outreach efforts via its Hispanic Opportunity Navigator. Also discussed was a Savings Products for Low-Wealth Households Tool Kit from the REAL Solutions Impact Center. It includes examples of small savers products, reverse-tiered savings products, round-up savings products, attached savings products, prize-linked savings products, savings challenge programs, individual development accounts and other savings products. The Illinois Institute of Technology Stuart School of Business also shared information at the meeting about its Advancing Careers and Education (ACE) Program. Credit unions located near public transportation serving the school's campus in Chicago have opportunities to take on new projects with the assistance of masters degree students.
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