MADISON, Wis. (4/30/10)--According to the Filene Research Institute’s i3 group, consumers are intimidated by financial advisers for three reasons. The reasons are:
* It’s embarrassing to discuss something as personal as finances; * Traditional financial counseling is inconvenient; and * Financial counseling sessions are often so full of industry jargon that consumers end up more confused than when they started.
Filene’s Debt in Focus, an anonymous, online financial assessment tool, seeks to alleviate those fears while helping consumers manage their money. Debt in Focus offers marketing information, tutorials and implementation tips for credit unions. More than 150 credit unions have purchased the tool, and more than 150,000 credit union members have used it. The tool helps consumers navigate their debt with easy-to-understand language, Filene said.