Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Government Shutdown Offers Savings Lessons
MADISON, Wis. (10/23/13)--During the federal government shutdown, the value of a solid savings plan was underscored for more 400,000 furloughed federal workers.
 
According to a recent poll by the Consumer Federation of America, about half of all American families have heeded the warnings brought on by tough economic times and have a traditional savings account with a median balance of $2,400 (creditunionsonline Oct. 11).
 
Research shows that families are often faced with emergency situations, ranging from a car repair to a medical bill to a traffic violation, , CFA Executive Director Stephen Brobeck noted, adding a savings account is the best way--easiest and least expensive--for many families to pay for those unexpected expenses.  He said, especially for those with few financial resources, relying on a credit card, payday loan, or even friends or families are usually much less desirable options.
 
Saving for between three to nine months-worth of expenses  is about the average amount that will allow most families to increase financial security. And going to a credit union may be the best place to begin, Brobeck said.
Savings and financial literacy are among the principles credit unions stress to their members. Credit union financial educators reached 400,097 students in 12,243 classrooms presentations during the 2012 school year, according to the National Youth Involvement Board (News Now Aug. 22).
 
Also, credit unions' cooperative ownership structure allows them to offer generally higher savings rates than their for-profit competitors.
 
Research conducted and reported by GoBankingRates.com this year found that credit unions had the best savings account interest rates in the nation for 2012, according to a study of savings accounts at more than 4,000 banks and credit unions.  Eight of the Top 10 U.S. Savings Account Rates were held by credit unions. Use the resource link to read about the study.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
3 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
3 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
5 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
5 hours ago