ALEXANDRIA, Va. (4/11/12)--As credit unions celebrate April's Financial Literacy Month, credit union leadership should ask what they can do to empower their employees and members financially, National Credit Union Administration (NCUA) Board Member Gigi Hyland said in this month's NCUA Report.
Hyland said "the terminology of financial literacy is shifting to a more holistic and robust view of financial empowerment," a view that goes beyond simple financial literacy. "Financial empowerment is the process of increasing capacity of members to make financial choices and to transform those choices into desired financial goals.
In her column, Hyland noted that credit unions, "because of their philosophy and structure, are uniquely poised to serve as financial empowerment agents."
"How can you meet your members where they are in life to help them achieve their financial dreams? How can you offer an array of products and services that accomplish the dual goals of making good business sense and financially empowering your members," Hyland asked.
The NCUA this month is using Twitter and other social media outlets to help increase financial literacy, and will focus its outreach on issues such as taxes, money management for youth, savings, investing, retirement, and homeownership. (See related April 3 News Now story: CFPB, NCUA promote financial literacy month.)
The Credit Union National Association (CUNA) is also celebrating Financial Literacy Month by again sponsoring its annual National Youth Saving Challenge, and credit unions across the country are also encouraging their members to budget, save, manage credit, and pay down debt. (See related March 30 News Now story: April is National Financial Literacy Month.)
For more of this month's NCUA Report, use the resource link.