In conjunction with National Credit Union Youth Month™, the National Credit Union Foundation hosted a Twitter chat for credit unions to discuss their activities to help youth get financially fit.
“The National Financial Educators Council (NFEC) recently
tested teens on areas covered within national financial literacy
standards,” said Christopher Morris, Foundation Director of
Communications. “The results were shocking; while only 4.7% of
participants got an A on the test, 62.4% got a D or an F. Thankfully,
credit unions are making strides in this area, which is why the
Foundation was pleased to facilitate this discussion.”
This is the fourth of the 12-part series on our blog highlighting the 12 major development issues. In case you missed it, last month we discussed education, which can be found here. This month we are focusing on access to credit.Access to credit seems to be an easy development issue for credit unions to solve – as we are in the loan business. Yet millions of Americans are paying obscenely high interest rates on loans to buy a new car, fund school clothes or even purchase a week’s groceries.