Markets Wired

NCUA Participating in Military Saves Financial Readiness Fair at the Pentagon

ALEXANDRIA, Va. (Feb. 22, 2016) – Consumers now have a new interactive learning tool from the National Credit Union Administration to help them understand what it means to save and borrow at a federally insured credit union.

NCUA’s new interactive infographic, “What Is a Credit Union?” is available online here (opens new window). NCUA launched the new tool in conjunction with America Saves and Military Saves Week.

“Educating consumers about saving is a fundamental mission of credit unions and a key part of NCUA’s job,” NCUA Board Chairman Debbie Matz said. “We all have more work to do, especially as 64 percent of Americans don’t have enough cash on hand to handle a $1,000 emergency. This week is a great time for credit unions to help their members assess their financial status and take control of their financial well-being.”

Credit unions participating in America Saves and Military Saves Week are encouraged to promote automatic savings deposits, financial counseling and incentivized savings products, such as no-fee savings accounts with low opening balance requirements.

During America Saves Week (opens new window) and Military Saves Week (opens new window), which both run Feb. 22–27, consumers can visit NCUA’s MyCreditUnion.gov (opens new window)website and find links to savings tips and other useful information. NCUA’s consumer Twitter feed, @MyCUgov (opens new window), will provide savings tips all week long on topics such as saving for retirement, planning for unexpected emergencies, preparing for tax time, and setting up automatic savings. NCUA also will provide education resources to servicemembers and civilians at the Defense Department’s Financial Readiness Fair during Military Saves Week Feb. 22–26.

Credit unions are encouraged to retweet @MyCUgov savings tips to their members. Credit unions are also encouraged to visit NCUA’s financial literacy (opens new window) calendar to access a list of annual financial literacy events and learn more about opportunities to promote and engage with their members throughout the year.

America Saves and Military Saves Week are national campaigns that unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. America Saves Week is coordinated by America Saves (opens new window) and the American Savings Education Council (opens new window). Military Saves (opens new window)is part of the Defense Department’s Financial Readiness Campaign and has partnered with the department since 2003.

Managed by the Consumer Federation of America (opens new window), both initiatives encourage saving, reducing debt and building wealth. Credit unions can partner with local savings campaigns and consumer organizations to offer motivational workshops and obtain posters, brochures and other resources.

Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.