Principle #5: Education, Training and Information

The fifth of the 7 Cooperative Principles for Credit Unions is the principle of education, training, and information.

Credit unions are committed to providing financial education and training for members and employees for the betterment of the whole cooperative.  This is a great selling point!  Finances can be intimidating for many people, and in some ways banks seem to reinforce this feeling.  Providing education is a way for credit unions to help members overcome any trepidation, understand their finances, make better decisions, and become more financially secure – something that benefits everybody thanks to the principle of member participation. Many credit unions provide financial literacy training for children and special interest groups such as immigrants or veterans.

In keeping with the idea that people from all walks of life deserve reliable financial service, credit unions around the world also continue to make a difference by offering financial education and opportunities for underserved populations in places like Africa, India, and Afghanistan. The Credit Union National Association (CUNA) devotes a small percentage of every dollar collected in dues from affiliated credit unions to assist with the international credit union development activities of the World Council of Credit Unions.

This is a great principle to both reinforce within your internal culture and communicate externally, because everyone benefits when both employees and members are well-educated on financial topics.  When your employees truly feel like they are part of a learning organization, they are more likely to seek opportunities to educate your members as well.

Courting Gen Y: A Tested Credit Union Marketing Tactic

A key to long-term credit union health is capturing new members, and growing your business with those members through lasting relationships. Consider spending some time courting your future customers with this tested tactic for engaging Generation Y.

FINANCIAL LITERACY EDUCATION
An entire generation of kids are graduating from school having been repeatedly exposed to two ideas: Personal finance is very important, and banks are not necessarily trustworthy. These sentiments, reverberating in our kids’ heads, are the result of a take-no-prisoners political climate and tough economy.

So what’s the alternative to banks for today’s students? How about not-for-profit, community oriented credit unions. And the link between your credit union and Gen Y is financial literacy education.

Credit unions are perfectly positioned to offer financial literacy education, and schools make the perfect partners for credit unions. Software companies such as Banzai! are offering credit unions plug-in financial literacy products, and even source partner schools for you.

You get a steady supply of students exposed to your credit union's brand. Then, these kids become customers when they graduate with savings account vouchers in their hands. It’s a program currently in place and producing results at hundreds of schools nationwide.

THE TIMING'S RIGHT
Schools are strapped for cash, and they’re also eager to teach financial literacy to a generation of kids hungry for success. This is your credit union's chance to step in and greet your new customer base: Generation Y (and their parents, too). Financial literacy education – a credit union marketing tactic you want to have in your toolbox.