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When Credit Unions Go Beyond Financial Education
Monday, October 19, 2015 6:30 AM

Typical Program Budget

In 2008, a Filene i3 team envisioned a contest where families would publicly compete to improve their finances. In the years since, 14 credit unions have launched programs based on the concept.

A new report from Filene analyzes six of these programs, including the framework, successes and challenges, brand implications, and the opportunity to shine a positive light on the unique philosophy of the credit union system.

Researchers note that families at nearly every income level continue to live on the edge of financial disaster. Historically, credit unions have positioned themselves as institutions dedicated to helping these consumers rather than focusing on profit. But is the credit union system effectively communicating this philosophy?

This report analyzes various programs developed over the past decade that put a unique twist on helping consumers improve their financial situation—by encouraging financial goal setting and establishing a framework of friendly competition to see which consumers come closest to hitting their goals. At the same time, the report explores the successes—and challenges—that programs have experienced in elevating their brand identity and shining a positive light on the unique philosophy of the credit union system.

For more on this report, visit Filene.