Financial Capability Month: Foundation Helps Close Financial Wellness Gap

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April is National Financial Capability Month, a time dedicated to enhancing individuals' understanding of financial concepts and promoting informed decision-making. Credit unions play a vital role in empowering this financial capability.​

Why Financial Capability Is Critical for Your Members

• Declining Financial Literacy Rates: Financial literacy rates have shown a decreasing trend since 2020, reaching a peak of 52% in 2020 before dropping to 48% in 2023 and 2024. ​WalletHub
• Generational Disparities: Baby Boomers have the highest financial literacy rate at 54%, while Gen Z has the lowest at 37%. ​WalletHub
• Gender Gap: A notable gender gap exists in financial literacy, with 62% of U.S. adult males demonstrating financial literacy compared to 52% of females. ​Moneyzine
• Economic Impact of Financial Illiteracy: In 2023, financial illiteracy cost Americans an estimated total of $388 billion. ​Moneyzine
• Financial Stress Among Americans: A survey found that 65% of Americans say finances are their biggest source of stress, with 47% stating that 2024 has been the most stressful year of their lives financially. ​MarketWatch

Your Foundation Offers Financial Wellness Resources

In response to economic challenges, your Cornerstone Foundation offers valuable financial wellness resources for credit unions:

• Join the Financial Wellness Council
• FiCEP: Register now for Cohort 2
• Financial wellness partners
• Community Development Grant: Assistance for financial wellness programs
• Free one-on-one financial counseling for CU staff through BALANCE
• Balanced Life: Completely updated program now available
• Concurrent events: April is Financial Capability Month and Credit Union Youth Month. Our partners have resources for you.
• NEW Journey for Financial Wellness Program for employee financial health coming soon

Credit unions are pillars of member support, embodying the ethos of financial empowerment for everyone. During Financial Capability Month, credit unions can collaborate with schools, businesses, and organizations to extend their reach. Likewise, your Cornerstone Foundation is your go-to resource for teaching financial wellness and ensuring that no one is left behind in their journey toward financial empowerment.​