How would you rate your financial literacy? Are you a money maven, the person all your friends and family turn to for advice? Or are you more of a “as long as the bills are getting paid and I’m saving a bit each month, that’s all I need to know” type of person? According to a recent study, only 57 percent of people in the U.S. are financially literate.*
Before we proceed, let’s define financial literacy. This refers to one’s understanding of money and one’s options for saving and investing it.
Like any skill, the more you know and practice, the more accomplished you’ll become.
There is no end to the number of resources you can use for financial education. From podcasts to blogs to shelves and shelves of books. Be mindful to review the resources carefully. Today’s hot money guru may be tomorrow’s whatever happened to that individual.
Here are a few options to help you educate yourself on all things money.
- MyMoney.gov: This financial education website was developed by the U.S. Department of the Treasury’s Financial Literacy and Education Commission. Its mission is to strengthen the financial capabilities and increase access to financial services for all Americans. This site can help you learn the building blocks for managing and growing your money. It also contains handy calculators, budgeting worksheets, and helpful info for whatever stage of life you’re in.
- Consumer Financial Protection Bureau: A helpful site with tools and information that can help you make more informed financial decisions, from buying a house to paying for college to planning for retirement.
- Investor.gov: When you’re ready to start putting money in the stock market, explore this site created by the U.S. Securities and Exchange Commission to learn more about investing and how to protect your investments.
We’re here to help.
Closer to home, there’s our Financial Education Center. Designed to help increase your money IQ and reach your financial goals, the Center is filled with easy-to-follow videos covering everything from budgeting to savings to credit scores to having important family conversations about money.
Beyond our Money Matters blog, there’s our quarterly Money Matters newsletter. Each offers financial information like this, as well as details on our latest offers that could help your money go further.
Our Financial Wellness Check is a great first step toward learning how to grow wealth more efficiently, avoid financial pitfalls, and stay on the path to financial freedom.
Final thoughts.
No matter your level of financial literacy, it always helps to increase your money smarts. We bet there’s someone in your circle of family and friends who could use a little financial education. Feel free to share the above resources with them. Here’s another way to help and enjoy a nice reward in the process: our Referral Bonus.** Right now, when a person you refer to the Credit Union becomes a Member, they get a cash bonus with qualifying activities, and so will you – up to $150 for each of you. It’s a nice bit of financial education we think everyone should know.
*Henderson, Rebecca; Dunn, Andrew, “Financial Literacy Statistics.” Marketwarch.com. 27 June 2024. Accessed 16 July 2024.
**Referral Program: Both the Referring Member and “Referred Member” will receive a referral bonus up to $100 subject to the following:
Referring Member must be at least 18 years of age, a current active member in good standing and not have caused a loss to the Credit Union, provide the name and contact information of a prospect within our Field of Membership, and the referral results in a new qualified membership. The “Referred Member” must remain a member for at least 60 days before bonus is paid.
$50 Direct Deposit Bonus: Eligible “Referred Member” must open a Checking account within 10 days of joining the Credit Union, and posted an ACH Direct Deposit amounting to a minimum of $1,000 per calendar month into the Checking account no later than 45 days after joining the Credit Union. The ACH Direct Deposit must occur for 2 (two) consecutive months before bonus is paid. Bonus will be paid on the 10th day of the following month. Both the Referred Member and “Referring Member” must have an active primary savings account at the time of the bonus payout; bonus will be posted to the primary savings account.
$50 Savings/Deposit Bonus: Both the Referring Member and “Referred Member” will receive a maximum for one additional $50 bonus subject to the following: Eligible “Referred Member” must open a qualified savings/deposit account with a minimum deposit of $10,000 (ten thousand dollars) in new money to the Credit Union within 10 days of joining the Credit Union. At least $10,000 must stay in the deposit account for 2 (two) consecutive months before bonus is paid. Bonus will be paid on the 10th day of the following month. Both the Referred Member and “Referring Member” must have an active primary savings account at the time of the bonus payout; bonus will be posted to the primary savings account.
$50 Signature Loan Bonus: Eligible “New Member” must open a qualified Signature Loan or Line of Credit (LOC) account with a minimum loan balance of $10,000 (ten thousand dollars) within 10 days of joining the Credit Union. LOC must draw/advance line within the first 60 days of account opening. Bonus will be paid by the 20th day of the following month. The “New Member” must have an active primary savings account at the time of the bonus payout; bonus will be posted to the primary savings account.
Your Rewards Loyalty members get $60 per successful referral. The $50 noted above and if they are qualified for the Loyalty Program at the time of payout to get an extra $10.
There is no limit on the number of referrals a Referring Member can make. Only the initial referring party is eligible for bonus, employees, officials and their immediate family members are not eligible for bonus. Referral Program will be effective July 1, 2024 until further notice, and is subject to change at any time. “Bonus” is considered interest and will be reported to the IRS.
