Financial Literacy Month Launches, and It May Have Never Been More Timely
Tuesday, April 7, 2020
CUToday.Info (April 1, 2020) - April of 2020 may prove to be the most critical Financial Literacy Month in history, as millions of Americans struggle with bills and lost paychecks resulting from the coronavirus pandemic.
Numerous organizations are using the opportunity to stress the importance of financial literacy, including the Minnesota Credit Union Network, which said CUs in its state are “stepping up to help members and Minnesotans navigate the financial challenges brought about by the COVID-19 pandemic.”The MnCUN noted a recent a survey of credit union’s response to COVID-19 found:
- 95% plan to offer loan extensions or deferred payments.
- 80% offer remote access services, such as video tellers, to assist members or let workers work remotely
- 90% plan to raise awareness of scams
Throughout April, the Network said Minnesota’s credit unions are offering assistance and guidance online and in socially-distanced environments to educate, inform and make sure Minnesotans have the financial tools to navigate current challenges, including:
- Helping those with job impacts understand tools and resources from the state and federal government
- Anti-fraud and prevention of elder abuse for seniors and families
- Online tools and curriculum for families and children related to financial education and the economy
- Financial coaching utilizing video conference, phone and email
Helping Educate Kids
“Traditionally Financial Literacy month efforts have been focused on teaching kids about money. As many parents and teachers are looking for online educational resources, credit unions are proud to highlight MnCU Jr Financial Education App, which is sponsored by the Minnesota Credit Union Foundation and which teaches simple money concepts through tools for kids to manage their money and financial games for ages 2 to 12,” the MnCUN said.
It also promoted Biz Kid$, the overall objective of which is to engage young people and help them develop life skills in the areas of money management and entrepreneurship, the MnCUN said.
“Minnesota Credit Unions are committed to meeting the financial needs of our members and serving as a trusted resource for our communities, throughout April and beyond,” said Mark Cummins, president & CEO of the Minnesota Credit Union Network.
What 1 Survey Found
The MnCUN’s announcement comes at the same time a survey by U.S. Bank of consumers has found:
- Only 41% of Americans keep a budget.
- Nearly half of Americans (47%) are concerned about paying the bills, and 55% are worried about saving for unexpected expenses.
- 29% say they don’t make enough money to cover normal expenses.