Minnesota Credit Union Network Commits to Advancing Financial Well-Being For All

In response to the national call to support Financial Well-being for All, the Minnesota Credit Union Network will mark April as Financial Well-being Month, and will highlight the impact Minnesota’s credit unions make in millions of lives each day. 

Traditionally termed Financial Literacy Month, the concept of financial well-being moves beyond “literacy” and “capability” to encompass the whole state of a person’s financial situation, their degree of control, and how they feel about their money. The Consumer Financial Protection Bureau defines financial well-being as:
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• Having control over day-to-day, month-to-month finances
• Having the capacity to absorb a financial shock
• Being on track to meet your financial goals
• Having the financial freedom to make the choices that allow you to enjoy life

According to the Financial Health Network, 167 million people in America are struggling financially. Financial health disparities have widened by race and income, and persisted across gender against the backdrop of COVID-19 pandemic. Credit unions are uniquely positioned to address this challenge due to their core mission, affordable products, and member-centric service model.

“Improving financial well-being is at the heart of the mission and structure of credit unions,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network. “We look forward to celebrating the difference these cooperatives make throughout the month of April and beyond.”

During April, the Minnesota Credit Union Network will highlight not only how credit unions provided economic relief to members during the pandemic but how their mission is committed to empowering the members and communities with financial education:
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• 72 credit unions participated in the Paycheck Protection Program, providing 5,955 loans with an average amount of $56,000.
• In an agreement with Governor Tim Walz, Lieutenant Governor Peggy Flanagan and Attorney General Keith Ellison, 27 credit unions offered mortgage relief options to members experiencing financial hardship.
• 10 school credit union branches provide money management and career skills for students.
• Credit Union employees conducted 925 financial education classroom presentations, reaching over 15,874 Minnesota students for the last reporting year.
• WINcentive® Prize Linked Savings Accounts are nearing $10 million dollars saved since 2016 with 8,400 accounts opened.

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Do you have events planned for April or want to highlight your credit union’s ongoing financial education efforts? Please share your plan or success stories with the Minnesota Credit Union Network by contacting Director of Communications Julia Miller by email by March 26, 2021.