City of Boston Credit Union’s Post

When we talk about the First New York Federal Credit Union Difference, we bring receipts. Here are eight of them. 👇 #creditunions #credituniondifference #creditunionsrock

Understating how banking and money work is directly correlated to wealth in America and sadly, too many Americans aren’t well versed enough in financial literacy. "It’s a tough topic, man, but we live in a country that, the way I phrase it is, forgot to teach us financial literacy. "Our education system, K-12 doesn’t teach financial literacy. If you think about how ironic that is, you’re making financial decisions every single day, even if the decision that you make is to not do anything." -Kevin Cohee, the owner, Chairman and Chief Executive Officer of OneUnited Bank, the largest Black-owned bank and the first Black-owned internet bank in America Read More: https://lnkd.in/gVHx2Cy6 #financialliteracy #economy #finance #smallbusiness

This is an area that we try to focus on at Zions Bank through our participation in National Teach Children to Save Day (coming up later this month) and other financial literacy programs for youth. #ZionsBanker https://lnkd.in/dv_Z3_x3

It's always encouraging to see financial institutions stepping up to support underserved small businesses. U.S. Bank's Business Access Advisors program is a prime example of such an initiative. The program plays a crucial role in helping small businesses grow. #leadership #smallbusinesssupport #minorityownedbusinesses

Realizing financial literacy is an important part of wealth-building or even functioning in today’s world, but its fundamentals have failed to be passed along equally to all Americans. Achieving the American Dream – opportunities to succeed, put food on the table for one’s family, education for children, hope for a better life, freedom of opportunity – demands and requires capital and consistent investment. In the U.S., however, access to capital for individuals and small business owners has been largely dependent on race. It’s an ugly reality – a reality many wish not to confront – that there exists a significant racial wealth gap. As recently as 2019, the median net worth of your standard white household, $188,200, was 7.8 times greater than that of a typical Black household, $24,100, according to the Federal Reserve. #WealthGap #FinancialLiteracy #FinancialAccess #CreditUnions Continue reading: https://hubs.la/Q01YWrVT0

The Community Reinvestment Act (CRA) remains an important legislative tool that has sought to address some of the injustices caused by policies such as redlining, particularly in Black and Brown communities. While the CRA has successfully directed much-needed investment into areas previously affected by redlining, there is still much work to be done. Unfortunately, the recent revisions to this legislation have not been sufficient in significantly improving wealth building for low and moderate-income communities. The statement from the African American Alliance of CDFI CEOs succinctly highlights the shortcomings of the revised legislation. "The time for hesitation in the face of racial disparity is over; today, we are called upon to take decisive and courageous action. Let this moment be a catalyst for change, motivating us to intensify our efforts in creating a more equitable society where the aspiration for wealth accumulation and financial security is attainable for everyone, regardless of their race or ethnicity."

Who is responsible for teaching money matters? A large majority of U.S. adults say high school did not leave them fully prepared for handling money. Banks and credit unions are not just well positioned to help current and future customers become more financially literate, it can be helpful for their bottom line to do so.  Is your financial services organization currently reaching out to students? And if not, how could it influence better financial education? #FinancialEducation #CommunityBanking Story by The Financial Brand https://bit.ly/49dP7kV

A Glimpse Behind Financial Empowerment in Kern County: Take a sneak peek at last week’s event where we captured some exclusive behind-the-scenes moments. Our very own Cristian Campos & Gloria Aguirre were at the forefront, imparting their wisdom about the advantages of credit unions. They delved into the myriad of benefits that come with membership, highlighting why it stands out as a more favorable option compared to traditional banking. Did you know? Credit unions are unique in that they are not-for-profit institutions. This means they prioritize the financial well-being of their members over profits, often resulting in lower interest rates on loans and higher interest rates on savings accounts, compared to traditional banks. They’re all about empowering their members and communities, making them a smart choice for those looking to make the most of their money! . . . . #STRATAsphere #FinancialLiteracy #CommunityEmpowerment #StrataCreditUnion #FinancialEducation

Ranking Member Tim Scott (R-SC) and fellow member of the Senate Banking Committee, Senator Jack Reed (D-RI), are leading a resolution to declare April 2024 as Financial Literacy Month. The resolution itself aggregates a number of startling statistics, including: 1) 18.6% of US households are unbanked or underbanked. 2) Outstanding household debt in the United States has increased by $3.35 TRILLION since the end of 2019. Financial literacy, starting young and continuing throughout our lives as an ongoing pursuit goes a long way to address these and many other financial challenges. We at The Perl Group are well-versed in educating our clients, their children, and their grandchildren on financial matters, and we make concerted efforts to create opportunities for families to have those discussions both with and without us. The bottom line is that financial literacy is critical to the future of our economy and financial advisors should be helping to lead those efforts.

The oldest members of #GenZ have entered the workforce and are being hired at financial institutions. This recent report from Raddon highlights the importance of educating and improving the #FinancialLiteracy of these young employees, so that they can navigate their own finances and better serve your #CreditUnion’s members. Read more below.