Newsroom

NAFCU's latest Economic & CU Monitor – now available for download – examines the latest economic trends and highlights National Financial Capability Month.

This month’s monitor survey focused on financial education and community outreach programming. Results revealed 92 percent of credit unions offered financial literacy programs to their members.

Most credit unions reported that their financial literacy programs have had a positive effect, with 25 percent of respondents saying that they had “a significant positive influence” on their members’ financial habits. The content of programs ranged from those providing older members with retirement planning tips to basic materials designed for younger members.

Additionally, 80 percent of respondents indicated that their credit union had sponsored events in their community within the past year and 68 percent saying that individual staff members had been directly involved with community redevelopment programs. The survey also highlighted that over 90 percent of respondents observed an increase in attempted fraud targeting older members in the past two years, such as IRS and romance scams.

“Credit unions fight fraud in many forms and the best frontline defense is often educating members about scams and tactics used by criminals,” wrote the NAFCU research team. “While these efforts have helped credit unions earn the trust of their members, NAFCU continues to advocate for enhanced governmental coordination to stop financial crime through law enforcement intervention.”

The monitor highlighted that economic data are on an upward trend: there has been an improvement in retail and vehicle sales and early estimates for second quarter Gross Domestic Product (GDP) are strong. In addition, the labor market established another 50-year low unemployment rate in April and the Federal Open Market Committee has signaled to pause hikes. However, “[t]he risk of inflation rising is more substantial than the rate-induced economic downturn” and the debt ceiling standoff with the potential to default would bring significant downside risk.

NAFCU relies on survey responses to provide its members a glimpse of trends affecting the credit union industry and inform the association’s advocacy efforts. Next month’s survey covers fraud; responses are due June 7.  

For more on NAFCU's award-winning research team, check out the association's Macro Data Flash reports for insights into interest rates, auto sales, the housing market, and more.