Tools for Credit Unions
The reported statistics on poverty levels combined with ALICE households here in the Carolinas reminds credit union employees and board members that many people are struggling for a variety of reasons. Some people struggle due to a lack of awareness of good budgeting practices and spending habits. Many others may do a great job with the limited financial resources they have, yet struggle due to the high cost of living, or face a financial setback due to factors beyond their control.
No matter the situation, empathy is a key tool for credit union staff and board members to deploy when assisting members who are struggling. In addition to using empathy, the ability for credit union staff to listen and navigate sometimes vulnerable conversations with members can open paths for problem-solving, while financial education programs create opportunities for members and communities to succeed financially.
Please see below a list of professional development opportunities and financial education tools your credit union may wish to pursue.
Professional Development Opportunities & Simulations
Enhanced Financial Counseling Certification Program – FiCEP
Offered each year by the Carolinas Credit Union League in partnership with the Foundation and America’s Credit Unions, FiCEP participants earn the Certified Credit Union Financial Counselor (CCUFC) designation. The five-month program includes a component that guides credit unions on the best skills counselors can use to help members better manage their finances, in turn growing the credit union and enhancing the bottom line.
Watch the video on “Counseling Members in Distress” from the FiCEP program curriculum.
Watch the panel discussion on financial counseling best practices from the FiCEP program curriculum.
Making Choices Activity (Self-guided & group facilitation options – FREE)
This version of Making Choices is a two-page printable PDF. Using a pack of Smarties candy, navigate the tough budgeting decisions ALICE households face each month. This is a short simulation illustrating the difficulties facing many families in the US today. A 30-minute facilitated group activity guide is also available and makes for a great onboarding activity or for other staff training opportunities. Please contact Jeff Hardin for a copy
SPENT Activity (Self-guided – Free)
An online simulation created by Urban Ministries of Durham, NC, Spent navigates you through a series of life choices that many families face. You begin the simulation unemployed and must find a job as you navigate a series of challenges. Again, this can be a powerful addition to the onboarding experience for credit union employees.
Community Action Network Poverty Simulation
The CAN Poverty Simulation is an in-person, 2-3 hour facilitated simulation. Participants navigate a series of four 15-minute “workweeks” as they try to hold down a job, pay their bills and take care of the people they care about. A Foundation staff member facilitates this simulation, and the credit union provides volunteer support. Click here to see a simulation. Please contact Lauren Whaley or Jeff Hardin for more information or to schedule the poverty simulation. The Annual Principles & Philosophy Conference features the Poverty Simulation.
Exploring Our Values
A product of the National Credit Union Foundation, Exploring Our Values guides learners through the fundamentals of credit unions’ cooperative structure, introduces them to lessons from history and key champions, and helps them reflect on how their roles and values intersect with the mission of their organization and broader credit union movement. There is a small licensing fee to access this self-guided course..
The FinHealth Hub
A National Credit Union Foundation learning and sharing platform, the FinHealth Hub is there to give credit unions the tools that they need to be able to live out the mission of “people helping people.” The resources provided through The FinHealth Hub help the people who are helping people and enable credit unions to own financial wellness.
Tools for Front Line Credit Union Staff
Both North Carolina and South Carolina have searchable 211 databases online that can help credit union staff connect members to organizations that may be able to assist ALICE households. The databases are searchable by zip code, city or county as well as area of need.
Financial Education Tools & Simulations for Members & Communities
To adequately prepare our youth for adulthood and adults for retirement, credit unions must empower them with the tools, information, and decision-making skills necessary to achieve financial success.
The Retirement Experience
In partnership with the Cornerstone Credit Union Foundation, the new Retirement Experience resource is now available to Carolinas credit unions, offering an experiential learning program that helps individuals think about what kind of retirement they want and then how to design a roadmap to get there. Interactive and engaging, this product can be custom branded for your credit union is available for purchase from the Cornerstone Foundation.
BALANCED Life Reality Fair for Students
In partnership with the Cornerstone Credit Union Foundation, this volunteer-led simulation allows students to participate to in a fun, exciting and eye-opening reality fair, experiencing adult spending and budgeting based on career choices and lifestyle decisions. The reality fair features ten table-top booths, price sheets for each version of the ten living decisions. For more details on the BALANCED Life products, please click here. The reality fair can be custom branded for your credit union is available for purchase from the Cornerstone Foundation.
BALANCED Life Classroom Simulation for Students
This simulation achieves the same goals as the Reality Fair, and participants can complete it in under an hour in a classroom setting. A Spanish version is also available. For more details on the BALANCED Life products, please click here. The classroom simulation can be custom branded for your credit union is available for purchase from the Cornerstone Foundation.
SECU Reality of Money®
Bite of Reality from the Richard Myles Johnson Foundation is a hands-on app-based simulation that appeals to teens while giving them a taste of real-world financial realities. Teens are given a fictional occupation, salary, credit score, spouse and a child, student loan debt, credit card debt, and medical insurance payments. The teens then walk around to various table-top stations to “purchase” housing, transportation, food, clothing, and other needs. The game also includes a “credit union” to help with their financial needs! There is a one-time set-up fee for a customized/branded app, and an annual licensing fee. Please contact the RMJ Foundation at [email protected] for more information.
In need of financial support for any of these programs or opportunities?
Through the generosity of Vizo Financial Corporate Credit Union, all credit unions in the Carolinas, regardless of asset size, can apply for grants that will fund financial education projects or programs to empower members to reach financial goals and establish a better quality of life. Vizo awards up to $50,000 in grants annually. Grant applications are accepted in the spring each year.