2018 Financial Education Honoree - Louviers Federal Credit Union
Louviers Federal Credit Union
2018 Financial Education Honoree
It’s no secret that when it comes to financial education, especially FREE financial education, Credit Unions are leading the way. However, it seems that the common theme is always educating children to be more money savvy. At Louviers, we saw a need to provide the same level of care and continued education to adults, seniors, and businesses as we do for kids.
A longtime supporter of the Newark Senior Center, which resides in one of our underserved SEGs, Louviers recently partnered with them to provide a series of financial education workshops with a variety of topics that we felt would appeal to the 40s and up age range. The idea was that it would help someone nearing retirement age start to plan and also educate someone already in or caring for someone in that phase of life. Additionally, we have almost all of our frontline staff CU Senior Safeguard trained, a dedicated page for members to access the program on our website, and will be sending an email blast out to our membership in the near future.
Louviers also operates a branch in Jenner’s Pond, a retirement community with levels of living varying from independent cottages through full nursing home care, not only to serve the many members we already had living there but also to extend the luxury of banking to residents who were no longer able to leave the facilities at their leisure.
Since the workshops produced such a fantastic response, we are currently in the planning phase of bringing some business-related workshops, to a co-work space based in one of our other underserved SEG groups. This organization operates using a similar cooperative model to Credit Unions allowing businesses to become a member of a shared space at varying tiers depending upon their need. All of our workshops are 100% informational. There is no sales pitch or collection of information as our goal was to make them truly education and transparent that there is no ulterior motive.
Although Louviers has put a larger emphasis on the importance of continued financial education because of the need we have found in our own membership, we still provide what we can for children. We’re excited to have partnered with University of Delaware’s Center for Economic Education and Entrepreneurship to fund a children’s book about borrowing and saving. Written at a second-grade level, ‘How Daniel Got What He Wanted,’ has gotten fantastic feedback from schools set to receive it and the instructional package. It has also gained interest from the St. Louis Federal Reserve, who aims to make it a video. The best part… Daniel takes his money to the Credit Union, NOT a bank!
Louviers deserves this award because we aren’t looking for a one and done. The education on savings at age 10 won’t provide the knowledge needed to plan for retirement nor will it provide the know-how for operating a business. We’ve identified the need for continued financial education and we’ve made it a priority to provide it to the community.