International Credit Union Day is on Thursday, October 20 this year, and it has been celebrated on the third Thursday of October since 1948. Credit unions utilize this day to celebrate the history of the credit union, the credit union movement, and to show member appreciation. It is also a day to raise financial awareness.
Credit unions are founded on the philosophy of cooperation, and they abide by various Operating Principles. Here’s a quick look at those principles and how they benefit you!
• Open and Voluntary Membership – open to all people within the accepted common bond of association.
• Democratic Control – the credit union serves its members and is controlled by its members.
• Non-Discrimination – credit unions are non-discriminatory on all grounds.
Service to Members
• Distribution to Members – the credit union returns profits to members through higher savings rates and lower loan rates.
• Building Financial Stability – the credit union aims to build financial strength through adequate reserves and internal controls to ensure continued service to members.
• Service to Members – all services are directed to improve the economic and social well-being of all members.
• On-Going Education – credit unions actively promote the education of members, officers, employees, and the public with the economic, social, democratic, and mutual self-help principles of credit unions.
• Cooperation Among Cooperatives – credit unions actively cooperate with other credit unions to best serve the interest of their members and their communities.
• Social Responsibility – credit unions seek to bring about human and social development and to extend service to all who need and can use it.
As part of International Credit Union Day this year, we want to stress the importance of financial youth education. Financial education should begin at a young age, and you can start by talking about three basic money principles with your child: spending, saving, and sharing. As your child grows, you can introduce more complex topics. Even if you feel ill equipped or don’t think you have a handle on your own finances, you can still use your experiences to teach your child. Have you struggled with credit card debt? Be honest with them so they can learn from you. In what areas do you do well with your finances? Tell them about that too. Learning is an ongoing process. We all still have areas where we can grow. Today is the day to start.
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Categories: Education, Finances