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HomeNewsBusinessThe goal of the Maryland Credit Union financial literacy

The goal of the Maryland Credit Union financial literacy

Only 57% of American people, as defined by their knowledge of fundamental banking and personal finance topics, are deemed financially literate, according to a recent Standard & Poor’s research.

They would struggle with what Pettus believed to be the most elementary banking fundamentals. They were unable to distinguish between debit and credit cards. They were unaware of the features offered by online banking.

Audra Pettus recalls first-hand observing the financial illiteracy of some Americans when she started her banking job in an economically depressed area where she would frequently engage with clients.

“This was roughly ten years ago, so this was back when check scams were very common,” she continued. And because their ignorance and their desperation were being preyed upon, they were falling prey to those.

Pettus thinks that early financial education should begin with what parents teach their children.

Due to that experience, Pettus decided to join SkyPoint Federal Credit Union in Germantown, Maryland, where he established a department devoted to providing free financial literacy resources and classes. She is now Skypoint’s director of community relations.

She listed three fundamentals.

How to budget. effective budgeting techniques. and sound borrowing practises. When it comes to handling your money correctly, those three factors are crucial, according to Pettus.

Her team has developed financial wellness programmes. A credit-building course, homeownership paths, life insurance and retirement savings, entrepreneurship, investment, and paying for college are among the topics covered. In addition, SkyPoint partners with financial education content provider Banzai to provide interactive online financial literacy lessons and games for free to nearby schools. Additionally, it collaborates with the charity debt counselling organisation Greenpath Financial Wellness and provides its own second chance credit card programme.

The unbanked and underbanked, frequently minorities and immigrant families, are served by SkyPoint. It has roughly 13,800 members and three branches in Maryland, located in Germantown, Rockville, and Silver Spring.

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  • The goal of the Maryland Credit Union financial literacy
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