What are the Key Monetary Pitfalls?
1. Financial illiteracy - 80% of consumers have not attended a financial literacy program. This lack of knowledge can result in income instability.
2. Student Loans - are a big concern to individuals and impact the ability to meet monthly payments resulting in deferments that result in high-interest rates and a prolonged payoff time frame. Student loan debt has reached .5 trillion dollars with the average loan being ,144 per borrower, according to Experian. Studies have shown that individuals do not have a plan to address student loan debt with the day to day living expenses resulting in default and impact to credit history.
3. General Savings – most families lack the necessary amount of savings to address many unexpected issues. This can encompass issues such as loss of employment, or health-related issues that result in a high dollar expense and can easily deplete savings.
4. Retirement Savings – typically individuals do not have enough money to retire on or have dipped into their retirement funds via loans or withdrawals.
How Can Credit Unions Help?
1. Credit unions can utilize their financial planning and counseling services to empower members with the knowledge and skills to put more money into their accounts every month.
2. Credit unions can help address customizing retirement strategies that fit the individual needs of members.
3. Provide helpful tools to make managing finances easier.
What tools are available?
GO Federal Credit Union of Dallas provides multiple options.
1. 4points Planning - assistance in making the right plan for retirement planning.
2. My GO Finances Financial Management tool to track account’s loans and grow savings.
3. Quicken tips. Helpful guides for MAC and PC.
4. Financial Calculators – use to make informed decisions to purchase a home or develop a household budget.
GO Federal Credit Union of Dallas sets the benchmark for how financial institutions should provide financial services for members. Credit unions are a member-first culture which will allow them to support their members to succeed with financial success.
Based in Dallas TX, GO Federal Credit Union has committed itself to empowering its members through meeting their various financial needs. Like any other credit union, GOFCU is also a not-for-profit financial institution.
Federally insured by NCUA and Equal Housing Lender
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