By Laura Enock

Oct. 13, 2009

Credit Union Management's Web-only "Teaching Smart Money Management" column runs the second Tuesday of every month.

There are lots of resources out there for financial literacy. Before selecting one (or more!) you want to make sure it'll help you reach your credit union's financial literacy goals, and speak to your members. Ask yourself some questions before researching the available options: What demographic groups are you trying to reach? How much information are your members open to? How much are you looking to spend on a program? How much time/manpower are you willing and/or able to commit to financial literacy? Would members come in for a class, or will you need to reach them using some other method? Will your members spend time on your Web site?

The answers to these questions will help you identify the programs that are the best fit for your credit union. Here are some of the available options, but don't limit yourself to these. There are new programs coming out all the time, so keep your eyes open and network with other credit unions to see what they are successfully using.

1. BALANCE. BALANCE is an over-the-phone and online financial counseling program for members of participating credit unions. A member can call in and receive help with questions regarding financial planning, house purchases, budgeting, or debt consolidation, among other things. The call center has long hours and offers services in Spanish and English. On line, Balance offers short educational courses about checking accounts, identity theft, car loans, and other topics-complete with short tests members can take.

2. brass MEDIA. Geared to young adults, brass MEDIA offers several products to help your credit union reach Gen Y in a meaningful way.

3. CUES' Financial Literacy Clearinghouse. This section of cues.org includes resources shared by credit unions with financial literacy programs.

4. CUcontent.com. Financial literacy content for your credit union's newsletter and/or Web site. Free 30-day subscription for CUES members, includes full-length articles, short features, and financial cartoons. Full disclosure: I'm associated with this site.

5. Jump Start Coalition. The coalition's direct objective is to encourage curriculum enrichment to ensure that basic personal financial management skills are attained during the K-12 educational experience. Check out Jump Start's financial literacy clearinghouse for free resources.

6. CUNA. The Credit Union National Association has several publications for members on how to better handle their money.

7. National Endowment for Financial Education. A non-profit foundation partnering for financial education. Includes grants for financial education, and how to apply for them.

8. DebtinFocus.org. This free and anonymous service helps members think about debt. After answering a few questions about income and current debts, members get a simple financial analysis including their debt-to-income ratios, debt payment schedules, and suggested personal action strategies.

Laura M. Enock is CEO of CUVA and publisher of www.CUcontent.com, a newsletter and Web site content service for credit unions. She can be reached at laura@CUcontent.com.

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