The National Credit Union Foundation is opening its 2020 grant cycle with two opportunities that encourage credit unions to continue the promotion of financial literacy during a time when so many members’ lives are in crisis.
CUNA believes that a credit union’s ability to promote financial literacy begins with the well-being of its employees. That’s why the “Start at Home” grant effort seeks to increase the financial well-being of credit union employees through one savings initiative: building short-term savings through split deposit. “Splitting” a direct deposit is the ability to automatically direct a fixed percentage or dollar amount of pay into a savings or investment account.
The overarching goal of this grant effort is get credit unions to rigorously test this evidence-based intervention in their own institutions; which has the potential to build financial resilience among credit union employees. This effort will include a collaboration with select researchers from around the country to help selected credit unions test split deposits with employees. Click here to see the full application for “Start at Home”.
The second grant, “Tell Your Story,” intends to highlight the work of the credit union system to promote financial well-being. The Foundation is seeking credit unions that have financial well-being as a key component of their strategies to share impact stories.
Specifically, credit unions will be asked to document: the financial well-being challenge faced by members and/or the community; the intervention (e.g., product, service, counseling, relationship, etc.) the credit union took to address the challenge and improve financial health and well-being; and the transformation the credit union measured as a result of its work (e.g., 500 members improved their credit score from X to Y; $X in debt was reduced because of the intervention, etc.). Click here to see the full application for “Tell Your Story.”
The deadline for credit unions to submit their applications is July 15. The Foundation will review all applications for each credit union’s financial capacity and commitment to improving members’ and employees’ financial well-being that directly support the stated application objectives.