Financial Literacy Leads to Financial Well-Being

[ 0 ] April 18, 2016 |

Financial Literacy Month is not just about financial literacy—it’s also about financial well-being. April is National Financial Literacy Month, a good time to emphasize IAACU’s commitment to helping our members lead stable and healthy financial lives.  IAACU’s Mission Statement is: “Serve Our Members and Advance Their Financial Well-Being.”  Perhaps the ultimate measure of the success of this institution lies in the improvement of our members’ financial well-being.  So, what is “financial well-being?”

 

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Financial well-being has four characteristics:

  1. Control over daily and monthly finances,
  2. Capacity to absorb a financial shock,
  3. Deliberate planning to meet personal financial goals, and
  4. Financial freedom to make choices to enjoy life.

These characteristics distinguish someone as having financial well-being, while components are factors that contribute to a person’s financial well-being.  The components that lead to financial well-being include: 1) financial literacy, 2) access to affordable financial services, and 3) financial capability which is exhibited by the attitudes, skills and self-confidence to make smart money management decisions.

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IAACU is focused on creating the building blocks for our members’ financial well-being through financial education and access to affordable financial products and services. For example, when our members are ready to finance their first home, we provide affordable mortgage loan options along with first-time home buyer counseling. This program helps to ensure that new buyers have someone they can trust that will help them through the process and consider their financial well-being above all else.

I invite you to check out our products, services, credit counseling, and educational information at www.iaacu.org.  We offer information and resources to fit member needs during various life stages and in preparation for various life events.

Additional financial literacy resources are available through the National Credit Union Association’s (NCUA) consumer website MyCreditUnion.gov. Within that site you will find a link to Pocket Cents,” which offers practical financial tips, interactive learning tools, and financial calculators. For example, you can find helpful information on such topics as how to start saving, pay off debt, read a credit card statement, and understand what is contained in financial disclosures and loan applications.

Access to affordable and responsible financial services helps our members build financial security and improve their long-term financial prospects. Financial Literacy Month is a reminder that IAACU is a great resource to help you strengthen your overall financial well-being.

We offer our sincere appreciation for your continued support and membership!

 

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Category: CEO Corner, Featured

About the Author ()

Sean has held the position of Chief Executive Officer at the IAA Credit Union since June of 2005. In this position, he is responsible for the overall management of the $200 million financial institution, assuring financial strength while providing maximum value to its members. Also, he ensures that the Credit Union complies with all State and Federal laws and operates within the policies and expectations of the IAACU Board of Directors. He is a 1986 graduate of Illinois State University where he received a Bachelor of Science Degree in Agribusiness with a minor in Economics. He has also completed the coursework and received the CPCU, ChFC and CLU insurance industry designations. Sean served a combined 20 years in the United States Air Force and Air National Guard as an Aircraft Maintenance Officer retiring in 2002 at the rank of Major. Sean and his wife Kim have five children and reside northeast of Eureka, Illinois in Woodford County.

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