Rs League Highlight: Ocul: Ohio's Credit Unions Helping Ohioans In A Tough Economy
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s
ion n U dit e r C hio’s
g n i p l e H oans i h O tough a n i nomy eco
O
TION UCA
D IAL E ANC VEY N I F SUR 2008 THE TREACH F O OU LTS AND RESU
OHIO CREDIT UNION LEAGUE
O
hio’s credit unions are celebrating 75 years of service this year. And the mission — of providing individuals, families, and entire communities with economic stability through the dignity of financial empowerment — remains the same as it was when credit unions were founded. This philosophy distinguishes Ohio’s 414 credit unions from other financial service providers and inspires loyalty from more than 2.6 million members. Credit unions are more than providers of financial products and services. To improve people’s lives through self-help and personal responsibility, they offer an array of real solutions: free financial education; special savings programs; short-term, low-interest loans; and one-on-one counseling. The Ohio Credit Union League is pleased to report how credit unions served their members and communities in 2008, and how they work every day to improve lives.
of 2 every3
Ohio credit unions provide free financial education in their communities.
More than 350 credit unions offer their communities no-cost opportunities to increase their financial savvy so they can eliminate debt and build wealth.
74%
of Ohio’s credit unions either partner with or refer members to a community agency to improve other aspects of their lives.
“We are a blue-collar credit union. Our members would have no [other] place to go for assistance.” — Survey Participant
44.8%
College Ages 19+
29.9%
Middle School Ages 11-13
Senior Citizens
Adult NonMembers
Ethnic Groups
Early Ages 0-5
High School Ages 14-18
6.7%
Elementary School Ages 6-10
20.1%
35.8%
Adult Members
20.9%
20.9%
36.6%
56.7%
Ohio’s credit unions provide financial education to a spectrum of groups in their communities.
Teaching personal financial responsibility has always been part of the mission of not-for-profit credit unions. Credit unions are stepping up their efforts as leaders in financial education and investing in brighter futures for all Ohioans.
60.4%
60.4% 42.5%
Ohio’s credit unions offer financial education via one-on-one counseling, one of many approaches utilized.
41.8%
27.6% 27.6%
23.9% 12.7%
9.0%
l t t ial ne e& oo om lity sa sa nc s ch s sit er ea s up n up er sro s n-O g ina Fair ter S ram l R vent -O selin Web slett Clas ation l Gro Unio l Gro ent F o e o t on Af Prog Sch ay E it mal ity C w al On oun ati sen Sm Cred Ne D S un C Inuc Pre m Ed m Co
9.0%
r
he
Ot
“We look for ways to provide financial education to schools, churches, after-school groups, and others because we feel it is imperative to raise the level of financial literacy among children, teens and adults. ” — Survey Participant
Ohio’s credit unions offer financial education programs to people in their communities on a wide variety of topics.
57.5%
Savings 101
45.5% Retirement/ investment
theft
37.3% Car
Credit concepts
35.1%
47% Identity
47.8% Checking &
Budgeting for life on your own
buying
23.1% College funding
23.1% Money & its sources
37.3% Investing in your future
11.9% Other
22.4% of Ohio’s credit unions participate in a government-sponsored student loan program.
10.4%
61.8%
Have their own credit union student loan program.
of Ohio’s credit unions participate in student loan programs for higher education.
10.4%
Offer a program sponsored by a third party.
$ $$
O pa hio sc rt cr aw ho icip edi of ar lar ati t un fo th de shi ng io ed r p ree d a p p in ns uc os sc n a ro a 2 at t-s ho ve gr 00 io ec la ra am 8 n. on rs g da hip e ry s
St ud
en tS
ch
ol a
rs
hi
ps
other student 3% Offer loan programs.
32.1%
Offer credit card programs for teens
Ohio’s credit unions offer unique programs for teens to help them transition into financially responsible adults.
Programs credit unions use to teach financial education to youth. 41.8% Use a program they developed internally
14.9% Junior Achievement
28.4%
6.7% Thrive By Five
32.1% MoneyAndStuff.info
3.7%
Making the Right Moves
8.2% BALANCE Financial Fitness
19.4% Other, developed externally
17.9%
Offer other programs for teens
Offer auto loan programs for teens
35.1% National Endowment for Financial Education (NEFE)
6.7% Practical Money Skills
FDIC Money Smart
4.5% BRASS Student
3.7% OSU
Extension
4.5%
Offer Biz Kid$™ entrepreneur loans for youth (0.7%)
used ramscredit g o r P hio’s cate by Ons to edu unio s about adultces. finan 10.4% NEFE
26.9% er 1t4he.r9% O ram Prog
1A0LA.4NC% E
m Consut i Cred seling Coun e Servic
3ro2g.r8am%
P eloped dev rnally inte
B ncial Finaess Fitn
67.4%
of Ohio’s credit unions have incorporated the social mission of credit unions into their strategic planning processes.
61.5%
23.1% 22.4%
of Ohio’s credit unions target specific segments of the population with products or services.
4.5% 3.7%
3.7%
3.0%
3.0%
2.2%
1.5%
s t s g al re th an en r ram s gu wi hin Wi ram Lo pm s) go as ers rog ture al ams ng ite ilin Staff k Cas rams Prog i P c rin ired elo (IDA s Fea eti ebs erse ansf e ogr ult a c v g r k g p e e e e s r o M v S Pr H a h t D unt Tr pa rW O vin Ch Pr al Ot l M /o for ly Im Sa coun ua and idu Acco al es l c eci or A vic isua ing rms div l r p i n e t I S l V S Fo Mu
Going above and beyond – offering specialized services to unserved and underserved markets to make a positive difference in people’s lives.
Ohio’s credit unions offer a wide variety of financial products and services to help their 2.6 million members.
38.8%
Emergency Loans
33.6% 30.6% 29.1% 26.9%
Student Loans First-time home buyer mortgage program College scholarships Short-term payday alternative loans
20.9%
Teen credit card program StretchPay credit union salary advance Mortgage program for low-income members
11.9% 11.9% 11.2% 9.7% 9.7% 7.5% 7.5%
Non-specified mortgage program
Small Business Administration Loan
Auto loan program for low-income members Home loan payment relief program Mortgage program for underserved populations
Overseas wire transfers
17.2% 6.7% 6.0% 3.7% 2.7% 1.5% 1.5%
Check cashing services for non-members
Free tax preparation service for low-income members
Individual Development Account Programs
Multi-lingual website
Microenterprise loans
Special loan programs for military families
The Credit Union Difference Credit unions are not-for-profit, member-owned cooperatives distinguished by their: Purpose… to serve members Governance… volunteer directors elected by members Member benefits… earnings invested in members and the community Values… in people, not profits
OHIO CREDIT UNION LEAGUE 10 West Broad Street, Suite 1100, Columbus, Ohio 43215 Phone: (800) 486-2917 www.OhioCreditUnions.org
ion n U dit e r C hio’s
g n i p l e H oans i h O tough a n i nomy eco
O
TION UCA
D IAL E ANC VEY N I F SUR 2008 THE TREACH F O OU LTS AND RESU
OHIO CREDIT UNION LEAGUE
O
hio’s credit unions are celebrating 75 years of service this year. And the mission — of providing individuals, families, and entire communities with economic stability through the dignity of financial empowerment — remains the same as it was when credit unions were founded. This philosophy distinguishes Ohio’s 414 credit unions from other financial service providers and inspires loyalty from more than 2.6 million members. Credit unions are more than providers of financial products and services. To improve people’s lives through self-help and personal responsibility, they offer an array of real solutions: free financial education; special savings programs; short-term, low-interest loans; and one-on-one counseling. The Ohio Credit Union League is pleased to report how credit unions served their members and communities in 2008, and how they work every day to improve lives.
of 2 every3
Ohio credit unions provide free financial education in their communities.
More than 350 credit unions offer their communities no-cost opportunities to increase their financial savvy so they can eliminate debt and build wealth.
74%
of Ohio’s credit unions either partner with or refer members to a community agency to improve other aspects of their lives.
“We are a blue-collar credit union. Our members would have no [other] place to go for assistance.” — Survey Participant
44.8%
College Ages 19+
29.9%
Middle School Ages 11-13
Senior Citizens
Adult NonMembers
Ethnic Groups
Early Ages 0-5
High School Ages 14-18
6.7%
Elementary School Ages 6-10
20.1%
35.8%
Adult Members
20.9%
20.9%
36.6%
56.7%
Ohio’s credit unions provide financial education to a spectrum of groups in their communities.
Teaching personal financial responsibility has always been part of the mission of not-for-profit credit unions. Credit unions are stepping up their efforts as leaders in financial education and investing in brighter futures for all Ohioans.
60.4%
60.4% 42.5%
Ohio’s credit unions offer financial education via one-on-one counseling, one of many approaches utilized.
41.8%
27.6% 27.6%
23.9% 12.7%
9.0%
l t t ial ne e& oo om lity sa sa nc s ch s sit er ea s up n up er sro s n-O g ina Fair ter S ram l R vent -O selin Web slett Clas ation l Gro Unio l Gro ent F o e o t on Af Prog Sch ay E it mal ity C w al On oun ati sen Sm Cred Ne D S un C Inuc Pre m Ed m Co
9.0%
r
he
Ot
“We look for ways to provide financial education to schools, churches, after-school groups, and others because we feel it is imperative to raise the level of financial literacy among children, teens and adults. ” — Survey Participant
Ohio’s credit unions offer financial education programs to people in their communities on a wide variety of topics.
57.5%
Savings 101
45.5% Retirement/ investment
theft
37.3% Car
Credit concepts
35.1%
47% Identity
47.8% Checking &
Budgeting for life on your own
buying
23.1% College funding
23.1% Money & its sources
37.3% Investing in your future
11.9% Other
22.4% of Ohio’s credit unions participate in a government-sponsored student loan program.
10.4%
61.8%
Have their own credit union student loan program.
of Ohio’s credit unions participate in student loan programs for higher education.
10.4%
Offer a program sponsored by a third party.
$ $$
O pa hio sc rt cr aw ho icip edi of ar lar ati t un fo th de shi ng io ed r p ree d a p p in ns uc os sc n a ro a 2 at t-s ho ve gr 00 io ec la ra am 8 n. on rs g da hip e ry s
St ud
en tS
ch
ol a
rs
hi
ps
other student 3% Offer loan programs.
32.1%
Offer credit card programs for teens
Ohio’s credit unions offer unique programs for teens to help them transition into financially responsible adults.
Programs credit unions use to teach financial education to youth. 41.8% Use a program they developed internally
14.9% Junior Achievement
28.4%
6.7% Thrive By Five
32.1% MoneyAndStuff.info
3.7%
Making the Right Moves
8.2% BALANCE Financial Fitness
19.4% Other, developed externally
17.9%
Offer other programs for teens
Offer auto loan programs for teens
35.1% National Endowment for Financial Education (NEFE)
6.7% Practical Money Skills
FDIC Money Smart
4.5% BRASS Student
3.7% OSU
Extension
4.5%
Offer Biz Kid$™ entrepreneur loans for youth (0.7%)
used ramscredit g o r P hio’s cate by Ons to edu unio s about adultces. finan 10.4% NEFE
26.9% er 1t4he.r9% O ram Prog
1A0LA.4NC% E
m Consut i Cred seling Coun e Servic
3ro2g.r8am%
P eloped dev rnally inte
B ncial Finaess Fitn
67.4%
of Ohio’s credit unions have incorporated the social mission of credit unions into their strategic planning processes.
61.5%
23.1% 22.4%
of Ohio’s credit unions target specific segments of the population with products or services.
4.5% 3.7%
3.7%
3.0%
3.0%
2.2%
1.5%
s t s g al re th an en r ram s gu wi hin Wi ram Lo pm s) go as ers rog ture al ams ng ite ilin Staff k Cas rams Prog i P c rin ired elo (IDA s Fea eti ebs erse ansf e ogr ult a c v g r k g p e e e e s r o M v S Pr H a h t D unt Tr pa rW O vin Ch Pr al Ot l M /o for ly Im Sa coun ua and idu Acco al es l c eci or A vic isua ing rms div l r p i n e t I S l V S Fo Mu
Going above and beyond – offering specialized services to unserved and underserved markets to make a positive difference in people’s lives.
Ohio’s credit unions offer a wide variety of financial products and services to help their 2.6 million members.
38.8%
Emergency Loans
33.6% 30.6% 29.1% 26.9%
Student Loans First-time home buyer mortgage program College scholarships Short-term payday alternative loans
20.9%
Teen credit card program StretchPay credit union salary advance Mortgage program for low-income members
11.9% 11.9% 11.2% 9.7% 9.7% 7.5% 7.5%
Non-specified mortgage program
Small Business Administration Loan
Auto loan program for low-income members Home loan payment relief program Mortgage program for underserved populations
Overseas wire transfers
17.2% 6.7% 6.0% 3.7% 2.7% 1.5% 1.5%
Check cashing services for non-members
Free tax preparation service for low-income members
Individual Development Account Programs
Multi-lingual website
Microenterprise loans
Special loan programs for military families
The Credit Union Difference Credit unions are not-for-profit, member-owned cooperatives distinguished by their: Purpose… to serve members Governance… volunteer directors elected by members Member benefits… earnings invested in members and the community Values… in people, not profits
OHIO CREDIT UNION LEAGUE 10 West Broad Street, Suite 1100, Columbus, Ohio 43215 Phone: (800) 486-2917 www.OhioCreditUnions.org
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