What is the difference between financial literacy and financial capability, and why should credit unions care? Where is financial capability lacking and what are the consequences of low financial literacy? What approaches and methods can better suppport credit unions’ efforts to promote financial literacy and capability? Which groups are the best targets for credit unions’s efforts?
Loan terms may not seem very hard to understand for people like you. Chances are you work in financial services. Lingo like points, APR, balloon, FHA, piggyback, PMI, and escrow rolls off of your tongue. You can compare mortgage offers quicker than Snooki can spray on a tan.
Want to know a secret? Most people can’t.
Want to know something else? It’s our fault.
Stepping off the train in Montabaur, a small German town about 70 km from Frankfurt, very early one morning last June to attend the first module of a training program for cooperative bank leaders from around the world, I had some difficulty explaining to the taxi driver where I was going until I spied a castle in the distance and simply pointed to it. The driver instantly understood my destination, as the castle is well known as a hotel and state of the art training center serving banking clients.
View the recorded March 22nd ‘Lunch with Ed’ session below as Denise Gabel and Doug Hall discuss Innovation Engineering.
Ever wonder where Mark Meyer, Filene’s CEO, gets his big ideas? Start here.