Serving the military who serve us all year
With Memorial Day fast approaching, I’d like to thank those who have paid the ultimate sacrifice for America. I would also like to remember and thank all of our veterans, active duty service members, and their families on this very special weekend.
During the other 364 days of the year, more than 72 credit unions across the country, with a specific field of military membership, are serving our servicemen and women when they need help with their finances.
Beyond these military credit unions, others across the US serve the 1,429,995 active members of the Navy, Marines, Air Force and Army who maintain a gap between financial literacy and those who actually have a personal relationship with a credit union or bank. To further complicate the problem, the majority of military personnel are millennials, who don’t have much trust in financial institutions.
Life is not easy for members of the armed forces. They are frequently on the go, working abnormal hours, traveling or even living abroad. This makes simple financial transactions, such as ATM access, deposits, and money transfers, extremely difficult. These young military men and women face unique financial challenges and are prime candidates for credit union membership.
• 27% of service members have credit card debt that exceeds $10,000. That compares to just 16% of civilians.
• Military spouses maintain an unemployment rate of 26% and earn 25% less than non-military spouses.
How can credit unions help this segment of the population?
• Offer military-specific credit cards and lower rates for consolidation loans.
• Provide financial products that offer specific incentives for smart money management behaviors.
• Offer first-time vehicle purchase discount programs for military families with little or no credit.
• Provide educational seminars for home buying, investing and retirement.
• Promote financial counseling programs to teach the military about credit reports and credit history, and personal money management.
• Maintain payroll deduction services to help staff repay loans directly from their salary or pensions.
• Hold job boards and career counseling to support service families in your area.
• Discounts on services and even theme park tickets are offered as a way of saying “thank you for your service.”
If you are a veteran or military spouse considering starting a small business, consider joining a credit union for your banking needs. They offer incredible perks for small business owners and since they are member owned, they always act in the best interest of their members.
Obviously, there are many credit unions across the country that are helping the financial needs of the US military. Your service to the military is not just about business. It’s about providing outstanding financial products and services that our nation’s heroes deserve.