Katie BaileyIn Alabama, the loss of local banks has left many residents without access to essential financial services, but the consequences go beyond just banking access. Communities also lose local investment, financial role models, and protections for vulnerable neighbors.
Fortunately, credit unions are stepping in. Guided by their “People Helping People” mission, credit unions are not just providing services but investing in the people they live and work alongside.
With support from the Credit Union Impact Foundation, Alabama credit unions received over $82,000 in grants in 2024 to fund financial education, improve infrastructure, bolster cybersecurity, and support staff. These efforts are making a lasting impact in local communities.
Here’s a look at just some of what they’ve accomplished in the past year.
Expanding Financial Literacy
Financial literacy is a challenge in Alabama, ranked among the bottom 10 states in WalletHub’s 2024 Financial Literacy Survey. To address this, credit unions have hosted Financial Literacy Lunch and Learns, reaching diverse groups including realtors, farmers, and chamber members. Additionally, the Bite of Reality program, which simulates real-life financial decision-making, reached 1,964 students in 2024. Participants reported a 15% increase in financial confidence and improved money habits.
For older adults, one credit union used Foundation funding to produce a dinner theater event focused on raising awareness of financial scams. The program, which combines real testimonials with insights from experts and law enforcement, has been so successful that it is expanding to senior centers and churches across the state.
Building Operational Resilience
Beyond community programs, many credit unions used grants to enhance their internal systems. Grants supported vital infrastructure upgrades like replacing outdated equipment, redesigning websites for rebranding efforts, and improving cybersecurity to safeguard member data.
Some credit unions focused on long-term growth, using grants to hire grant writers and pursue funding for expanding digital banking and increasing loan loss reserves. Others invested in community-building efforts, particularly in underserved areas, ensuring that credit unions continue to serve their communities effectively.
Additionally, in 2024, Foundation grants helped 19 credit union employees become certified financial counselors, enabling them to offer personalized support for budgeting, credit repair, and long-term planning. These efforts are helping ensure credit unions are well-equipped to meet the needs of their members.
A Call for Continued Investment
The Credit Union Impact Foundation continues to support credit unions in delivering financial education, improving operations, and investing in their teams. To continue making a positive impact, credit unions need ongoing investment. Supporting the Foundation helps build stronger credit unions and brighter financial futures for all.
