Financial Capability: Supporting credit unions members towards better financial wellbeing

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Financial capability: supporting members towards greater financial wellbeing is authored by Dr Lindsey Appleyard, Professor Sally Gibb and Dr Hussan Aslam at Coventry University’s Centre for Business in Society (CBiS).

Description

Just now, this will be of particular interest to credit unions as some of their members will be finding out just how financially resilient they are to a crisis. Those of us involved in community finance know that the financial capability of adults is key to their financial wellbeing, yet, for example, half of all adults in the UK are financially vulnerable. Credit unions, like other co-operatives, are committed to the education of their members. This paper examines the role of credit unions in improving the financial capability of their members, through the provision of financial education and resources for credit unions to support this process. The findings come from recent research at Coventry University that tested the effectiveness of practical education materials designed to improve financial resilience. Recommendations are included through a series of action points.