Empowering Financial Futures: Inside ICUF’s Impactful Initiatives

April 22, 2024

Authored by Iowa Credit Union Foundation Executive Director Ena Babic Barnes.

As April unfolds, so does an opportunity for us to embark on a transformative journey towards financial empowerment. In a world where financial literacy is the key to unlocking prosperity and security, this month serves as a beacon of awareness and action. Guided by the cooperative credit union philosophy of “people helping people,” Iowa Credit Union Foundation (ICUF) is on a mission to champion financial well-being across Iowa.

The U.S. Congress designated April as National Financial Literacy month in 2004 to raise awareness about the importance of financial literacy education in the United States, and the consequences that may be associated with a lack of understanding about personal finances. According to a new survey conducted by the National Financial Educators Council, “Americans estimated their own financial illiteracy cost them $1,506 per person in 2023.” Financial literacy empowers individuals to make informed decisions about their finances. It enables people to manage their money effectively, understand financial products and services, budget wisely, save for the future, and protect themselves from financial pitfalls. Financial literacy promotes financial stability, independence, and overall well-being.

Enhancing financial literacy equips individuals with the knowledge to make informed decisions about their finances, fostering future success and security. A solid foundation in personal finance sets the stage for a prosperous future marked by stability, independence, and overall well-being.

ICUF takes pride in its role in supporting credit unions and their members by offering financial literacy initiatives aligned with its mission of championing financial well-being for all. By advocating for financial education, we empower Iowans to make sound financial decisions, manage resources efficiently, and navigate the intricacies of personal finance. Through these efforts, we directly enhance the financial well-being and resilience of individuals and families, enabling them to shape a stable financial future.

Our commitment to advancing financial literacy in Iowa is evident through strategic collaborations with community partners, such is one we have with Proteus, Inc. Through the Proteus Financial Literacy Program, we assist Hispanic agricultural workers in making informed financial decisions, enhancing their financial well-being, and pursuing their aspirations. Additionally, our partnership with the University of Northern Iowa (UNI) School of Business underscores our dedication to promoting financial education at the grassroots level. By supporting UNI’s Financial Skills for Smart Living Program, ICUF equips educators with the tools and knowledge needed to effectively teach financial literacy in high schools statewide. These initiatives not only bolster individuals’ financial capabilities but also contribute to the economic resilience and prosperity of Iowa’s communities.

ICUF also offers tailored resources and tools to assist credit union members on their journey towards financial empowerment. One resource is ICUF’s custom-created budgeting notebook designed to cultivate expense tracking, goal setting, and budgeting strategy development, serving as a constant reminder of the importance of financial planning and discipline.

Thanks to our strong partnership with Iowa credit unions, we can continue to serve Iowans by providing consistent support for financial education through innovative programs, strategic partnerships, and unwavering commitment to empowering individuals and communities. As we celebrate Financial Literacy Month, we not only acknowledge our collective achievements and ongoing endeavors but also renew our shared commitment to bettering financial wellbeing of Iowans. Together, as we champion financial literacy, we pave the way for a future where everyone possesses the tools and knowledge to realize their financial goals.