In these times of economic uncertainty, it is more important than ever to understand personal financial matters. Financial literacy refers to knowledge and understanding of financial issues and the importance of having the ability to manage personal finances and maintain individual economic well-being.
CHROME Federal Credit Union works with its members to achieve their financial goals and to help the community be financially healthy. They provide resources focused on money and budgeting and other educational resources.
Jasmine Hughes, CHROME’s director of marketing, says the credit union has partnered with a nonprofit to help community members learn more about financial literacy.
“Last year, CHROME Federal Credit Union partnered with GreenPath Financial Wellness, a national nonprofit organization, to provide all members with free financial resources, including one-on-one financial counseling from certified experts and caring,” Hughes said.
For women in particular, financial literacy is even more crucial. CHROME’s Chief Financial Officer, Patricia Morrissey, acknowledges that women don’t always have financial freedom, so financial literacy isn’t always understood.
“Too often, women lack the financial freedom and means because they are not the breadwinner or their spouse or significant other controls household finances,” Morrissey said. “It can force women to stay in abusive or unhealthy relationships because they’re dependent on their partner, or make it really hard to get out of a relationship because they don’t have the money to leave and get away with it. establish elsewhere.”
Morrissey says women can establish credit in their own name and learn how they can grow and maintain a good credit history. She says they can also learn how to budget for their household and maintain their own financial well-being.
CHROME offers a variety of resources that women in the community can use.
“At CHROME, they can get personal, one-on-one advice from our Certified Financial Advisors. They can also meet with one of our lenders to help establish new credit on their behalf and advice on how to build a credit history,” Morrissey said.
Hughes explained how a member of a credit union researched possible loan options. She sat down with one of the lenders, and they were able to find areas where they could consolidate. This member was able to save $1,000 per month by restructuring his debt. Hughes said it’s not something that happens to everyone, but they can help members save $100 to $300 a month.
CHROME will be at the All for Her event at Tanger Outlets on October 13th. They will be one of many vendors attending and providing resources. Attendees can get a special link to book an appointment with a CHROME team member.
“[We] will provide resources for different stages of the financial journey, whether it’s a participant trying to understand the basics of a credit score, an individual considering buying a home, consolidating debt, or taking on his first loan, we’ll be there to talk about it in a relaxed, non-judgmental way,” Hughes said.
Morrissey wants women to take control of their finances to ensure they can have a secure future. CHROME is open to working with women at any stage of their life and at any level of understanding of their financial literacy.
“It’s never too early to start on the road to financial well-being. Mistakes in youth can really put individuals in a bad position that can take years to be erased from their credit history. It should be taught in schools because it’s such an important life lesson,” Morrissey said.
Sponsored content presented by CHROME Federal Credit Union.
By Rachel Dvareckas