Credit union ownership education and assuming the obvious

When it comes to Cooperative Principle five: Education, Training, and Information, credit unions often check that box through financial literacy programs and related educational opportunities for their members. While the importance of such offerings should not be downplayed (after all, April is Financial Literacy Month), financial empowerment education only satisfies one aspect of a member’s role at the credit union.

Any credit union industry employee worth their salt should be able to note that members serve two very important roles at their credit union as both member and owner. While the majority of credit unions are up to snuff on education in relation to the first role (if your credit union is not, here are some ways to get started), they often fall short or entirely neglect education on the owner role.

But what is the purpose of ownership education? Shouldn’t the concept be self-explanatory? If a member is joining a credit union instead of a bank, surely they understand the difference enough to know they are part owner of their credit union. Members equal owners. Easy peasy.

Not so fast.

 

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