This presentation explores how credit unions can promote thrift in an age of excess. It was delivered as part of the CUES Experience webinar series on May 21, 2009.
The role of bank branches is changing as traditional cash and check transactions decline. This presentation, from BAI Retail Delivery 2009, includes case studes from Citizens Bank, MidSouth Bank, and Coastal Federal Credit Union.
Small is beautiful. Your credit union can remain small and successful.Tim McAlpine
Presentation given on May 4, 2008 at the CUES West AGM in Ottawa by Tim McAlpine of Currency Marketing. With the tidal wave of mergers and consolidation within the Canadian and US credit union systems, it seems as though getting bigger is the only way for credit unions to survive. However, there are fine examples of very successful credit unions that are bucking the trend and purposefully remaining small. Tim McAlpine will explore how these credit unions are using marketing, technology and good old-fashioned member advocacy to not only remain small, but also continue to be viable and successful.
Bryan Sims, 24 year-old CEO of brass|MEDIA Inc., speaks at a credit union conference about the importance of reaching Generation Y to the financial services industry. Sims outlines basic demographic information of Gen Y, provides statistics illustrating the difficulties in reaching them, shows the power of changing media and technology, while giving examples of how other financial institutions have successfully created programs that resonate with young adults.
brass|MEDIA Inc. is a multimedia and technology company that produces brass|MAGAZINE, a lifestyle money magazine written for young adults, by young adults.
Typically, the goals of bank or credit union design and security are at cross purposes.
Design seeks to create a welcoming environment, while security attempts to keep certain people out.
However, it is possible to design beautiful and effective branch environments that are also highly secure.
Social Media for Bank Investor RelationsDave Hogan
This presentation is from the SNL Financial Bank Investor Relations Symposium in New York on March 17, 2010. It describes how investor relations departments at banks and other financial services companies can incorporate social media tools into their investor relations and corporate communication programs.
In this slidecast we look at a number of innovative business models that have emerged in the private banking industry and we will then learn about an approach that allows us to question, clarify and strengthen our own business model.
Innovation at Progressive (A) - Harvard Business School
Answering the following questions:
1. How does Progressive’s performance as an auto insurer compare to that of typical insurance companies? How does its performance changed over time? What explains the difference in performance?
2. Customers of auto insurers are very price sensitive. How problematic is it to Progressive that customers almost always select the insurer that offers the best price?
3. Assess the viability of the Autograph system. What level of consumer acceptance will it take to make Autograph successful? What are the barriers to consumer acceptance? Should Autograph be expanded nationwide?
Made and presented for the course Service Operations Management at the Viadrina University, winter term 2012/2013
The role of bank branches is changing as traditional cash and check transactions decline. This presentation, from BAI Retail Delivery 2009, includes case studes from Citizens Bank, MidSouth Bank, and Coastal Federal Credit Union.
Small is beautiful. Your credit union can remain small and successful.Tim McAlpine
Presentation given on May 4, 2008 at the CUES West AGM in Ottawa by Tim McAlpine of Currency Marketing. With the tidal wave of mergers and consolidation within the Canadian and US credit union systems, it seems as though getting bigger is the only way for credit unions to survive. However, there are fine examples of very successful credit unions that are bucking the trend and purposefully remaining small. Tim McAlpine will explore how these credit unions are using marketing, technology and good old-fashioned member advocacy to not only remain small, but also continue to be viable and successful.
Bryan Sims, 24 year-old CEO of brass|MEDIA Inc., speaks at a credit union conference about the importance of reaching Generation Y to the financial services industry. Sims outlines basic demographic information of Gen Y, provides statistics illustrating the difficulties in reaching them, shows the power of changing media and technology, while giving examples of how other financial institutions have successfully created programs that resonate with young adults.
brass|MEDIA Inc. is a multimedia and technology company that produces brass|MAGAZINE, a lifestyle money magazine written for young adults, by young adults.
Typically, the goals of bank or credit union design and security are at cross purposes.
Design seeks to create a welcoming environment, while security attempts to keep certain people out.
However, it is possible to design beautiful and effective branch environments that are also highly secure.
Social Media for Bank Investor RelationsDave Hogan
This presentation is from the SNL Financial Bank Investor Relations Symposium in New York on March 17, 2010. It describes how investor relations departments at banks and other financial services companies can incorporate social media tools into their investor relations and corporate communication programs.
In this slidecast we look at a number of innovative business models that have emerged in the private banking industry and we will then learn about an approach that allows us to question, clarify and strengthen our own business model.
Innovation at Progressive (A) - Harvard Business School
Answering the following questions:
1. How does Progressive’s performance as an auto insurer compare to that of typical insurance companies? How does its performance changed over time? What explains the difference in performance?
2. Customers of auto insurers are very price sensitive. How problematic is it to Progressive that customers almost always select the insurer that offers the best price?
3. Assess the viability of the Autograph system. What level of consumer acceptance will it take to make Autograph successful? What are the barriers to consumer acceptance? Should Autograph be expanded nationwide?
Made and presented for the course Service Operations Management at the Viadrina University, winter term 2012/2013
The document discusses various types of crises including debt crises, financial crises, and economic crises. It provides details on what causes these crises such as rising household and government debt, trade imbalances, loss of confidence, and current account deficits. The document also examines the global financial crisis of 2008 and its impact on developing countries as well as the factors that contributed to the crisis.
“Sustainable communities” has as much meaning for rural and tribal communities as it does in urban and suburban areas. Come learn what this term and livability principles mean in a nonmetro context. Learn from HUD, USDA, and rural/tribal communities that have planned and implemented effective strategies. Key topics include economic opportunity, transportation, housing, communications, public engagement, and broadband.
The document discusses the impacts of the global economic crisis following the financial crisis of 2008. It notes that many developing countries were innocent victims despite not being involved in subprime lending. The crisis led to a collapse in asset prices, economic recession, and declining growth rates around the world. Commodity prices and capital flows also reversed, straining the finances of developing nations. The document advocates for improved international cooperation and policy responses to mitigate the crisis impacts.
A non-political, mathematical dive into the U.S. Budget gave me a clearer view of a key hidden cause, and the path toward a surprisingly easy fix. Here is what I found.
The document summarizes SMUD's commitment and plans regarding energy efficiency. SMUD is a large municipal electric utility serving 1.3 million customers in Sacramento County. It has shown leadership in energy efficiency through increasing expenditures on conservation and reducing peak load and energy savings. SMUD's future plans include more aggressive and long-term visions for energy efficiency, such as displacing new generation needs and avoiding distribution investments through efficiency. SMUD aims to provide resourceful opportunities for customers and fund efficiency through various sources to achieve its vision of making the Sacramento region the most energy efficient in the nation.
This document presents historical data on private consumption expenditures, government expenditures, debt, taxes, and credit in Indonesia from 1969-2003. It shows that private consumption expenditures averaged 64% of GDP, driving economic growth. Government expenditures averaged 19% of GDP, though some activities were off-budget. The government aimed to balance its budget under the "balanced budget rule," using foreign debt to finance deficits, in order to avoid hyperinflation. Both private consumption and government expenditures fluctuated over time, with private consumption proving more stable during economic crises.
Rural-Urban Linkages for Growth, Employment and Poverty ReductionJoachim von Braun
The document discusses rural-urban linkages and divides. It outlines that lack of linkages between rural and urban areas is divisive and bad for growth, poverty reduction, and equity. Facilitating the flow of resources to where they will have the largest impact on growth and poverty is a key goal. Rural and urban areas can be linked through factors like technology opportunities, trade, infrastructure, human capital and migration, and environmental resources. Specific linkages discussed include agriculture technology, ICT, and energy/biofuels. The document argues for strengthening rural-urban linkages to promote development.
The document summarizes the key aspects of globalization, including the globalization of markets and production. It provides an example of a Vizio TV being designed in California but assembled in Mexico using parts from various countries. It discusses how commodities markets have become more globalized. It also outlines some of the main drivers of globalization like declining trade barriers and technological advances like the internet that have facilitated the global flow of goods, services, and information. However, it also notes some of the criticisms of globalization like its impacts on jobs and wages in advanced countries.
Tom Ritchie of Eide Bailly presented on the Fiscal Cliff and the American Taxpayer Relief Act of 2012. The Act averted tax increases for many by extending many expired tax breaks and increasing taxes for high-income individuals. It maintained higher estate tax exemptions of $5 million indexed for inflation. The Act also addressed provisions in the Affordable Care Act including higher Medicare taxes and a medical device excise tax. Ritchie provided examples of how the Act impacts individual and business taxpayers.
AKT Construction: New day new strategy June 2, 2011 FMI presentationpeggykitzmiller
The AKT Construction Team provides comprehensive financial services to contractors, developers, and architectural and engineering firms. They serve nearly 200 clients in the construction industry, ranging from small proprietorships to large multi-state contractors. AKT offers services to accommodate every stage of a construction business, including financial reporting, management consulting, tax preparation, and strategic planning. Their team has extensive experience in the construction industry and remains committed to ongoing education in areas relevant to their clients.
1) This document provides a primer on basic economic principles and terms used in analyzing economic data and conditions. It defines key macroeconomic indicators such as GDP, inflation measures, employment data, and factors that influence economic growth.
2) Specific economic metrics are explained, including how to calculate GDP components, the consumer price index, producer price index, real versus nominal values, and employment surveys.
3) Various charts are presented to illustrate real GDP, oil prices, wages, and other economic time series data over time to demonstrate how to read and interpret macroeconomic trends.
An nfpSynergy presentation on how advice charities are affected by the recession, and how they can combat the effects of the credit crunch. Includes data on how the recession is affecting charity income.
3.4 other considerations before trading internationallyRawVix
1. Responsibility to stakeholders
Ethical decisions as to what and where to manufacture, balance between
capital and labour, where to sell, pay and working conditions, environmental
factors, for example emissions, waste disposal. Potential conflicts of socially
responsible and ethical behaviour with profit-based and other objectives.
2. Social/cultural differences in doing business
Different promotional message for different countries, international branding, distribution channel, joint ventures, pricing strategy for different countries.
3. The purpose of tariffs, laws, import quotas.
Why tariffs, laws or import quotas are used, for example to protect domestic industries or balance of trade. Constraints on businesses that these barriers provide.
The document discusses health care reform in the United States. It notes that US health care costs are the highest in the world at over $3.5 trillion annually. Approximately 47 million Americans are uninsured and health outcomes in the US lag behind other developed nations. The Patient Protection and Affordable Care Act of 2010 aimed to address these problems through insurance reforms, expanded coverage of the uninsured, and delivery system reforms to improve quality and efficiency.
The document is VF Corporation's 1999 annual report. It highlights that net sales in 1999 were $5.55 billion, operating income was $652.6 million, and net income was $366.2 million. It discusses VF's strategy of having a diverse portfolio of brands across categories like jeanswear, intimate apparel, workwear, and more. It also outlines the company's six brand coalitions and provides an overview of the jeanswear and intimate apparel coalitions, along with trends in those markets.
This document provides financial results for Monsanto's third quarter of 2005. It summarizes that net sales increased 22% compared to the third quarter of 2004, while net income decreased 81% due to charges related to acquisitions. It also notes that stacked corn traits continue to accelerate in the US due to grower demand. The document includes reconciliations of various non-GAAP financial measures to GAAP measures.
This document provides financial results for Monsanto for the third quarter and first nine months of 2005. Net sales increased 22% in the third quarter and 20% for the first nine months compared to the same periods in 2004. However, net income decreased 81% in the third quarter due to in-process R&D write-offs from acquisitions. Earnings per share also decreased but were up 22% for the first nine months. Biotechnology traits, especially stacked traits in corn, continue to drive growth in key markets such as the U.S. Acquisitions of Seminis and Emergent are expected to add to earnings per share and free cash flow forecasts in coming years.
Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
The document discusses various types of crises including debt crises, financial crises, and economic crises. It provides details on what causes these crises such as rising household and government debt, trade imbalances, loss of confidence, and current account deficits. The document also examines the global financial crisis of 2008 and its impact on developing countries as well as the factors that contributed to the crisis.
“Sustainable communities” has as much meaning for rural and tribal communities as it does in urban and suburban areas. Come learn what this term and livability principles mean in a nonmetro context. Learn from HUD, USDA, and rural/tribal communities that have planned and implemented effective strategies. Key topics include economic opportunity, transportation, housing, communications, public engagement, and broadband.
The document discusses the impacts of the global economic crisis following the financial crisis of 2008. It notes that many developing countries were innocent victims despite not being involved in subprime lending. The crisis led to a collapse in asset prices, economic recession, and declining growth rates around the world. Commodity prices and capital flows also reversed, straining the finances of developing nations. The document advocates for improved international cooperation and policy responses to mitigate the crisis impacts.
A non-political, mathematical dive into the U.S. Budget gave me a clearer view of a key hidden cause, and the path toward a surprisingly easy fix. Here is what I found.
The document summarizes SMUD's commitment and plans regarding energy efficiency. SMUD is a large municipal electric utility serving 1.3 million customers in Sacramento County. It has shown leadership in energy efficiency through increasing expenditures on conservation and reducing peak load and energy savings. SMUD's future plans include more aggressive and long-term visions for energy efficiency, such as displacing new generation needs and avoiding distribution investments through efficiency. SMUD aims to provide resourceful opportunities for customers and fund efficiency through various sources to achieve its vision of making the Sacramento region the most energy efficient in the nation.
This document presents historical data on private consumption expenditures, government expenditures, debt, taxes, and credit in Indonesia from 1969-2003. It shows that private consumption expenditures averaged 64% of GDP, driving economic growth. Government expenditures averaged 19% of GDP, though some activities were off-budget. The government aimed to balance its budget under the "balanced budget rule," using foreign debt to finance deficits, in order to avoid hyperinflation. Both private consumption and government expenditures fluctuated over time, with private consumption proving more stable during economic crises.
Rural-Urban Linkages for Growth, Employment and Poverty ReductionJoachim von Braun
The document discusses rural-urban linkages and divides. It outlines that lack of linkages between rural and urban areas is divisive and bad for growth, poverty reduction, and equity. Facilitating the flow of resources to where they will have the largest impact on growth and poverty is a key goal. Rural and urban areas can be linked through factors like technology opportunities, trade, infrastructure, human capital and migration, and environmental resources. Specific linkages discussed include agriculture technology, ICT, and energy/biofuels. The document argues for strengthening rural-urban linkages to promote development.
The document summarizes the key aspects of globalization, including the globalization of markets and production. It provides an example of a Vizio TV being designed in California but assembled in Mexico using parts from various countries. It discusses how commodities markets have become more globalized. It also outlines some of the main drivers of globalization like declining trade barriers and technological advances like the internet that have facilitated the global flow of goods, services, and information. However, it also notes some of the criticisms of globalization like its impacts on jobs and wages in advanced countries.
Tom Ritchie of Eide Bailly presented on the Fiscal Cliff and the American Taxpayer Relief Act of 2012. The Act averted tax increases for many by extending many expired tax breaks and increasing taxes for high-income individuals. It maintained higher estate tax exemptions of $5 million indexed for inflation. The Act also addressed provisions in the Affordable Care Act including higher Medicare taxes and a medical device excise tax. Ritchie provided examples of how the Act impacts individual and business taxpayers.
AKT Construction: New day new strategy June 2, 2011 FMI presentationpeggykitzmiller
The AKT Construction Team provides comprehensive financial services to contractors, developers, and architectural and engineering firms. They serve nearly 200 clients in the construction industry, ranging from small proprietorships to large multi-state contractors. AKT offers services to accommodate every stage of a construction business, including financial reporting, management consulting, tax preparation, and strategic planning. Their team has extensive experience in the construction industry and remains committed to ongoing education in areas relevant to their clients.
1) This document provides a primer on basic economic principles and terms used in analyzing economic data and conditions. It defines key macroeconomic indicators such as GDP, inflation measures, employment data, and factors that influence economic growth.
2) Specific economic metrics are explained, including how to calculate GDP components, the consumer price index, producer price index, real versus nominal values, and employment surveys.
3) Various charts are presented to illustrate real GDP, oil prices, wages, and other economic time series data over time to demonstrate how to read and interpret macroeconomic trends.
An nfpSynergy presentation on how advice charities are affected by the recession, and how they can combat the effects of the credit crunch. Includes data on how the recession is affecting charity income.
3.4 other considerations before trading internationallyRawVix
1. Responsibility to stakeholders
Ethical decisions as to what and where to manufacture, balance between
capital and labour, where to sell, pay and working conditions, environmental
factors, for example emissions, waste disposal. Potential conflicts of socially
responsible and ethical behaviour with profit-based and other objectives.
2. Social/cultural differences in doing business
Different promotional message for different countries, international branding, distribution channel, joint ventures, pricing strategy for different countries.
3. The purpose of tariffs, laws, import quotas.
Why tariffs, laws or import quotas are used, for example to protect domestic industries or balance of trade. Constraints on businesses that these barriers provide.
The document discusses health care reform in the United States. It notes that US health care costs are the highest in the world at over $3.5 trillion annually. Approximately 47 million Americans are uninsured and health outcomes in the US lag behind other developed nations. The Patient Protection and Affordable Care Act of 2010 aimed to address these problems through insurance reforms, expanded coverage of the uninsured, and delivery system reforms to improve quality and efficiency.
The document is VF Corporation's 1999 annual report. It highlights that net sales in 1999 were $5.55 billion, operating income was $652.6 million, and net income was $366.2 million. It discusses VF's strategy of having a diverse portfolio of brands across categories like jeanswear, intimate apparel, workwear, and more. It also outlines the company's six brand coalitions and provides an overview of the jeanswear and intimate apparel coalitions, along with trends in those markets.
This document provides financial results for Monsanto's third quarter of 2005. It summarizes that net sales increased 22% compared to the third quarter of 2004, while net income decreased 81% due to charges related to acquisitions. It also notes that stacked corn traits continue to accelerate in the US due to grower demand. The document includes reconciliations of various non-GAAP financial measures to GAAP measures.
This document provides financial results for Monsanto for the third quarter and first nine months of 2005. Net sales increased 22% in the third quarter and 20% for the first nine months compared to the same periods in 2004. However, net income decreased 81% in the third quarter due to in-process R&D write-offs from acquisitions. Earnings per share also decreased but were up 22% for the first nine months. Biotechnology traits, especially stacked traits in corn, continue to drive growth in key markets such as the U.S. Acquisitions of Seminis and Emergent are expected to add to earnings per share and free cash flow forecasts in coming years.
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19. 350% Per Capita Increase in
personal bankruptcies from 1980-2005.
*Administrative Office of the U.S. Courts: www.uscourts.gov/adminoff.htmlsting
20. 35%
Gen Xers Believe they will
never be able to stop working.
*Scotttrade/Betterinvesting
21. 64%
Baby Boomers Feel like they can
retire and not worry.
*Scotttrade/Betterinvesting
22. A Credit Union is “Organized...for the purpose
of promoting thrift among its members and
creating a source of credit for provident or
productive purposes;”
- Federal Credit Union Act §1752 (1)
23. The credit union’s “most important purpose is
to teach and promote thrift.”
- J. Orrin Shipe, CUNA
June 7, 1965 Issue of U.S. Investor
24. “The society aims less
at obtaining business
profits than the
strengthening of the
economically weak and
the furtherance of the
intellectual and moral
well-being of its
members.”
- Friedrich Raiffesein
26. “I’ve been plunged
into different things. It
reminded me of my
father’s ill-health, and
what can happen to a
family when the
breadwinner is
struck.”
- Alphonse Desjardins
27. “...if the masses of wage earners
gamble in stocks instead of
buying the things which they
want, they gamble not merely
with their savings but with their
jobs.”
- Edward Filene
28. thrift (thrĭft) n.
1. Wise economy in the
management of money
and other resources;
frugality.
*The American Heritage Dictionary of the English Language, 3rd Edition
60. Key Takeaways
• Strike while the iron is hot
• If you’re not having fun, your members aren’t either
• Take Advantage of Cheap Technology
• Make your members the stars
• Goal should be improving member behavior
61. Matt Davis
Director of Public Relations
Members Credit Union
Thank You!
mattd@memcu.com
creditunionwarrior.blogspot.com
Editor's Notes
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
We’re house poor. Seven and a half million Americans spend at least half of their income on housing costs.
Ten million Americans owe more on their mortgages than their homes are worth...and this number is rapidly rising.
As income has risen exponentially, savings have remained quite flat over the past 55 years.
So if that’s our mission, how are we doing? One way to evaluate this is by looking at national savings figures. This graph shows total personal savings in the United States since 1952. Even though these figures are not adjusted for inflation, personal savings in 2005 were roughly equal to savings in 1961. This, despite the fact that the effective tax rate for the median wage earner was actually lower in 2005 than it was in 1961. Amazingly, the top marginal federal tax rate in 1961 was 91% - in 2007 it was 35%.
Given that definition, it’s rather safe to say that Americans simply aren’t being very thrifty. At a minimum, we can claim that more thrift is needed. We are saving less and less of our disposable income. Take a look at last year, all but six tenths of one percent of Americans’ disposable income went toward taxes and personal outlays or spending. That’s barely 1/20 the savings rate of only 15 years previous.
Given that definition, it’s rather safe to say that Americans simply aren’t being very thrifty. At a minimum, we can claim that more thrift is needed. We are saving less and less of our disposable income. Take a look at last year, all but six tenths of one percent of Americans’ disposable income went toward taxes and personal outlays or spending. That’s barely 1/20 the savings rate of only 15 years previous.
Given that definition, it’s rather safe to say that Americans simply aren’t being very thrifty. At a minimum, we can claim that more thrift is needed. We are saving less and less of our disposable income. Take a look at last year, all but six tenths of one percent of Americans’ disposable income went toward taxes and personal outlays or spending. That’s barely 1/20 the savings rate of only 15 years previous.
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
I feel guilty belaboring this point, but these stats are startling. Bankruptcies in the United States rose 350% from 1980-2005.
Gen Xers have little faith in their financial futures. 31% believe they will never be able to stop working, and 21% have no retirement savings whatsoever.
Baby Boomers are pessimistic too. Only 64% feel like they can enjoy a financially worry-free retirement.
If someone were to ask you to sit down and write a mission statement for credit unions, chances are the word “thrift” would find itself on the document. The Federal Credit Union Act says specifically that credit unions are organized for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
But what is thrift? Why is it important? What does promoting thrift look like? And how can credit unions create a competitive advantage with this mission?
In 1965, CUNA even claimed that promoting thrift is the most important purpose of the movement. I agree...at least I’ve always thought I did. Until I realized how confusing and how poorly defined this word has been. Even those of us deeply seated in credit unions have differing views of what this word means. And our writings haven’t helped.
Friedrich Raiffesein sought to promote mutual self help and affordable credit to German farmers who, in the rare case that they were not completely denied credit, were subject to usurious lending practices. Thrift, to him, was essentially a synonym for savings.
Alphonse Desjardins saw the credit union’s mission as providing affordable credit to the rural, working poor, and encouraging regular, systematic savings so if tragedy struck their family - sickness, death, workplace injury - they would have something to fall back on.
Edward Filene believed in the merits of free enterprise, and spent his career innovating in the world of retail and fighting for workers’ rights such as minimum wage laws and workmen’s compensation. He believed in the free market’s ability to continuously improve the standards of living for American workers, but knew that the usurious rates and misguidance by traditional banks made this impossible for the typical American. He believed that the only way to improve workers lives was by encouraging them to be better workers and better consumers. He saw cheaper access to credit and wiser consumerism as the keys to this prosperity, and believed financial cooperatives were part of the answer.
Save, save, save, and borrow only in case of emergency was the philosophy of Desjardins. Produce, earn, buy, and borrow so you can purchase more and encourage further advancement of capitalism was Filene’s philosophy. In his opinion, saving just to save or investing just to invest was not productive and lessened the overall strength of the American economy.
You see, until around 1920, credit served consumers mostly as something to fall back on when times were hard. After 1920, it served more as a way to increase consumer purchasing power.
The best definition for thrift I have found is from the American Heritage Dictionary. It defines thrift as simply the wise management of money and other resources, or frugality. This is quite different than some industry writings that use “thrift” and “savings” synonymously. But if you read the writings of Filene and Desjardins, you will realize that thrift is much more than regular savings deposits.
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
Promoting thrift is exactly what Duke Federal Credit Union is doing with their Financial Education Center. They didn’t just talk about member financial education...they built a library dedicated to it.
We should be doing the same. Just saying we are here to help is quite different than dedicating real estate and staff to the mission in a conspicuous way.
Encourage your members to look at their accounts and spending patterns in a more comprehensive way with powerful account aggregators (PFMs) sites like Mint, Wesabe, and Jwaala. The best way for members to display wise economy in the management of money is to give them more user-friendly ways of understanding their account information and spending patterns...and a way to share savings tips with their peers.
That’s promoting thrift.
Encourage your members to look at their accounts and spending patterns in a more comprehensive way with powerful account aggregators (PFMs) sites like Mint, Wesabe, and Jwaala. The best way for members to display wise economy in the management of money is to give them more user-friendly ways of understanding their account information and spending patterns...and a way to share savings tips with their peers.
That’s promoting thrift.
Encourage your members to look at their accounts and spending patterns in a more comprehensive way with powerful account aggregators (PFMs) sites like Mint, Wesabe, and Jwaala. The best way for members to display wise economy in the management of money is to give them more user-friendly ways of understanding their account information and spending patterns...and a way to share savings tips with their peers.
That’s promoting thrift.
Encourage your members to look at their accounts and spending patterns in a more comprehensive way with powerful account aggregators (PFMs) sites like Mint, Wesabe, and Jwaala. The best way for members to display wise economy in the management of money is to give them more user-friendly ways of understanding their account information and spending patterns...and a way to share savings tips with their peers.
That’s promoting thrift.
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
The best definition for thrift I have found is from the American Heritage Dictionary. It defines thrift as simply the wise management of money and other resources, or frugality. This is quite different than some industry writings that use “thrift” and “savings” synonymously. But if you read the writings of Filene and Desjardins, you will realize that thrift is much more than regular savings deposits.
The best definition for thrift I have found is from the American Heritage Dictionary. It defines thrift as simply the wise management of money and other resources, or frugality. This is quite different than some industry writings that use “thrift” and “savings” synonymously. But if you read the writings of Filene and Desjardins, you will realize that thrift is much more than regular savings deposits.
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
The best definition for thrift I have found is from the American Heritage Dictionary. It defines thrift as simply the wise management of money and other resources, or frugality. This is quite different than some industry writings that use “thrift” and “savings” synonymously. But if you read the writings of Filene and Desjardins, you will realize that thrift is much more than regular savings deposits.
The average four-year private education now costs over $30,000 annually, and continues to rise. Just ask Ron Shevlin. So, not only are we saving less - we’re spending more on the thing
The best definition for thrift I have found is from the American Heritage Dictionary. It defines thrift as simply the wise management of money and other resources, or frugality. This is quite different than some industry writings that use “thrift” and “savings” synonymously. But if you read the writings of Filene and Desjardins, you will realize that thrift is much more than regular savings deposits.
The IRS, you can see, doesn’t think that the sale of insurance products constitutes “promoting thrift”. Let’s be frank. I have never been a big fan of credit unions’ foray into the world of insurance. And I have always thought of these offerings as being outside the scope of our movement’s mission. But after closer examination of the founding fathers of the modern credit union, in particular Alphonse Desjardins and Edward Filene, I think have changed my mind.