Financial literacy is one of the key staples of credit unions. Unlike their contemporaries on the bank side of the industry, credit unions have a reputation for teaching their members useful strategies to improve their own financial wellbeing.

For education-based credit unions, that focus on financial literacy goes even further — it's the backbone of what they do.

It makes sense. After all, education-based credit unions are affiliated with institutions of learning. It's just another of the many benefits of membership with a credit union. And, unfortunately, it's something that many Americans need to be taught.

According to a recent survey conducted by Standard & Poor's, a little over half of all Americans are financially literate. That means that nearly 50 percent of U.S. citizens aren't knowledgeable about things like inflation and risk diversification. That's a problem, especially given the uncertain nature of the economic times we live in.

The need is evident — credit unions have to do more to help their members learn to better manage their personal finances. But how can it be done?

In today's day and age, consumers have begun to expect and demand helpful, useful digital tools for banking. This trend has been developing for a long time, but the COVID-19 pandemic put things into overdrive.

One such tool credit unions can use to help their members improve their financial habits is Spave®. As the first and only all-in-one financial wholeness app that focuses on giving and inspiring social good, Spave is exactly what members of education-based credit unions — and all credit unions — are asking for.

The Spave app allows users to effortlessly save money, either by rounding up or contributing a percentage of transactions made with their debit or credit card. The app also offers customized insights, showing users their financial habits and even giving helpful nudges to show them how to improve their financial wellbeing.

Spave also allows users to effortlessly donate to the nonprofits and causes they care about. With connectivity to every nonprofit in good standing with the IRS, Spave can empower your credit union's members to make a direct impact on the purpose for which they care so passionately.

By partnering with Spave, your credit union can offer members a transformative tool that will afford them better understanding, command, and confidence regarding their financial literacy. Spave will help your credit union expand its impact, grow its mission, and reach even more members in an even more meaningful way.

Ready to transform your members' spending for good? Partner with Spave to build the financially healthy, community-oriented digital banking world of the future.  Click here for more information.