Finances are intimidating. We know it’s important to keep track of our spending and make efforts to build our savings, but it’s never that simple. First-job salaries can be tight, especially when you have student loans and rent to pay. As if working towards our personal finance goals wasn’t hard enough, we aren’t getting much help from the financial institutions we trust with our funds either. In fact, most of us are completely blindsided to the sneaky ways banks are making financial wellness even harder to achieve.
The fact is, banks don’t really care about helping millennials make the most of their money. They set high interest rates to help boost profits for their shareholders and cut rates on savings accounts to limit the growth of your wealth. At the end of the day, banks are businesses and, just like any competitive business, profits are the most important goal.
I may sound distrusting and pessimistic, but it is only because I know there are alternative avenues toward financial wellness that are being overlooked by far too many people. What is this alternative? Credit unions.
Don’t know what a credit union is? That’s okay. Most people have a very limited understanding of what these financial institutions are, let alone the enormous benefits they provide. I’ve put together an infographic to shed some light on this topic and share with you the ways in which credit unions can help you make the most of your money.
Now that you know more about credit unions, find one near you and join! Not only will your credit union membership give you better rates on financial products, but will also give you the tools you need to achieve financial wellness.