Consumers are confident that the nation’s economy is on the road to recovery as the Dow Jones industrial average ascended this month. The stock market rise was fueled by an increase in gas prices and other factors.
Conservative credit union members experienced a spike in their savings that aligned with the Dow’s progress. According to CUNA Mutual Group’s March Credit Union Trends Report, members’ savings have gone up since January. The news of Dow’s record movement and a recovering market overlapped with the latest update in credit union activity. The Credit Union Solutions Group and SaveUp have united in an initiative to encourage consumers to improve their financial behaviors through free rewards programs. Since its inception six months ago, over 40 credit unions have.
According to the CUSG, “Every time members contribute to their savings or retirement accounts, pay down their credit cards, mortgages or other loans or engage with SaveUp’s financial education content, they earn credits they can use to win prizes from sponsors such as Virgin America, Banana Republic and GameStop, as well as a $2 million jackpot.”
Credit union experts believe SaveUp is a smart way to attract and engage the Generation X and Generation Y market. Because these younger generations have more retirement planning time, credit unions are focusing on positively changing their financial habits.
If you would like more information about how credit unions work and how they can benefit you, please contact our Valley Federal Credit Union main branch at 956.456.3108. If you would like to become a member, visit any of our locations, and we can get started on a brighter financial future.