“Financial wellness to me is really being financially astute and literate. It’s the ability to manage your finances and be smart about spending, using credit wisely, and living within your financial means.”
This is how Evelyn Royer, Vice President of Operations at Purdue Federal Credit Union, defined what financial wellness means. Helping educate the public about financial wellness and helping people achieve that wellness is a priority of Purdue Federal.
“Being headquartered in a university town where education is innately a part of our culture, we recognized that we needed to help fill the gap when it comes to financial literacy,” Royer said. “We want our members to learn and know how to manage their financial resources so they can use credit wisely and be financially secure.”
Royer said the credit union particularly wants to educate the youth so that they are financially responsible individuals when it is time for them to go out on their own. Many young people leave college with debt from student loans and do not know how to manage their money well. Financial education is not a priority in schools, so Purdue Federal wants to fill that knowledge gap.
With this mission in mind, Purdue Federal offers a variety of financial wellness initiatives and resources. Purdue Federal’s website has calculators that help individuals determine how much they should save and spend on things like housing, vehicles, and weddings. The website’s Financial Wellness Page contains a variety of resources, including Banzai, a tool for children or young adults and covers topics like going to college, using a credit card, and buying a home.
Outside of the website, Purdue Federal hosts group presentations for community groups and schools, covering topics like budgeting, savings, money management, and identity theft. While the credit union has always offered deferred payments, forbearance options, furlough loans, and free financial counseling, Royer shared that the COVID-19 pandemic has heightened the need for these resources.
“There’s been unemployment and weather emergencies affecting members and their ability to maintain their obligations. That’s just a few examples. These resources help them get through those difficult times,” Royer said.
In the last few years, Purdue Federal has increased its effort to encourage members to save for emergencies. Having money set aside for unforeseen circumstances like medical expenses, major home appliance repair, auto repair, and unemployment helps members prepare for the future.
With so many resources members can use, it may be difficult to determine which options would best suit their needs. Fortunately, Purdue Federal staff welcomes anyone to contact them to help determine the best course of action.
“We counsel members often to prepare for those big financial purposes like a car or a house,” Royer said. “We have a young membership. We have first-time credit users, first-time home buyers, and first-time auto buyers, so to us, preparation is key. We are here to help them through those times.”
Purdue Federal Credit Union serves members from birth to retirement, so it is dedicated to helping people become secure and informed financial consumers to reach a state of financial wellness.
For more information, visit https://www.purduefed.com/.
