Local beginnings bring global change

Local beginnings bring global change

The concept of local social responsibility providing an impetus for global change is being celebrated this week as credit unions throughout the country recognise International Credit Union Day on Thursday 16th October.

Credit unions are recognised as a force for positive economic and social change and have provided significant value in both developed and emerging nations. Each year, the international event provides the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union difference.

“This year’s theme ‘Local Service. Global Good.TM’ emphasises the positive impact credit unions have both in their local communities and around the world” said Henry Lynch, Chief Executive of the New Zealand Association of Credit Unions (NZACU), the industry body that represents 21 member credit unions and mutual building societies throughout the country.

“The concept of co-operative finance arose centuries ago as people worked together without thinking of profit – they put out fires, harvested crops together - and avoided high-priced loans by lending to one another” said Mr Lynch.

“Although credit unions today are extremely sophisticated in terms of their operations and technology, the ‘people-helping-people’ philosophy is still at the core of what credit unions are all about.”

This year’s celebrations also coincide with the Commission for Retirement and Financial Literacy’s ‘Money Week’, a nationwide week of events that motivates Kiwis to look at their financial situation and get their money ‘fighting fit’.

“Credit unions already provide friendly and approachable financial services, and are particularly good at supporting people who may not have a good understanding of financial literacy – like the ins and outs of how interest or penalty payments work, for example” said Mr Lynch.

This week a number of credit unions are taking the opportunity to do even more to raise awareness on how people can get their finances sorted, both in-branch and through their social media networks.

“Taking away people’s money worries is really what credit unions do, day in and day out, so they really play an important role in supporting healthy communities” said Mr Lynch.

ENDS

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