Nov 9, 2022 4 min read

In a time of economic uncertainty, understanding personal financial matters is more important than ever. Financial literacy refers to knowing and comprehending financial issues and the importance of having the ability to manage personal finances and preserve individual economic well-being.

CHROME Federal Credit Union works with its members to accomplish their financial goals and to help the community be financially healthy. They provide resources that focus on money and budgeting and other educational resources.

Jasmine Hughes, CHROME’s director of marketing, says the credit union has partnered with a nonprofit to help people in the community learn more about financial literacy.

“In the last year, CHROME Federal Credit Union partnered with GreenPath Financial Wellness, a national nonprofit, to provide all members with free financial resources, including one-on-one financial counseling provided by caring, certified experts,” said Hughes.

For women, specifically, financial literacy is even more crucial. CHROME’s Chief Financial Officer Patricia Morrissey recognizes that women do not always have financial freedom, so financial literacy is not always understood.

“Too often, women do not have the financial freedom and wherewithal because they either aren’t the breadwinner or their spouse or significant other has control over the household finances,” said Morrissey. “This can force women to stay in abusive or unhealthy relationships because they are dependent on their significant other, or make it very hard to extricate themselves from a relationship because they don’t have the money to leave and establish residency elsewhere.”

Morrissey says women can establish credit in their own name and learn how they can grow and keep good credit history. She says they can also learn how to budget for their household and ways to preserve their own financial well-being.

CHROME offers a variety of resources that women in the community can use.

“At CHROME, they can get personal, one-on-one counseling from our certified financial counselors. They can also meet with one of our lenders to help establish new credit in their name and guidance on how to build a credit history,” said Morrissey.

Hughes shared how a credit union member was looking for possible lending options. She sat down with one of the lenders, and they were able to find areas where they could consolidate. This member was able to save $1,000 a month by restructuring her debt. Hughes said this is not something that happens to everyone, but they can help members save $100 to $300 a month in savings.

CHROME will be at the All for Her event at the Tanger Outlets on Oct. 13. They will be one of the many vendors attending and providing resources. Attendees can get a special link to set up an appointment with a CHROME team member.

“[We] will provide resources for different milestones in the financial journey, whether it is an attendee trying to understand the basics of a credit score, an individual considering buying a house, consolidating debt or taking out their first loan, we will be there to talk about it in a casual, non-judgmental atmosphere,” said Hughes.

Morrissey wants women to take control of their finances to ensure they can have a safe future. CHROME is open to working with women at any step of their life and at any level of understanding their financial literacy.

“It is never too early to start on a path of financial well-being. Mistakes in youth can really put individuals in a bad position that might take years to erase from their credit history. This should be taught in schools because it is such an important life lesson,” Morrissey said.

Sponsored content brought to you by CHROME Federal Credit Union.

By Rachel Dvareckas