Credit unions are to be lauded for their financial education efforts. As demonstrated by credit unions' activities during April, National Financial Literacy Month, they have jumped in with both feet.

Credit unions are known for their member service and providing the membership with useful financial literacy tools is an excellent way to make members stand up and take notice of it. Certainly credit unions offer this valuable service to help their members, but it's also self-serving: more financially savvy members are better members. They borrow wisely and pay their debts; they save; and they will make a broader use of their credit unions' other services.

It also creates brand loyalty that is invaluable. Financial education seminars and one-on-one assistance will aid credit unions in their pursuit of Gen Y members. One thing I repeatedly hear about Gen Y is that they want to do their own research when it comes to financial matters, such as buying their first car, but then they want to be guided in what to do with the information they have gathered.