The United Nations has declared 2025 the International Year of Cooperatives, highlighting how cooperatives build a better world through their vital role in sustainable development, inclusive growth, and strengthening community resilience.
As not-for-profit cooperatives, credit unions are uniquely equipped to foster financial well-being for all through their adherence to the seven Cooperative Principles originally adopted by The International Cooperative Alliance and an emerging eighth cooperative principle set by the National Credit Union Foundation and America's Credit Unions.
This month, let's learn more about Cooperative Principle #5, Education, Training, and Information, and how credit unions live out that principle daily!
The National Credit Union Foundation defines this principle as the following:
Credit unions provide education and training for members, elected representatives, and employees so they can contribute effectively to the cooperative. Credit unions place particular importance on educational opportunities for their volunteer directors and financial education for their members.
The cooperative movement has a rich history and a strong dedication to education, which has been a core aspect of the cooperative movement since its inception. In the past, early cooperators lived in societies where education was primarily accessible to the elite and they understood, as we do today, that education is essential for transforming lives through social advancement. Supporting continuing education and training opportunities has also helped cooperatives become a successful model replicated worldwide. It is worth noting the three distinct ingredients in this 5th Principle, too: “education”, “training” and “information”, each of which has a different part to play in ensuring cooperative success.
First, education focuses on understanding and applying cooperative principles and values to daily operations while promoting members' social development. For example, as cooperatives, credit unions are dedicated to fostering financial education and empowerment through a variety of initiatives for both their members and the communities they serve. This includes free financial counseling, fraud prevention, providing access to financial education resources and simulations, hosting in-school, student-run credit union branches, and more.
Next, dedication to training ensures that cooperatives are managed efficiently and responsibly. Credit unions and the organizations that support credit unions like Leagues provide numerous professional development opportunities for staff and board members through training events, networking functions, and certification programs—just to name a few. In fact, in the last year alone, over 2,300 Wisconsin credit union professionals participated in continued education through The Wisconsin Credit Union League’s events, focusing on topics such as advocacy, board governance, compliance, risk management, leadership development, member engagement, lending, collections, marketing, operations, technology, and cybersecurity.
Finally, cooperatives have a duty to inform the public and elected representatives of their values and societal benefits to keep support for them strong. For credit unions, it is crucial that they build awareness of The Credit Union Difference and speak in one unified voice before legislators, policymakers, and the public. Through sustained advocacy efforts, cooperatives ensure a supportive operating environment and their continued success.
As not-for-profit financial cooperatives focused on fostering financial well-being for all, credit unions reflect these time-honored Principles that have built the bedrock for their success and member success. Stay tuned as we continue to celebrate the Cooperative Principles throughout 2025!