2023 Annual Report - Flipbook - Page 13
13 Credit Union Annual Report 2023
People
Impacting Our Community
th
The 7 Cooperative Principle is concern for the community. This year, our Credit Union has positively
and signi昀椀cantly impacted our community, not just for our members but the community at large.
In a year of rising interest rates, the consistent and lower interest rate offered by our Credit Union saves
our members hundreds of dollars per month in interest expense when they switch and return home to
our Credit Union.
Rupert McCoy Memorial Educational Grants
Our Credit Union continues to support our members to achieve their educational goals. In August 2023,
$250,000 in grants were awarded to 184 recipients as follows:
In addition, the wider community also bene昀椀tted from the ‘Credit Union Difference” as other 昀椀nancial
institutions, to attract new loans, changed their lending terms to match our Credit Union’s closely; some
lending institutions also lowered lending fees to be competitive. Our Credit Union Difference is leading
the change for other institutions to provide easier access to affordable 昀椀nancial services.
Location
Our Credit Union also positively impacts the community by providing educational grants, donating
funds to NPOs, and sponsoring and participating in community events.
Outcomes we strive for:
• Helping people through our support of non-pro昀椀t organisations
• Improved access to affordable 昀椀nancial services
• Building 昀椀nancial con昀椀dence through savings
• Encouraging and entrenching a spirit of volunteering
• Helping members to be more prepared for 昀椀nancial planning and decisions
Financial Literacy
In July 2023, 昀椀nancial literacy workshops were held for our senior members aged 65 years and above.
Based on the feedback received from the over 55 participants, the workshop was well received and
covered topics such as Cybersecurity, Wills and Bene昀椀ciaries, Smartphone use made simple, and
Elderly Fraud.
Count
%
Local
34
18%
Online
23
13%
Overseas
127
69%
Total
184
100%
Count
%
Bachelors
116
63%
Post graduate
43
23%
Associates
11
6%
A Level/College Prep
7
4%
Certi昀椀cate
6
3%
TVET
1
1%
Total
184
100%
Studies
