13 Credit Union Annual Report 2023PeopleImpacting Our CommunitythThe 7 Cooperative Principle is concern for the community. This year, our Credit Union has positivelyand 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 savesour members hundreds of dollars per month in interest expense when they switch and return home toour Credit Union.Rupert McCoy Memorial Educational GrantsOur 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nancialinstitutions, to attract new loans, changed their lending terms to match our Credit Union’s closely; somelending institutions also lowered lending fees to be competitive. Our Credit Union Difference is leadingthe change for other institutions to provide easier access to affordable 昀椀nancial services.LocationOur Credit Union also positively impacts the community by providing educational grants, donatingfunds 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 decisionsFinancial LiteracyIn 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 andcovered topics such as Cybersecurity, Wills and Bene昀椀ciaries, Smartphone use made simple, andElderly Fraud.Count%Local3418%Online2313%Overseas12769%Total184100%Count%Bachelors11663%Post graduate4323%Associates116%A Level/College Prep74%Certi昀椀cate63%TVET11%Total184100%Studies
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