Selco Community Credit Union Eugene Oregon – Mike Randall is one of the most knowledgeable people on credit scores and credit cards, writing about these and other topics for the past eight years. He graduated from California State University with a BA in English Literature and has extensive experience in personal finance research. When not keeping readers up to date with developments in the mortgage market, Mike’s hobbies include sailing and cooking.
Lillian has more than 30 years of editing and journalism experience, writing and editing for major news organizations including the Atlanta Journal-Constitution and The New York Times. Lillian is a former business writer and Business Desk editor, working to ensure that all content is financially savvy for readers.
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In short: Although education is widely regarded as the key to one’s future success, financial literacy is often overlooked in public education. Headquartered in Oregon, SELCO Community Credit Union is committed to bringing financial education programs to schools and throughout the community. SELCO offers community workshops, webinars and other online resources on a variety of financial topics, as well as one-on-one financial advice to its members. Founded 85 years ago by a group of educators, SELCO Community Credit Union has remained true to its educational roots, partnering with nonprofit organizations to promote financial literacy in the communities it serves while offering a full range of banking and financial services products.
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Some famous college students like Bill Gates, Steve Jobs and Mark Zuckerberg might disagree. However, remember that these successful entrepreneurs are external. For each of them, there are thousands, if not millions, who lack a solid academic background.
Today, everyone agrees that a good education at least improves the chances of financial success. However, what is often overlooked is the importance of financial literacy and a strong understanding of basic financial skills. According to the FINRA Foundation’s National Proficiency Survey, nearly two-thirds of Americans cannot pass a basic financial education exam.
In Oregon, a community credit union is working to improve financial literacy among its members and the community at large. SELCO Community Credit Union was founded 85 years ago by a group of educators in Eugene, Oregon, and the principles of Education First have remained constant ever since.
To emphasize the importance of financial literacy, SELCO partners with groups like Zogo, which is designed to provide financial education in small modules. By helping to develop courses and courses on responsible money management, SELCO hopes to encourage financial literacy from an early age.
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We spoke with Jacob Burns, director of communications at SELCO Community Credit Union, to learn about the financial institution’s efforts in this area. Olivia Sorensen joined the SELCO team in 2019 as a community development specialist with a focus on financial education.
“Our philanthropic mentoring mission is to remove barriers to education,” Burns said. “Sometimes that means going into the classroom and teaching financial education lessons, and sometimes it means meeting basic needs. So our sponsorship programs and corporate donations really reflect that focus.”
In addition to working to develop financial education programs, SELCO also provides “Get Life!” has developed an educational game called (Inspired by the board game Game of Life). The goal is to empower youth with basic financial education skills, encourage responsible financial decisions in the future, and start a conversation about keeping money at home.
SELCO, with the help of several community partners, including Ophelia’s Place and the OSU-Cascades TRIO Student Support Services, organized “The Price of Rice” (Inspired by the Price Is Right) and the Adult 101 Workshop “Be Alive!” He expanded his campaign.
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“We don’t think kids come out of the game with a strong understanding of finance,” Burns said. “But it’s a way to start sometimes difficult conversations about money between kids and parents.”
As a full-service financial institution, SELCO offers its members a variety of personal and business services, from checking and savings accounts to loans, investment services and insurance options. But SELCO goes beyond these traditional services to provide financial education programs in the community.
“We work with a lot of nonprofits, so we visit more non-traditional classrooms and schools,” Burns said.
In addition, SELCO Credit Union members receive one-on-one consultations with trained member services representatives who can help resolve specific issues. This could mean making recommendations about which products or services will work best for them, or whether a certain type of account makes sense.
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“If you’re trying to reach a specific financial goal, we have a number of savings tools to help you achieve that goal,” he said.
One of the free services SELCO offers to members and non-members is access to a comprehensive financial education center that includes videos, articles, calculators, upcoming seminars/webinars, and a glossary of common financial terms.
“One of our goals is to provide a variety of materials that cater to all learning styles,” Burns said. “If you visit our blog, you’ll see that we have videos, articles, infographics, lists, tips and tricks, quick tips, and a variety of ways to help our readers make smart financial decisions.
Giving back to the community is something credit unions have always been known for, and SELCO shows just how much this impacts the community.
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Given SELCO’s origins as a teachers credit union (the name comes from Linn County school employees), it makes sense that the organization has a strong focus on education.
The partnership with Zogo includes a software fork called Zogo Classroom that enables teachers to discuss personal finance with students. The SELCO team told us they were excited to see the results in the fall.
SELCO has developed several unique and innovative programs for students and teachers. SPARK is such an innovation! Creative Teaching Grant Program, which awards teachers $1,000 to help them develop creative ways to teach students.
“These grants are designed to encourage teachers to be truly innovative in the way they teach,” Burns said. “We don’t want students to be held back from learning opportunities because of lack of funding.”
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Another example of the credit union’s commitment to education is the SELCO Scholarship Program, which provides scholarships to outstanding high school students pursuing a two- or four-year college or university education. 20 scholarships are available each year to help alleviate the high costs associated with attending college (19 SELCO scholarships at $2,500 each and the Richard Metzler Opportunity Scholarship at $5,000).
In addition to focusing on education, SELCO often funds organizations that have a direct impact on residents’ lives. Funding through SMART Reading provides funding for book giveaways and after-school programs such as Boys and Girls Clubs in several districts across the state.
This direct funding has a direct impact on the community and helps improve the lives of the recipients.
Other worthy organizations benefit from the volunteer time provided by SELCO employees, and credit union management encourages such donations.
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The employee volunteer program recently resumed after being suspended during the pandemic. This is a great way for SELCO to support an organization/mission that is important to their colleagues and to support the community.
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(Eugene, Ore.) – SELCO Community Credit Union has been named the best credit union in Oregon by the influential trade publication Forbes’ 2020 list of “Best Credit Unions in Every State.” The recognition is based on a nationwide survey of 25,000 consumers about their overall opinions and satisfaction with banks and credit unions they currently and previously have banking relationships with.
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