ALBUQUERQUE, N.M. (8/21/15)--Nusenda CU and New Mexico Gov. Susana Martinez announced a unique partnership this week for an initiative that aims to strengthen financial education statewide.
During “New Mexico Money Management Week,” which runs through Sunday, the Albuquerque, N.M.-based credit union will host workshops covering building wealth, budgeting, credits cards, retirement, cost of college, taxes, and home and car buying.
Anneliese Elrod, Nusenda senior vice president of strategic marketing and development, told Albuquerque Business First that the credit union began having conversations with the governor on this initiative several months ago.
For Nusenda, the partnership is a natural fit.
“This is a longstanding focus of the credit union--financial literacy is key to having successful financial management,” Elrod said. “As we have broadened our focus, we had the opportunity to talk (with the governor). This particular week was planned earlier this summer. We’re hoping for full houses at all the workshops.”
The week also may not come at a better time, as New Mexico posts one of the highest default rates for student loans in the country, coming in at 20% in 2014.
Further, the state saw roughly 2,200 bankruptcy cases last year, according to Business First.
“We know that financial literacy has positive outcomes for families,” said Shana Runck, Nusenda vice president of community relations and financial capabilities. “We know that individuals that have financial knowledge are more likely to have savings accounts, are less likely to max out their credit cards and (have) other behaviors that are associated with building wealth.
“If people are financially responsible, there are lower default rates and that’s good for everyone.”