Only 13% of Canadians are considered financially literate, according to a recent study, where only one in 10 could correctly answer five basic questions on financial knowledge. Credit unions have a long history of supporting members with education and training, so the recent launch of a dedicated financial literacy hub by Kitchener, Ontario-based Your Neighbourhood Credit Union, makes perfect sense.
YNCUniversity is an extension of YNCU’s work to support financial literacy across the province, and is a one-stop, online channel with curated resources on financial planning, fraud, and saving advice. Schools and organizations, regardless of their membership status, also have the ability to book YNCU experts to deliver free, tailored presentations and workshops to their students and staff. Since the launch, YNCUniversity has delivered presentations to over 500 participants throughout the YNCU footprint.
Be local, be connected
In another important program, YNCU welcomes newcomers to Canada by helping them with a smooth transition into the community and offering a Newcomer Bundle. In addition to financial literacy assistance, the Newcomer Bundle includes many benefits for those new to Canada including one free year of banking, $150 in an emergency account, special mortgage programs, and more. Staff at YNCU speak a wide range of languages and if available, new Canadians can be paired with a staff member that speaks their language to help them get set up for financial success.
Local college student Neha Guruntlimbw is from Nepal, and never dreamed of participating in one of Canada’s most beloved winter activities –ice skating— but YNCU’s Motivate 2 Skate program gave her that chance. “If you balance your body then you can learn easily. It’s a great experience. Once you learn you feel like you are flying in the air,” she said in a CTV interview after participating last fall in the programin the program last fall., The program, a partnership with charity and sport organizations, held with sessions held in various cities across Ontario. In 2023, 153 individuals laced up for their first skating experience and, 80 pairs of skates were donated. YNCU volunteers, former NHL players, and local officials all took the ice to help with skating instruction. The program was so popular, it was renewed in 2024.
In addition to the Motivate 2 Skate program, YNCU contributes to many community programs showing their continuous support, including the Coldest Night of the Year, volunteering at the local food banks, and community cleanups. In 2023, YNCU donated over $165,000 to charitable programs with 968 hours of volunteer time.
These examples underscore the essence of YNCU’s principles, including a strong commitment to Environmental, Social, and Governance (ESG) practices. By prioritizing the impact of business on the planet, YNCU achieved their B Corp Certification in 2023.
Combing investment opportunities with charitable causes
Central 1 provides online banking and payments services to YNCU. With 17 branches, $2.5+ billion in assets and 53,000+ members, YNCU has grown to be one of the largest credit unions in Ontario.
Building the connectedness to the communities where it operates, each year YNCU sets aside a minimum of 1% of the pre-tax profit earned in the previous year for charitable organizations that share YNCU’s community focus, helping support their neighbourhood.
YNCU is committed to community investment and offers Class A Investment Shares, giving their members a unique opportunity to invest in their financial futures while supporting the growth and stability of the credit union and local communities. Since the last issue in 2018, YNCU has generated $43.1 million in net income, paid $14.5 million in dividends to Class A shareholders, and grewown its assets by $570 million. By investing in Class A shares, YNCU members can help improve their community. In 2023, YNCU donated over $250,000 to various communities and charities through their initiatives such as the Good Neighbour Fund, which began in 2022.
Your Neighbourhood Credit Union today is the result of many mergers within the credit union system dating back to the 1940s. What has remained unchanged is the commitment to building community, enhancing member’s financial well-being, and the prosperity of the neighbourhoods that extend beyond the credit union’s member base.
Central 1 is actively working with YNCU to introduce innovative features to improve overall member experience. We take pride in supporting YNCU’s ambition of bringing purposeful banking to community, and by extension, promoting the sustainability and long-term success of the credit union system.
