Maryland’s credit unions a bulwark during uncertain times

No doubt about it, the past few years have posed many challenges to Marylanders seeking financial security and their families. From the disruptions caused by the pandemic and the loss of the Key Bridge, to the impact of recent federal executive orders and stock market fluctuations, it is easy to understand why people may be feeling uneasy about their finances and futures.

But in times of uncertainty, one thing remains clear: knowledge is power. That is why it is more important than ever to make financial education more accessible in our communities. And Maryland’s credit unions are answering this call.

Unlike for-profit banks, credit unions are financial institutions owned by their members, not shareholders. As cooperatives, credit unions embody the ethos of “people helping people,” and place the service and well-being of their communities and members above all else. Credit unions are true partners in their members’ financial journeys, offering guidance and support every step of the way.

During times of hardship, credit unions provide critical and valuable resources to address members’ biggest financial concerns. We stand ready to provide support with loan modifications, debt consolidation, assistance programs, and other solutions. And we perhaps shine brightest in our assortment of financial education resources, including robust coaching programs, many of which are available to members and the greater community for little or no cost.

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These programs are designed to educate and empower members to make informed financial decisions, from budgeting and saving to investing and credit management. They provide a personalized approach tailored to individual needs, helping members build confidence and control over their financial futures. Whether planning for major life events or weathering economic downturns, credit unions are steadfast allies in financial preparedness.

If you are feeling uncertain about your current financial wellness, here are a few immediate steps you can take to boost your financial education and take control of your future:

1. Evaluate your financial situation: Take stock of your income, expenses, and savings goals.

2. Seek financial coaching: Explore the financial coaching programs offered by your credit union to gain personalized guidance.

3. Educate yourself: Take advantage of resources such as workshops, webinars, and online tools provided by your credit union.

4. Create a budget: Develop a budget that aligns with your financial goals and helps you prioritize spending.

5. Build emergency savings: Establish an emergency fund to cushion against unexpected expenses and income disruptions.

6. Monitor your credit: Understand your credit report and work to improve or maintain a healthy credit score.

7. Plan for the future: Set long-term financial goals and develop a plan to achieve them with the support of your credit union.

As we navigate these uncertain times, the value of accessible financial education and support cannot be emphasized enough, and local financial institutions offer compassionate assistance for those facing difficulties. Our team members understand how life’s challenges can impact financial health and are committed to working collaboratively with members to find solutions. Whether you’re looking to enhance your financial acumen, seek assistance during financial hardship, or simply secure a brighter financial future, Maryland’s credit unions stand ready to serve our communities as trusted partners and resources.

Together, we can weather these challenges and emerge stronger, more resilient, and better prepared for whatever lies ahead.

Keith C. O’Neil Jr., is the president and CEO of Johns Hopkins Federal Credit Union.