By Shana Richardson, CEO, Ser Tech

I recently returned from a trip to Thailand to help spread the good credit union word. I spent days training budding entrepreneurs on business models, strategy, marketing and finance – you name it. These are not high-tech startups like we think about in the US. The businesses are microfinance farming, textiles and clothing.

I have supported several volunteer projects in Asia. I love the work: I love helping families become self-sustaining. I also love how community centric they are. It’s heartwarming to see how vested they are in the success of their neighbors and often times fellow credit union members. Part of this is due to how Asian credit unions view financial education: It’s baked into everything they do, whereas in our land of plenty, we tend to treat it as an add on. I think we could learn a lot from Asian credit unions.

We’re fortunate to live in the US, and I’m grateful every day, but we definitely take financial education, a critically important issue, less seriously than we should. We are a community of consumers who believe there will always be more around the corner, except for those who are stuck in minimum wage jobs or no jobs at all. Nearly half of Americans, 44%, do not have the cash to cover a $400 emergency, Forbes recently reported. That would account for your average car repair or replacing certain kitchen appliances, items that are essential to many modern lives.

On top of that, college tuition is skyrocketing, with the cost of a public, four-year college jumping 213% over the last 30 years, according to Forbes, and nearly half of the 22 million Americans with federal student loans are behind on their payments. We must do a better job of educating them to consider the return on investment for the degree they’re seeking, selecting a school accordingly and preparing them for the payments that lie ahead.

Shana's Group in Thailand

More than one-third of Americans, 38%, have gotten dug in to credit card debt. On average, they owe $16,048 at an APR of 16.47%, Forbes reported. We can do better by them! Make every conversation an informative one without being condescending. Refinance high-interest credit cards when we can. Educate them about all of their options, including saving for a rainy day rather than throwing it on their credit card. Show them the difference it can make in their payments and their lives. Bring fun, educational opportunities into the schools, community centers and even sports leagues to help young Americans get an early start. Because, right now, one-third of American have no retirement savings and 23% have less than $10,000 saved, meaning 56% are woefully underfunded.

We must do what we can to get America’s one upsmanship with the Joneses under control. Invest in ourselves first through savings and retirement savings. Learn to hold off on that shiny new iPhone or car until we can truly afford it. Keep an eye on our credit scores. It’s community financial institutions’ duty as part of the community, and as witnessed from the Asian credit unions, it’s also good business to invest in your neighbors’ success.