Building A ‘Culture’ Of Confidence At MSUFCU

There are more than 400 recent finance graduates out of East Lansing, MI, but they didn’t get their education from Michigan State. Rather, they’re from the credit union chartered to serve that institution.

Since late 2023, Michigan State University Federal Credit Union ($8.2B, East Lansing, MI) has offered its “Culture of Finance” curriculum to members, non-members, and employees.

It created the curriculum to address gaps in financial education while acknowledging that stress and even trauma can creep into these topics, says Arianna Ridderbusch, MSUFCU’s vice president of community impact. The intent was to craft a curriculum that meets consumers where they are on their financial journey, rather than assuming all participants are starting from the same place.

“We wanted to do something that’s about financial wellness but also behavioral change,” Ridderbusch says. “Not just, ‘Here’s what you need to know about financial literacy,’ but why we make the decisions we do when it comes to finances.”

The three-month course, spread across six sessions, acknowledges social, emotional, and economic factors that influence consumers’ financial decisions. More than 600 people have registered for the courses since they began, and more than 400 have completed the program. Although the majority of participants have been from Michigan and Illinois, where the credit union has a physical presence, some have also participated virtually from other states.

Ages And Stages

The 90-minute sessions cover topics including budgeting and spending, the emotions behind financial decisions, credit management, fraud and identity protection, and more. The credit union even offers a bonus optional class on entrepreneurship in conjunction with the Lansing Economic Area Partnership (LEAP). Youth and adult programs are available, and when members of the same household are taking the course simultaneously, leaders can bring those folks together to talk about finances more holistically, understanding that those conversations don’t always happen organically, Ridderbusch says.

Membership is not required to participate, and the number of non-members has increased with each successive cohort. When the most recent group began, a whopping 75% were non-members, according to Ridderbusch.

“Of course, we’re hoping through this program that we can start that relationship with a person who felt financial institutions didn’t have their best interests at heart,” the VP says. “We want to start with education and then let them know about the products and services we have.”

According to Ridderbusch, the credit union has welcomed many new members after participating in the program but did not give specific details on how many.

The emphasis, adds Ridderbusch, is on providing a program with no barriers to entry.

“We wanted to create something accessible,” she says. “Our best outcome is that somebody walks away with the tools they need to start their financial journey.”

Four members of the credit union’s financial education team deliver the curriculum, but any member of the team can take part.

MSUFCU uses all the usual marketing channels — including email, social media, in-branch TVs, and more — to promote the program, and word of mouth has become exceedingly common. Approximately 50 people were signed up for the most recent cohort before promotion even started, Ridderbusch says.

The course has drawn a mix of demographics, and whereas the bulk of participants are in their 30s, there have also been older students and even some who are 18 and younger.

“When we talk about meeting people where they are, we can’t assume anybody of a certain age is in this specific place in their financial journey,” Ridderbusch says. “Maybe there’s someone who’s a youth but they’re responsible for their household finances. We try not to make assumptions about where someone is based on their age or stage in life.”

From Trepidation To Graduation Celebration

There’s plenty of data that indicates consumers are uneasy (or worse) about the economy, but Ridderbusch says that doesn’t appear to be driving enrollment. Rather, she says, most people signing up are looking for a way to improve their finances or even just take the first step on that journey.

“You go through it with a cohort,” she says. “Participants get to know each other and clap for each other at graduation. It creates in itself its own community.”

That community even stays together somewhat once the program ends, since the credit union can continue to share ongoing financial education through other avenues post-graduation.

MSUFCU has received an overwhelmingly positive response to the course, with Ridderbusch noting many alumni have said it was exactly what they needed to start (or re-start) their financial journey.

“We want to make the conversation approachable, and this is what the program provides,” she says.

Aside from watching students improve their financial acumen throughout the learning process, one of the most gratifying moments has been the graduation ceremonies that occur at the end of each initiative.

Each group celebrates completion with a large graduation party. Although that’s a celebration on its own, it’s also a moment for participants to reflect on how far they’ve come as a group.

“It creates a safe space to talk about financial trauma and have the tools needed to move forward,” Ridderbusch says.

Those graduation events also bring together LEAP and other partners, including Greenpath Financial Wellness, the Capital Area Housing Partnership, and more, and serves as an introduction to additional community resources.

A special “Financial Grace” loan is exclusively available to graduates of the program, with application guidelines only available upon completion.

Feelings Before Finance

Even as MSUFCU prepares for its sixth cohort this spring, the program continues to evolve. Sometimes that’s in subtle ways, such as incorporating quizzes and other ways to make the curriculum more engaging and interactive. Different community partners have also shifted in and out to better represent what participants want from the program. There’s even an “art of finances” contest now, in which students write an essay and submit a piece of art on what finances mean to them and how it makes them feel.

There have been larger evolutions, as well, including an inaugural financial forum last summer. The one-day event with community leaders and a panel discussion was open to all graduates.

Ultimately, the success of the Culture of Finance program has reinforced the importance of leading with feelings before finance.

“We did a lot of research on how we connect with people who are experiencing systemic disparities and how to address financial fears and fears about working with a financial institution,” Ridderbusch says. “When participants start the program, it’s not about how they build credit — it’s about the fact that there are emotions connected to finances, and that’s why sometimes it can feel a little scary going in.”