 Welcome to Connecting Hawaii Business on Think Tech Hawaii. My name is Kathleen Lee, owner of Kathleen Lee Consulting, and I am your host for this program. Think Tech Hawaii is currently live streamed on ThinkTechHawaii.com as well as on Think Tech Hawaii's Facebook and YouTube channel. And for viewers out there who are watching us live, you may email us questions during the show at questions at ThinkTechHawaii.com. Today, we are going to talk about financial wellness in Hawaii, and I am glad to introduce the Vice President of Member Growth Services from Hawaii USA Federal Credit Union, Tanya Lee. No relation. Welcome to the show, Tanya. Hi. Good afternoon, Kathleen. Thanks for having us. Absolutely. Thank you for being on. So could you tell us a bit about yourself before we launch into our discussion on financial wellness? Sure, absolutely. So like you mentioned, my name is Tanya Lee. I'm the Vice President of Member Growth Services here at Hawaii USA Federal Credit Union. I am a product of this beautiful state. I grew up in IAEA. I'm a graduate of IAEA High School. I did a small stint in the mainland as I went there for college and then came home to stay. I joined Hawaii USA quite some time ago, about 20 years. I've been with the credit union and really it's been something that I love to do. It's drew me, made me want to stay with the credit union and really at that is the heart of how we treat our members and our purpose and our mission. And so that in a nutshell is a little bit about me. Thank you for sharing that. So tell us a bit more about Hawaii USA Federal Credit Union. Yeah. So we've been in business for 85 plus years. I think it's actually 86 now. And we started off from very humble beginnings. We were the teachers credit union. So our name used to be Oahu teachers number three. And then we changed the Oahu Education Employees Federal Credit Union and then now turned into Hawaii USA. And so really we strive to provide financial services to our members, our community partners and our employees and our families throughout the state of Hawaii. Wonderful. So for viewers out there who may or may not know the difference. What is the difference between a federal credit union and a traditional bank? Yeah, that's a great question, Kathleen. So the main difference between a credit union and a bank is going to be that a credit union is a nonprofit financial cooperative. So we actually exist to serve our members where you have banks that have shareholders. Our members are actually our shareholders. They are the owners of the credit union. And so we exist to serve them. So many of our products, services and programs are designed to support our membership. Thank you for explaining that. And as I mentioned to you earlier, no bias, but I do bank with Hawaii USA Federal Credit Union because it is in my neighborhood. So thank you to your credit union and the staff that services the Kapiolani branch. Yeah. I wanted to throw that out there. Okay. So let's launch into our discussion for today, which is financial wellness, baseline definition Tanya. What is financial wellness? Yeah, financial wellness is basically the capacity to live financially healthy, right? To afford the things that you need in life. So we usually market by four categories, spend, stay, borrow and plan. And so we want our members, our community members and everyone in our community essentially to be able to manage their spending, their ability to stay, especially an emergency fund for a rainy day, as well as to plan for the future and then have a prime credit score so that they can borrow. You've covered it mostly, but I want to add on to that. Why is financial wellness an important issue for Hawaii USA Federal Credit Union? Yeah. You know, in Hawaii, it's so important. The final thing to have because, and we all know, right, living in Hawaii, the cost of living is very high. So it's difficult to make the goal in Hawaii. And so financial education is really the counter to that. It's the ability to understand the components that make up financially healthy choices and then make those decisions throughout your life stages so that you can be better prepared to navigate that, right? And so if you think about some of those major life experiences, such as starting your own business or having a family, maybe even buying your first home, those take financial resources and significant financial resources at that. And so what we try to do is impart and provide the financial education to help support our members through those stages of their life so that they can achieve those life dreams. So financial wellness and financial literacy are obviously tied with each other. Is that right? What is it about what you do that makes you passionate about educating people about financial wellness and financial literacy? Yeah. So the two terms are very commonly interchanged and they, you know, round about mean the same thing. Financial health is another common term that you make here. And really, you know, I'll share from my personal experiences first. So I started with the credit union way back when I knew absolutely nothing about banking or credits or any of that. And so I come from very humble beginnings. I didn't have a lot growing up. Our family was economically challenged. And so some of the role models I had as far as money goes were not very positive. But being an employee of the credit union, I was exposed to financial education and financial literacy. So I learned many of the components that have impacted my ability today to be able to plan and make the right financial choices for my future. So I've seen firsthand and been the beneficiary of some of the credit unions, resources, product services and knowledge. And so for us as employees now, we want to be able to provide those same resources to our members as well as our community because we've seen firsthand from our own personal experiences, but also from that of our membership, that by being well educated with your finances, you can start to make the right choices that really lead you on a path to living a better life. And in a way that's so important and we want to see that for all of our neighbors, our family members, our friends and our community. Absolutely. I agree with that. And on that note, what are some current initiatives, does your credit union manage to accomplish financial wellness for its members and the broader community? And if you could touch on the student-owned credit union as well. I know you guys just started that. So if you could delve into that because that sounds really fascinating, you know, educating people at an early age. So Tanya, can you launch into that? Yeah, absolutely. Kathleen, so I'll say that for last because I can talk forever about that particular program, but one of the initiatives that we're really proud of is that we have 32 certified financial coaches on staff at the credit union. And so they actually go through a licensed certification process. There's a rigorous study program as well as testing. And so we have employees that are actually graduates of this particular program. And so what's unique about a financial coach is that they're going to have the specific knowledge and skill to help guide our members through making those sound financial choices. So it's a really important aspect that the credit union has to offer to our membership. Additionally, we, you know, if you think about how we learn about money, right, I shared my little story, but we learn a lot of our financial practices through family, right, or through movies or TV. Nowadays, social media is such a big influencer on how we manage our money that it really is important to have that expert or that financial coach part of your regimen, right, a part of your banking regimen so that you can go ahead and live, you know, and achieve those financial goals that you set out for yourself. Additionally, we have free financial curriculum that we offer to our community. We offer this through digital content as well as activities. And we have in-person seminars and webinars. And so our content is designed for various stages of life. And then so you asked specifically about some of our school-based programs. So our student-operated credit union is actually a nationally recognized award-winning program. And it's where we actually set up a credit union in a school. And we have elementary schools all the way to high schools that operate this program, and the students will actually take on some of the responsibilities of operating the credit union, including opening new accounts, obtaining identification, filling out the necessary forms, marketing, promoting, even security. And so the students learn not only some job skills, but they're learning a large component of financial education down to why it's important to save, why would you budget creating financial goals? And then if you're in the older grades, you would learn about part-time jobs and how to leverage your limited income when you're going to college. And so there's quite a diverse curriculum that goes into supporting those programs. In addition to that, we have something called financial reality fair. Not sure if you've heard of that before. But that's actually where the students will go through various life decisions, like buying a car, picking out their home, deciding what kind of job to have, whether they need a part-time job to balance the expenses or the lifestyle they want to live. And so they're getting exposure to those real life scenarios that adults have to decide and experience as they go through life. That is so awesome to hear. And I love how like modern curriculum, and I say modern in comparison to when I went to high school, which was a lifetime ago, but a lot of high school curriculum now adds things like learning about credit unions and how to manage money. So is that is that a particular subject? Like, how have high schools been integrating that in their programs? Yeah, it's quite interesting. It depends on the school. So we've been integrated into academy programs. So some of our schools actually have, you know, accredited academy programs that they run the student-operated credit union through. And then we also tag on to DECA. So sometimes we'll have a partnership with a DECA coordinator. And then many times it's through an entrepreneurship class or a business class. So it really is dependent on the school and the teacher and how they want to operate. And so what's great about the student-operated credit union is that it creates quite a bit of flexibility for the school and the teacher. And how many schools in Hawaii is that currently in? Yeah, we currently have four schools across the state. And next year we're looking to add on three more. And we have about seven waiting in the wings who really want to jump on and get their student-operated credit union going. And so we found that the need for financial education in the classroom has greatly picked up in the past two years. That is so wonderful. And again, I wish that existed when I was in high school. I think I would have been a bit more literate when it came to anything finance. So thank you to Hawaii USA for that. We are going to go on break soon. But when we return, Tanya, I'd love for you to go over some starting points for people who may want to begin their journey of financial wellness. So we will be right back to connecting Hawaii business on Think Tech Hawaii. Today we are discussing financial wellness in Hawaii with Tanya Lee, vice president of member growth services from Hawaii USA, federal credit union. Tanya, when we last went off, you were where we last left off. Sorry, I'm stuttering in the middle of the show. You were talking about the amazing program that your credit union runs, which is the student-owned credit union. What other programs are there that are available for communities? So we touched a little bit about the financial coaching, and I think that that program really deserves a little bit more spotlight because it's an integral program that we have. So again, we have 32 certified coaches on staff, and that's a large number of coaches because the rigor that they have to go to be certified is quite substantial. The benefit of having these 32 coaches throughout our branches on all of our islands is the fact that our members and community members can actually come in or do a web conference or a Zoom meeting and get the financial coaching they need to really make some integral decisions as far as their finances go and their way of life, especially in Hawaii, because of the cost of living being so high. So we have had, you know, coaching conversations around just building credit and starting off credit. And where do we begin? And how do we go through that journey? We've had conversations with members who want to buy their first home and they don't know where to start, but it's important that they don't make too many mistakes along the way, right, because they have a short timeframe in which they want to purchase this home. We've talked with, you know, parents who are trying to figure out how are they going to pay for their children's college tuition and all the expenses that are associated with that. And maybe they didn't plan appropriately and now they're scrambling. And we've even had conversations with members who might be on the verge of something drastic like filing bankruptcy and they want to know what are their options before they take that next step. So knowing that you have access to our financial coaches is really important for our members and our community to know that they're not in it alone and that you have a partner, especially with Hawaii State, where we're really going to be here to help you along that journey and we want to help you along that journey. Thank you for pointing that out or highlighting that, because I did not even know that that existed as a service. How do people access that? Do they just walk in? Do they make an appointment? Or is it can we do it online? Like, how does that the coaching work? Yeah, absolutely. So you can come into any of our branches. You can call our phone number, our call center phone number to schedule an appointment and then also online on our website. We have an appointment making a mechanism. So you can schedule an appointment that way, too. So quite a few ways that you can access our financial coaches. And, you know, the other thing I want to stress is it's very common to feel like you're alone in this situation, right? Like, you know, the walls are closing around you. Maybe you're in a situation where financially you don't necessarily want to be. It might be stigma that it's shame to talk about this situation. But just know that at the credit union, we're trained professionals. We're here to help. We want to help. We truly have the heart to help. Just like if you had a medical condition, you would go and see a doctor, like a trained professional to assist you. So very similar with financial coaching. So do not feel like you have to go down this journey in this path alone. There are resources and support to be able to help. On that note, what are some challenges that you have seen? Or actually, let me take that question back. As far as the pandemic goes, how do you think COVID-19 has affected how people in Hawaii approach financial wellness in Hawaii? Or what have you seen with the people coming into the credit union? Yeah, you know, interestingly, in the financial sector, I think we were bracing for a larger impact as a result of COVID. But, you know, the government did a really great job of providing services out there and communicating that services were available. You know, I think the utilities companies jumped in. They did a lot of services as well. And so there were a lot of outreach opportunities when COVID was first happening. What we are starting to see now, though, is as our way of life starts to get back to some type of normalcy, that we are experiencing an uptick in some of the need that is out there. And so it's again, coming back to knowing that you have resources available to help, that you do not need to struggle through some of the financial hardships that you're currently going through alone, whether it's needing assistance with job placement or job ill or, you know, when is the food bank going to be available to offer food resources or utility resources? There's a myriad of resources available to our community members. And it's just about gaining access to that. And so again, that's sound like a repetitive, but our financial coaches are all well educated in the resources that exist for our community. And so when you sit down and talk story with a coach and you kind of share your current situation, they will be in the best predicament and situation to provide you resources and refer you out to other social services if needed. That's great. And it's not repetitive at all, Tanya. Everything that you've talked about so far has been very useful and a lot of the information is new to me. And I've been with the credit union for a while, not as long as you, obviously. I am one of the people that come in there and are grateful for its existence. So, you know, money is it can be challenging for some to talk about, right? So for people who may be affected by covid or restarting, what are some great starting points for folks who want to begin their journey of financial wellness? Like, where do where do they start? Yeah, education is key, Kathleen, education is key. And so what you want to do is get a hold of that education. So again, whether you call, whether you come in, whether you talk to a financial coach, and even if it's not what you would say, if you have, you know, a financial provider that you feel very comfortable with, reach out to that individual, because I'm pretty certain they're going to have resources available for you as well. So that education is key. And even if you prefer to do it from the comfort of your home, majority of these resources are going to be available online. So peruse, different websites, you can look at social media. So many financial institutions have a social media page that you can look at to gain more information on. There's even, you know, quite a bit of education on YouTube that, you know, if you just want to go to the basics of rebuilding your credit, there's a lot of very good informational videos out there. So education is going to definitely be the first step. You want to make sure that you're knowledgeable about your options before you make assumptions or jump to conclusions that those are the only solutions available to you. And so definitely reach out, get that, get that advocate in your corner to help walk you through that. And then, you know, probably the next thing, and this is a big thing for me is to consider what your goals are, because we really need that North Star that helps to keep us on track. It helps to keep us motivated. It really pushes us to move in the right direction. And so think about it, you know, when one day maybe you're relaxing at the beach or even if you're stuck in traffic and you have some down time, quiet time, consider what is what are your financial goals? What are you trying to achieve? And then through that, you're going to have a clearer picture of the steps involved to reaching those goals. Great advice. Is there anything else that you would like to add in the few minutes that we have left on the show that you would like to share with our viewers up? Yeah, I would just say that, you know, financial wellness, financial education, financial literacy, financial health, whatever you want to call it. It is a journey. It does not necessarily start and stop. There is no graduation ceremony at the end of it. We go through many stages throughout life. And so we're never going to be either to experience or to inexperience to start a financial journey. So just know that there are people, resources, community members, financial institution partners like what you would say who are out there who want to help steward our members and our community members along their their particular journey. So we would love to see you here from you and help you along that. If it will be it. Wonderful. And let's pull up the Hawaii USA website. Tonya, people would like to learn more about Hawaii USA or if they would like to talk to you more, how do they contact you? Yeah, so if you go on to our website, you can look at our contact us page. And simply just fill out the questionnaire that actually comes directly to my department and my area. So we will be the ones to receive that inquiry and will be happy to reach out. And if you reference the show, the one specifically that you're interested in financial education. Wonderful. Thank you again, Tonya Lee, Vice President of Member of Girls Services for Hawaii USA Federal Credit Union for joining us on today's show to talk about financial wellness in Hawaii. And thank you to Jay Fidel and the staff at Think Tech Hawaii as well for making shows like this possible. Today we had Haley and Michael helping us out until next time. Aloha. Thank you so much for watching Think Tech Hawaii. If you like what we do, please like us and click the subscribe button on YouTube and the follow button on Vimeo. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and donate to us at thinktechhawaii.com. Mahalo.