During my tenure at IMA, Iâve spoken on accounting regulatory issues, providing testimony to U.S. Congress on internal controls and risk management as it relates to Sarbanes-Oxley implementation, appearing before the SEC and PCAOB on critical regulatory matters impacting U.S. global competitiveness, and I served as a member of the COSO (Committee of Sponsoring Organizations) board of directors, which delivers global guidance on internal controls and enterprise risk management.
1.) Credit unions spend more on marketing than you think. Credit unions were once seen as a quaint, sleepy little corner of the financial industry. Not anymore. The top 10 credit unions invest $155 million annually on marketing, and the top 100 credit unions spend a combined $400 million on advertising and related educational expenses.
Financial services companies spend about $17 billion each year on marketing. That works out to about $54 a person per year. That doesnât even count marketing of retirement products, college loans, and investment products. We also looked at how much money is spent on financial education in America. Again, no surpriseâitâs less than the amount spent on marketing. As a nation, we spend only about $670 million dollars on financial education, about $2 a person per year. Advertising can be helpful and give you important information.