Published By CUEvangelist – November 18, 2024
With Thanksgiving fast approaching, soon we will be viewing It’s a Wonderful Life for its heartwarming message, a timeless classic that puts in perspective about what really matters in life – faith, family, and friends. Few may realize how closely the movie’s themes align with the mission and values of credit unions. In fact, George Bailey’s Building and Loan could easily be compared to a modern credit union, both working to support their communities and foster financial well-being.
At its core, It’s a Wonderful Life is about people helping people. George Bailey, the film’s protagonist, runs the Bailey Brothers’ Building and Loan, a small, community-focused financial institution. Unlike the greedy, predatory banker Mr. Potter, who prioritizes profit above all else, George and his team focus on helping people of modest means achieve their dreams, whether that’s owning a home, paying for a child’s college tuition, or just building a better life for their families.
Credit unions operate on the same principle; they exist to serve their members and not to maximize profits. They are rooted in the idea that financial institutions should put people first as those same members pool their money in savings accounts, and those funds are used to provide loans to other members at fair affordable rates. This collaborative, community-first approach ensures that resources stay local, benefiting everyone involved.
One of the most memorable moments in the movie is the scene where George uses his honeymoon savings to keep the Building and Loan afloat during a bank run. This act of selflessness demonstrates how deeply he cared about his community’s well-being. Similarly, credit unions often go the extra mile for their members, especially during tough times. For example, many credit unions offer emergency payday alternative loans, disaster relief assistance, financial counseling, and personalized support to help members weather financial hardships.
The movie also highlights the importance of financial literacy and responsibility. When George explains to his neighbors why their savings can’t all be withdrawn at once, he teaches a lesson in trust and the value of long-term planning. Despite the fact that Bailey faced an unwise liquidity crunch he had to remind them that the deposits financed and are in each of their homes.
Perhaps the most pertinent connection between It’s a Wonderful Life and credit unions is their shared belief in the power of community. In the movie’s climactic final scene, the townspeople rallied together to save George and the Building and Loan, demonstrating that we need each other. Credit unions thrive on this same spirit of cooperation. By working together, members can achieve goals that might be impossible on their own.
As you revisit It’s a Wonderful Life or experience it for the first time, take a moment to reflect on its message of hope, generosity, and community. These values are not just holiday ideals—they are the foundation of every credit union. Together, we can create a world where everyone has the opportunity to thrive, proving that, just like George Bailey discovered, the credit union philosophy of people helping people is really a wonderful life!
Mark S. Brantley, Esq. is known as the CUEvangelist – “Spreading the Good News About CUs!” and is also the Asst. Director of Operations at Arizona State University. He was the former vice-chairman of the AACUC, former board member of CUNA, and former Chairman of the Municipal Credit Union. He has written numerous articles and white papers on credit union advocacy, legislative, and regulatory matters.