Make a Payment Rates About Careers Contact Locations

Summit Addresses Pay Gap Through 'Equity in Money' Initiative

December 4, 2024 As published by on October 28, 2024.COTTAGE GROVE, Wis. (WMTV) - At Summit Credit Union in Cottage Grove, the “Equity in Money” initiative works to increase financial security for everyone.

“People aren’t born with the knowledge of financial education and managing money and so we’re here to help with that,” Summit Credit Union CEO and President Kim Sponem said.

Women are at the forefront of this initiative. Summit started focusing on the unique financial needs of women back in 2007.

“That came out of the realization that many women end up in poverty during retirement and we also recognized that back then, many women felt that financial institutions were ignoring them,” she said.

Sponem is dedicated to improving women’s financial wellness. She has been the CEO of Summit Credit Union for the last 22 years.

“Women really want to know how will this help them? How will this help their families?” she said.

The initiative also aims to help women understand the gender pay gap, which Sponem says is largely misunderstood.

“There are many different factors that go into the pay gap and why women earn less over a lifetime. One, is that they choose lower-paying careers and fields. Two, women are still behind in making it into the higher-level positions.”

Sponem says the financial educators at Summit Credit Union have done a lot of research on how women and men look at money differently.

“Women tend to look at their finances as holistic, where men tend to look at it product by product,” she said.

According to the Pew Research Center, the gender pay gap has barely closed in the United States in the past two decades. American women typically earn 82 cents for every dollar earned by men.

Sponem adds, while we are making progress, there are current projections worldwide that show we will not get to closing that pay gap for another 150 years.

“So many of society’s challenges are when women and their families are stressed and so being able to move this needle and being able to help individuals reach financial security and feel really good about their financial plan when they retire is so important,” she said.

 You might also be interested in As published by in April 2025. Madison, Wis – As we launch into our 2025 Community Campaign, we’re excited to announce Kim Sponem as this year’s Campaign... Madison, Wis – Summit Credit Union, a member-owned financial cooperative and the #1 SBA Lender among Credit Unions in Wisconsin*, is proud to announce... As published by on October 28, 2024. COTTAGE GROVE, Wis. (WMTV) - At Summit Credit Union in Cottage Grove, the “Equity in Money” initiative works to increase... As published by CU Insight on November 4, 2024. The Wisconsin Credit Union Foundation’s Board of Directors has announced ten inaugural inductees to Legends... Kim Sponem is the President and CEO of Summit Credit Union. She brings more than 30 years of experience in the financial sector and is a strong advocate... We are thrilled to announce that Summit Credit Union gives more back to its members in total value than any other credit union in our asset group in the... As published in the September/October 2024 issue of BRAVA Magazine. As Summit Credit Union just marked the 15-year anniversary of its groundbreaking financial... MADISON, Wis. - The Dane County Sheriff’s Office announced on Friday that it will be offering a financial literacy program in the Dane County Jail. The... BRAVA asked Summit Credit Union’s financial experts what strategies they recommend to create more financial security, not just for today’s needs but also...
Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch
Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site.
NCUA Insurance Estimator Privacy, Security & Accessibility Rates Terms and Fees Routing Number
* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA