Financial Stability Worries Most Americans
According to a recent study by CUNA Mutual Group, 62% of middle-income Americans worry about their financial stability every day. The finding, shared with attendees at the CUNA Marketing and Business Development Council conference in Las Vegas, was part of the company’s What Matters Now™ research program.
TruStage, CUNA Mutual’s consumer brand, gathered insights from more than 25,000 individuals using a combination of quantitative, qualitative and social media research methods. The study drew similarities and differences between credit union members and broader middle-income Americans in terms of core demographics and lifestyle preferences to show how this population defines success across generations.
“We use consumer insights to continuously improve our member experience, including how we develop media plans, design products and optimize each consumer touch point,” TruStage Senior Vice President Susan Sachatello said. “Our goal was to add dimension to what we have learned from middle-income credit union members and nonmembers alike to become more relevant in their everyday lives.”
The study also yielded other insights, including the fact that middle-income Americans define success based on family, relationships and financial stability first. Those surveyed ranked raising good/happy kids first (38%) and having a great partner relationship second (36%) as measures of success in life. Being financially stable tied with staying in good health (33%) in third place.
Further, financial stability is more than simply attaining wealth, and only 6% defined success as having a lot of money. Finally, survey results indicated a huge opportunity for credit unions to serve the underserved, with 34% of respondents self-identifying as having no banking relationship.
“We know that what matters most to members evolves over time as people go through different life stages or as our economy fluctuates,” Sachatello said. “In fact, 77% of the members we talked with said their definition of success has changed over time. We plan to continue learning from members and will share our findings with credit unions to better serve them, their members and non-members alike.”