Money-related stress can lead to anxiety, high blood pressureand even death. In fact, according to a survey fromthe American Psychological Association, financial stress is so widespread in the UnitedStates that 64% of people report money is a “somewhat” or “verysignificant” source of stress for them. The level of stress ishighest among millennials and Gen Xers, three-quarters of whomreport feeling stressed about money matters.

Recent data from Bankrate show that financial stress affects 45% of all employeesand distracts one out of five workers. That stress is often fueledby a lack of savings – 63% of Americans don't have any emergencysavings to deal with serious problems, such as an unexpected carrepair or a serious health issue.

“I graduated from [Michigan State University] in 2015, and theidea of paying off my student loans and trying to keep a roof overmy head made me so stressed that I landed in the hospital after apanic attack,” said Kelsey Dunmore of Lansing, Mich. “After thathappened, I decided to take control of my money instead of lettingit control me. One place that helped me was my credit union.”

MSU Federal Credit Union, with more than $3 billion in assets,is Dunmore's financial institution, and it offers free financialeducation seminars throughout the year. In 2015, MSUFCU hostednearly 300 financial educational presentations and seminars formore than 6,000 individuals — including members, students and localyouth — to promote financial wellness in the community. The creditunion provides a variety of events on campus to help MSU studentssucceed in the classroom and after graduation, including FinancialU seminars and Professional Prep dinners. In addition, MSUFCUoffers educational and interactive mobile apps, such as theFinancial 4.0 app, to support financial education outside of theclassroom setting.

Many credit unions, including the $2 billion Travis Credit Unionin Vacaville, Calif., and the $266.28 million DominionCredit Union in Richmond, Va., also offer these types of programsto their members.

In 2015, McGraw-Hill Federal Credit Unionopened the Financial Wellness Center in Lower Manhattan to offercredit union members and their families a comprehensive andpersonalized experience focused on strengthening their financialwell-being.

“Our Financial Wellness Center was created to serve members'financial needs and goals with skilled advisers and technologyspecifically designed to improve their financial lives,” ShawnGilfedder, president and CEO of McGraw-Hill Federal Credit Union,said in a statement. “The Financial Wellness Centeris the physical realization of our industry-changing approach.There is no location like this in New York or anywhere else in thenation; it is truly a new paradigm in providing members withfinancial wellness.”

Stress Advice for Employees

Financial wellness isn't only an issue for credit union members,but for credit union employees, as well. Despite the decline in theunemployment rate from 10% six years ago to 5% in March, 78% ofAmericans are still deeply worried about the direction of thenation's economy. In addition, 46% of employees spend an average oftwo to three hours a week during work hours dealing with theirpersonal finances rather than concentrating on their job, accordingto a 2013 survey from online retailer PurchasingPower. In a Money Inc. survey, employees reported thatfinancial problems are their chief cause of stress, making theneed for financial wellness for credit union employees a highpriority so that they can make thoughtful, informed decisions abouttheir own situations.

“I made decent money working at a credit union, and I loved myjob there, but my paycheck wasn't always enough,” said Kelly Hunterof Laguna Beach, Calif. “The only day I didn't worry was payday. Ifinally had to get another job that made more money, but that Idon't like. Money is something everyone I know worries about.”

According to the American Medical Society, stressed people are three times more likely to haveulcers or digestive tract problems, 44% more likely to suffermigraines, 500% more likely to experience anxiety and depression,and have a 200% higher risk of a heart attack.

Because of the importance of financial wellness programs, manycompanies have emerged to supply them. Costs vary widely, fromnothing to big bucks, and in the last few years, venturecapitalists have invested more than $70 million in financialwellness providers. Some financial education seminars are free,while other one-day seminars can carry a price tag of as much as$2,000. But in the long run, credit unions that implement financialwellness programs for their members and employees find they'reworth the money.