As a millennial interested in building a sustainable and successful financial wellness journey, tools of interest to me include:

Tracking Monthly Spend vs. Budget. Sure, I could pull my debit and credit card statements at the end of each month, manually categorize the transactions and enter the numbers into a spreadsheet. However, this approach isn't ideal as it requires me to look at my finances in the rearview mirror versus making adjustments in real time. As a generation that came of age in the era of social media and smartphones, we're naturally inclined to turn to technology for financial help; we know there is a better, more efficient way to accomplish our goals. We're looking for a trusted toolset to, in real time, aggregate and categorize transactions; leveraging that data shared to notify me when I'm trending toward exceeding budget or celebrate with me when I've stayed under budget.
Net Worth Tracking. Again, I could manually pull these numbers across my financial portfolio each month and track them in a static spreadsheet, but we live in a world of instant gratification. I want to be able look at my portfolio, from checking and savings to liabilities, equities and investment accounts, and understand the progress I've made toward my financial wellness goals. As an added bonus, since you have data on my financial portfolio, an opportunity exists to guide me toward taking action: "What products or services am I missing out on that could impact my overall financial wellness?," "What could/should I be doing that my peers are doing?" or "How do I compare to others like me?"
Retirement Planning. Millennials, not unlike any other generation, have questions and are intimidated by the long-term retirement savings battle, and are searching for answers. Credit unions can be that resource, answering: "How much should I be saving now and in the future in order to accomplish my goals?" and "What will it take to retire comfortably?" While many millennials aren't yet facing the financial complexity their baby boomer parents are, there is still an appetite for financial advice (via digital channels), accurate goal setting and taking the uncertainties out of retirement planning.

Who Will Provide Financial Wellness Support?

Instead of connecting to an unfamiliar fintech third party to obtain these tools, who better to trust with my journey than my chosen financial institution? As I look around at the financial industry as a whole, I see countless opportunities for credit unions to connect with my generation. As your credit union starts to identify future business growth opportunities, consider this:

You already have the critical foundation of trust;
You have the critical consumer base; and
You have the critical data.

You are in a unique position to capitalize on the opportunity at hand.

Instant Insights /

A Financial Wellness Check-Up for Credit Union Business Growth

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