Inflation in the U.S. is higher than it has been in nearly 40 years, causing the prices of consumer goods and services to skyrocket across the country. Families are bearing the brunt of the financial stress, with many struggling to afford the bare necessities and living paycheck-to-paycheck.

According to a recent report from PYMTS, 61% of consumers are living paycheck to paycheck in 2022, a 9% increase since 2021. Even those making over a quarter-million dollars a year are struggling to make ends meet. As a result, many consumers are taking on more debt. In fact, credit card balances have risen to a total of $841 billion in the first few months of 2022, according to the Federal Reserve Bank of New York, and debt levels could continue to rise amid higher gas prices, housing costs and other essentials.

The good news is credit unions can be a resource. Credit unions can implement financial wellness programs to help their members make smarter financial decisions amid the current economic environment. Doing so requires a mix of the right resources and incentivized learning opportunities with intuitive digital tools.

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