A recession in 2023 is becoming increasingly likely, with economists now placing a 70% probability that the United States will fall into a recessionary period in the next few months, according to Bloomberg.

While there is never a good time for an economic downturn, many consumers are already dealing with multiple cash flow difficulties: COVID-19 incentives have run out, the cost of goods has increased and interest rates are skyrocketing. Now more than ever, it is important for credit unions to prioritize guiding their members toward healthy financial tools and habits. Here are three approaches that credit unions should consider in 2023 to help boost their members’ financial well-being:

 

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