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Expert Opinion

3 Ways to Rethink How Your Credit Union Supports Financial Wellness

CUs need to rethink their communication approach, provide members with relevant data and offer a financial roadmap.

By Griffin McGahey | March 13, 2023 at 09:00 AM
jars holding coins for savings Source: Shutterstock

With the potential for a recession looming, consumers are shifting their financial priorities. Two-thirds of U.S. adults say money is a “significant source of stress,” according to a survey by the American Psychological Association. Financial stress is even higher among younger adults ages 18 to 43, registering at 82% for ages 18 to 25 and 81% for ages 26 to 43.

Credit unions have a vested interest in helping their members build a stronger financial foundation. Financially healthy members become more engaged members. Increased engagement leads to increased revenue and the ability to cross-sell needed services. When their financial foundation is secure, they are more likely to use additional financial products, such as loans and investments.

 

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