Best Of 2023: Supporting Member Financial Wellbeing

As Callahan looks back on the year behind, inspiration emerges for the year ahead.

Consumers need credit unions now more than ever. Harrowing stats like “average median income dropped 2.3% in the last year” or “nearly 38 million Americans are living at or below the poverty line” paint the picture of the reality many members face today.

I see this in my own community of Pittsburgh, PA. Post after post on local social media boards show people across the economic spectrum, including the middle class, are struggling to make ends meet. They are looking for resources, education, and, ultimately, support. It’s time for credit unions to shine. But how? Supporting member financial wellbeing is one way.

That’s why Callahan & Associates is making this one of our editorial themes for 2024. Often, I hear people confusing the concept of financial wellbeing with financial health. Financial wellbeing is a member’s emotional relationship with money, whereas their financial health is their rational financial state (think income, etc.). To build sustainable relationships with members, credit unions must emotionally connect with them first and foremost.

We look forward to sharing more strategies and initiatives in the new year. In the meantime, I pulled a few of my favorite articles from 2023 that emphasize the commitment credit unions are making to support member financial wellbeing. Happy holidays and enjoy!

It can be difficult for credit union members, particularly lower income members, to set realistic budgets week to week. Unfortunately, this means they often turn to payday lending. During the past few years, more credit unions have started providing payday alternative loans as a way to help members solve short-term budget needs without paying outrageous interest rates.

 

December 26, 2023
CreditUnions.com
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