Junk fees, rising living costs, and inflation rates that still lean hot make it difficult to save some scratch for a rainy day, much less afford a home to keep your head dry. Luckily for those living on Main Street, Supporting Member Financial Wellbeing is a core tenet to a credit union’s work.
Of course, “financial wellbeing” can include loan or deposit products, financial education, or something else entirely depending on the life status and financial position of any individual member. Despite that challenge, success stories abound of credit unions serving members where they are and how they need.
- The economy is improving! At least, that’s what the data says. Unfortunately, many consumers — and Gen Z in particular — simply aren’t feeling it. To combat the “vibecession” funk credit unions are turning to social media and superior experiences.
- Saving money is important, but stashing away even a modest amount can be an insurmountable feat with standard products and rates. But a new high-yield savings account at Langley FCU is improving nest eggs and financial acumen while boosting liquidity at the cooperative.
- Junk fees? Not at Community Financial, where a fee-free checking product helps members budget their money and spend within their means.
- Is retirement a pipe dream? Data from YouGov offers a rude awakening about financial security in the twilight years; it also sheds light on how credit unions can help members better plan for life after a paycheck.
- Members’ mortgage needs are as varied as the homes they hope to purchase. So why do most programs treat all borrowers the same? In the name of equity and accessibility, Honor Credit Union in Michigan segments its mortgage products by demographic, profession, and more.
How about your credit union? How do you support member financial wellbeing? What successes have you notched? What lessons have you learned? Let us know, and we might feature your story on CreditUnions.com.
Looking for more of the best of 2024? Click the links below to revisit some of the year’s best content from Callahan’s award-winning editorial team.
Best Of 2024: Driving Employee Engagement
Best Of 2024: Building Vibrant Communities
Best Of 2024: Fostering Financially Strong Credit Unions