Prudent savings and debt management habits have mildly improved the financial situation for households across the United States in the past year. Nationwide, fewer households are considered financially vulnerable. Still, past teachings suggest these gains can be swiftly reversed.

PERCENTAGE OF HOUSEHOLDS IN EACH FINANCIAL HEALTH TIER, BY YEAR
FOR U.S. HOUSEHOLDS
SOURCE: Financial Health Network

After years of distress, the past year’s mild decrease in household financial vulnerability suggests those struggling have some breathing room. Most promising, lower-income and lower-wealth households were less likely to be financially vulnerable in 2025 than in 2024, having decreased from 32% in 2024 to 28% in 2025, according to a September 2025 report from the Financial Health Network.

Despite this progress, the share of households that are financially healthy has not increased at a statistically significant level since 2021. Without focus and investment in the most vulnerable, progress is unlikely to last with each passing year.

Strategic Insights

• Year-over-year, the share of households that are financially healthy or financially coping has increased to 31% and 54%, respectively. Correspondingly, the financially vulnerable decreased to 15% during the same time period.
• Households without revolving credit card debt are more likely to be financially healthy. A quarter of households with revolving credit card debt are considered financially vulnerable.
• Only 56% of households are confident that their total insurance policies will provide enough support in an emergency, a meaningful decrease of 3% from 2024.
• Nationwide, 71% of households pay all of their bills on time, higher than pre-pandemic levels.
• Although still below pre-pandemic levels, 49% of households spent less than their income in the past year. This figure represents a meaningful rise from 2024.
• Geographically, the South has the highest share of financially vulnerable households whereas the West has the lowest. There is little difference between rural and urban households.
• The data from the Financial Health Network’s Trends Report was collected in the spring of 2025, from April to May. Since then, tariff policy and their impacts on prices could have adversely impacted households’ ability to spend less than their income. Similarly, layoffs in the labor market could hurt households’ status, increasing the share of financially vulnerable.
• Financial health is an objective metric, but that’s not the only thing that matters. People’s emotional connection to their financial situation is just as important. Gallup measures this as “Financial Wellbeing.”
• Financial wellbeing addresses a critical dimension in understanding the way someone’s financial situation impacts their life. Do they feel in control? Are they confident about their future? Do they believe they have a support structure they can count on?

It’s Time To Lead The Future Of Financial Wellbeing. Members stay when they feel seen, cared for, and confident in their credit union’s commitment to financial wellbeing. Credit unions who participate in the Member Engagement & Financial Wellbeing Consortium from Callahan & Associates and Gallup are already seeing behavior shifts and increased participation that improve wellbeing and drive sustainable growth. Will you join the next cohort?

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Vantage West Credit Union ($3.2B, Tucson, AZ) is deepening its social impact work with the help of CDFI grant funding.

The Arizona-based cooperative has been certified as a community development credit union since 2018, but after the pandemic, leadership wanted to be more deliberate with that work.

The Problem

With roots in serving the Air Force community in and around Tucson, it’s no surprise the bulk of Vantage West’s membership resides in Pima County. However, the credit union’s field of membership also includes Pinal, Cochise, and Maricopa counties, with each county presenting its own mix of economic challenges.

Phoenix, in Maricopa County, is one of the fastest-growing, highest-paying markets in the country. Tucson is the opposite, with lots of low-income consumers — many in rural areas — and considerable under- or disinvestment. Many banks have pulled back — both in the Tucson market and more broadly across Southern Arizona — meaning financial services aren’t always accessible, and payday lenders and others have been more than happy to fill the void.

“COVID highlighted a lot of disparity in the economy,” says Jon Bruflat, Vantage West’s vice president of community impact.

The pandemic and follow-on inflation, shifting interest rates, and more have revealed just how many Americans live paycheck to paycheck or need help managing their finances. Vantage West understood the statistics around those facts, but it needed a person to turn data into action.

The Solution

A $625,000 CDFI grant helped the credit union hire a manager in 2023 to launch a financial wellness program that focuses on consumer coaching and connects program participants to vetted local nonprofit partners that support Vantage West’s community-impact areas, including housing, education, and economic development. That second goal is important because Tucson has a dense population of nonprofits, according to Bruflat, and the credit union wants to tap that knowledge base and build relationships with the right ones.

“A lot of people who come to [work in] credit unions have had some financial experience,” the VP says. “We wanted a person who had been more on the needs side of this with nonprofits.”

The candidate Vantage West initially selected to run the program spent more than a decade in the Tucson nonprofit world, including United Way, local foundations, and more. That experience helped the credit union better understand the financial education needs of potential program participants and craft topics — such as how to budget, save, and build credit — that would resonate. Of note, the initial hire left the credit union, but a new hire (again from a local nonprofit) has maintained the momentum.

To help satisfy the second goal, the financial wellness program manager works with employees to help them improve their own financial wellness and provide better guidance for members across a variety of channels. The credit union has certified close to 80 employees as financial coaches via an internal program that blends methods and information from America’s Credit Unions, United Way, and others.

“We’re developing relationships and resources so our staff is comfortable referring members to the right support — generally either a community resource or a community partner we know,” Bruflat says.

Vantage West also tweaked how it approaches sponsorships. Rather than saying “yes” by default to many requests, it now zeros in on two dozen or so key partnerships related to housing, education, and workforce development.

The Results

Nearly 700 people have participated in financial wellness coaching programs. Some of those attendees have met just once, but many have taken part in more than one session.

“The record is 13 appointments over the course of a year helping someone build credit,” Bruflat says. “We’ve had success stories of helping someone get out of transitional housing and into an apartment, helping somebody get their first home loan, and refinancing high-rate debt and rebuilding credit with us through lower-rate loans.”

Vantage West has also embedded itself into the work of local partner organizations, including the Gospel Rescue Mission, which serves families in need of transitional housing, counseling, workforce, and recovery services.

“Gospel Rescue Mission added us to the mix as their financial services support,” Bruflat says. “We come on site a couple of times per month to do education in group settings, but we also help people add a banking account. That has differentiated us in the market, and we’ve grown.”

Partnerships like this have not only helped Vantage West improve its community outreach but also inadvertently bulk up business-banking relationships. Bruflat says he can think of at least 10 such relationships the credit union has added in the past year based on its wellness and impact work.

The program’s success has changed Vantage West’s approach to partnerships, particularly in how it pulls together multiple organizations to make a greater, coordinated impact.

“Having that sense of those areas you really care about and tying back partners or donations to that can make a big difference,” Bruflat says. “You can do that whether you’re a CDFI or not. Ask yourself ‘What do we want to be known for?’ That’ll drive your strategy and drive it outside of just social impact.”

The post Financial Coaching Transforms Members’ Lives At Vantage West appeared first on CreditUnions.com.

NET NEW MEMBERS AND MEMBERSHIP GROWTH
FOR U.S. CREDIT UNIONS
SOURCE: Callahan & Associates

After peaking in 2022 and 2023, with more than 5 million new members annually and growth rates exceeding 4%, net new members fell to 2.7 million, a steep decline from the post-COVID boom years when growth exceeded 4% and annual additions topped 5 million.

Several factors contribute to this slowdown. Higher interest rates, liquidity pressures, broader economic deceleration, and consumer expectations for digital-first experiences and personalized engagement have all strained operations. What’s more, indirect lending — once a reliable growth engine — has become a strategic liability. In mid-2023, indirect loans made up nearly 25% of all credit union lending, skewing focus away from core members. Many institutions are now recalibrating, pulling back from indirect channels to re-engage with their foundational membership.

The numbers tell a clear story: member growth at credit unions is no longer on autopilot. Unfortunately, data alone doesn’t chart a path forward. It does, however, underscore a critical inflection point that invites a deliberate rethinking of strategy. With that in mind, experts from Callahan & Associates discuss what credit unions can do — not just what’s happening now — to reignite growth, deepen engagement, and reinforce relevancy amid shifting member preferences.

TAKE 1: Purpose Is The New Growth Strategy

Growth is essential to long-term sustainability. Focus is essential to growth. But what should credit unions focus on? Life today is noisy and fast-paced. Consumers are bombarded with information and options. For financial cooperatives to rise above the noise and stand out — both critical for growth —they must return to their roots: their why, their purpose.

Purpose goes beyond products and services. It reflects a credit union’s commitment to improving members’ lives in meaningful and lasting ways. When a credit union clearly defines and communicates its purpose, it can build trust, loyalty, and emotional connection with current and potential members. Purpose becomes the springboard for growth.

Embedding purpose into culture and operations takes intentionality and patience. But when done well, it motivates and empowers employees to engage deeply — with one another and with members. Purpose-driven employees lean in. They show up. These authentic interactions create a flywheel effect, transforming members from passive recipients of services into active catalysts for growth.

When people feel seen, heard, and supported through shared values, they’re more likely to invite others to experience the same. Purpose turns members into advocates. It’s not just a branding tool — it’s a strategic asset that fuels sustainable, mission-aligned growth.

Katy Slater is a senior vice president at Callahan & Associates. When she’s not leading the firm’s initiatives to promote a positive culture and live out its value proposition, Katy is pushing the movement’s leaders to think more deeply about what it means to be a cooperative in today’s financial services industry. Learn more about Callahan’s consultants and its ground-breaking programs on Callahan.com.

TAKE 2: When Members Feel Cared For, Growth Follows

Is the dramatic drop in membership growth a cause for panic or an opportunity to ask, “Should we be counting new members as if they’re all the same?”

Data suggests at least a quarter of net new members in recent years are one-hit wonders sourced through indirect channels. They produce income to better serve core members, but they also confirm that all members are not the same.

As financial cooperatives, credit unions exist to make their members’ lives better through the delivery of financial products and services.  That’s the goal; growth of any sort is a lagging indicator that they are delivering on it. Except, delivering wellbeing is tough when your primary tools are indistinguishable commodities. Caring about members helps, but the hard truth is, caring doesn’t matter unless members feel cared for.

When members strongly agree their credit union looks out for their financial wellbeing, they become more loyal, use more products and services, and don’t cross-shop when they need something. Decades of Gallup research supports this, and it’s validated every day by research Callahan and Gallup conduct through the credit union consortium program we lead.

Making people feel cared for can power credit unions into the future, improving member financial wellbeing and credit union financial performance at the same time. If credit unions take this drop in membership growth as a wake-up call, then growth of all kinds will take care of itself.

Chris Howard is a senior vice president at Callahan & Associates. Chris works with industry-leading credit unions on purpose, financial health and wellbeing, data analytics, fintechs, and stakeholder impact. You can also find him moderating Callahan Executive Roundtables or consulting with any number of credit unions on topics ranging from strategy and governance to member engagement and ways to measure performance. Learn more about Callahan’s consultants and its ground-breaking programs on Callahan.com.

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Oct. 20 marks the grand opening of the cooperative’s branch on the Lamar Institute of Technology (LIT) campus. The partnership, formally announced in July, has been in the works for more than a year. CEO Clint Wilson says it’s a long-term investment aimed at supporting the regional economy.

“Some of the world’s largest crude oil–to–gasoline refineries are located in Southeast Texas, between Houston and Baton Rouge, right where our credit union is,” he says. “Those refineries and industries rely on LIT to train the workforce here. That’s a vital part of this region, and we want to contribute to that success.”

Indeed, as college enrollment declines and student debt rises, communities are rethinking what it means to prepare young people for success. Technical training offers a powerful alternative — one that equips students with in-demand skills and connects them to well-paying jobs in industries that are vital to local economies.

There are 34.7 million trade workers in the United States. Credit unions that serve large memberships of non-college degree-holders can provide access to high-paying jobs and economic opportunities through technical training assistance.

What do people do when they can’t or don’t want to pursue a four-year college degree? Apprenticeships offer one way to build trades skills and expose workers to secure careers not likely to be disrupted by emerging technologies like AI, but opportunities in the United States are limited compared to other countries.

DuGood Gets “LIT”

Conversations between the credit union and college began when a DuGood member involved with the LIT Foundation introduced Wilson to LIT’s president, Sid Valentine.

“We immediately clicked and began discussing ways a credit union like DuGood and university like LIT could work together,” Wilson says.

Lamar Institute of Technology solicited competitive bids and evaluated multiple proposals for an on-campus branch. The school ultimately did select DuGood, and the RFP process helped the credit union hone its plan and determine the best way to serve LIT.

“I’d always had some ideas on how the credit union could serve LIT students, but I wasn’t sure what the actual needs or gaps were in the students’ finances,” Wilson says.

For now, the branch staff will include two to three full-time employees in addition to an interactive teller machine to handle all cash transactions.

“We’ll have tellers available to accept checks, open accounts, and print debit cards, but there won’t be a traditional cash vault or drawers,” Wilson says.

Products Designed With Students In Mind

DuGood did not want to simply establish a campus presence. It wanted to offer products and services that would make an impact, too.

For example, the credit union designed a 0% interest loan to help LIT graduates or soon-to-be graduates purchase essential career-related items such as tools, uniforms, or technology. “Power On” provides up to $1,500 to eligible borrowers, requires no minimum credit score, and offers a 12-month repayment term.

“The Power On loan is to make sure students have everything required to be as successful as possible on day one of their career,” Wilson says. “It’s a service we are well-positioned to offer, and we’re happy to do it.”

According to the CEO, anyone can take out the loan, but the credit union envisions it as an add-on for students who have already joined the credit union and are taking advantage of other services, including student checking and an LIT-branded debit card.

When it comes to checking and debit, the student account features fee-free services, no minimum balance requirement, and Scholarship Reward Points, a cash back-style perk that account holders earn with every purchase and redeem for college expenses.

“There aren’t any strict controls on exactly what they can use it for,” Wilson explains. “As long as they’re an active student and can show proof of enrollment, they can redeem those points for scholarship rewards.”

Financial Education As A Long-Term Investment

Student members can also earn Scholarship Reward Points for engaging in DuGood’s financial wellness resources either in person or through the online platform Enrich, which tracks each student’s use. For example, if a student completes a certain number of courses, they’ll earn bonus points on their debit card.

“That’s one way we can incentivize and reward them for completing financial education courses,” Wilson says. “If they attend an in-person seminar, we can give them bonus points for that, too.”

When students create a log in through Enrich, the system prompts them to complete an assessment to create a customized plan for their needs. Topics include budgeting, managing credit, and student loan repayment. The tool also includes gamification, which makes for a better user experience.

For now, DuGood will offer on-campus workshops once a semester and also plans to host an annual reality fair. That’s important because, according to Wilson, financial wellness is at the center of the credit union’s mission on LIT’s campus.

“There’s a lack  financial education in our society in general,” the CEO says. “The students going into LIT aren’t any different.”

What is different is that LIT offers mostly two-year and trade-oriented programs.

“A lot of these careers pay six figures or more in the first year out of school, and we want students to be as financially educated as possible so they can make smart decisions early in their careers,” Wilson says. “This means being ready to buy a home sooner, understand credit, and avoid common pitfalls that come with a sudden increase in income.”

Although scholarship points go toward debit card users, the resources are available to all students, whether they are members are not. That means smarter students across the board and higher impact for the credit union.

“Hopefully, a lot of students do join,” Wilson says. “Our role is to do good and to help people. The best way we can do that is by providing high-quality financial education coupled with high-quality, low-cost financial services. That’s what we’re there to do.”

DuGood’s investment in LIT is more than a branch opening; it’s a blueprint for how credit unions can support workforce development and economic inclusion. For cooperatives serving regions with large populations of non-degree holders, this model offers a compelling opportunity to meet members where they are and help them go further.

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Mountain America Federal Credit Union ($21.5B, Sandy, UT) and Capitol Credit Union ($220M, Austin, TX) have each found their own way to step up on behalf of this population. Although different in execution, both programs focus on the same goal: Give foster youth the tools, guidance, and confidence to thrive on their own.

Banking On A Better Start

The inspiration for Capitol’s work with foster youth came three years ago when CEO Pierre Cardenas was invited to a ceremony honoring former foster youth who had graduated from college.

“I decided that if we want to do good and really have an impact, we should focus all our resources and attention on one cause we can all agree on,” the CEO says.

The credit union connected with the Texas Department of Family and Protective Services (DFPS) around the time

“Anyone under the age of 18 is not liable for anything,” Cardenas says. “If you give a 16-year-old with no parents an account and anything goes wrong, it’s just a loss to the financial institution. So, as far as finding partners, there were no takers on it.”

But credit unions are known for saying yes when others say no. CCU told the state it would explore options and see what it could do.

“I didn’t realize how hard this was going to be,” Cardenas admits.

CCU spent more than a year engineering its PAL (Preparation for Adult Living) program. The result is a three-tiered account with built-in safeguards and financial education embedded directly into the mobile app.

• Tier 1: Youth open a savings account, receive $25 from the credit union, and earn another $25 by completing educational modules. Accountholders have an ATM card and access to a mobile banking app, but no checking privileges.
• Tier 2: After demonstrating responsible behavior over a period of at least six months, they graduate to a limited checking account with tight withdrawal limits and no remote deposit capture.
• Tier 3: As users enter adulthood and reach age 18, they can access broader services, including a fractional investment option that allows them to buy small amounts of stock.

DFPS monitors account balances for those who receive supplemental security income, so CCU added custom disclosures and worked with attorneys to design a secure but flexible system. Cardenas also appointed credit union staff members to serve as mentors. Calls related to these youth accounts route directly to a PAL team member, so those members always have access to the guidance, support, and practical advice.

The credit union estimates approximately 150 to 200 of these accounts are currently in use.

“We might be a tiny credit union in a market full of behemoths, but that doesn’t mean our impact has to be small,” Cardenas says.

A Hand Up, Not A Handout

The Mountain America Foundation, the charitable arm of Mountain America FCU, is dedicated to improving the education, health, and wellbeing of youth and families across its communities. Working with the Milestone Home, a transitional housing program for adults aging out of foster care, was a natural fit.

Suzanne Oliver, the Utah cooperative’s vice president of government affairs and the Mountain America Foundation, says it’s about more than just housing.

“These youth also need resources, guidance, and mentoring,” she says. “Most of us can call a parent, grandparent, or relative for advice, but these youth need trusted adults to fill that role.”

The opportunity began when a former Sandy city council member approached Mountain America leadership about a property that had been donated to use as the home. The property needed serious renovations, so the foundation supplied $50,000 in grant funding while local contractors donated labor. Together they rebuilt the kitchen and main floor, installed new windows, and transformed the house into a welcoming home.

Oliver was touched by the residents’ stories.

“Some had been living in a car or bouncing between friends,” she says. “The relief they felt to be safe and to have their own room — sometimes for the first time — was powerful. It was emotional to be involved.”.

Residents typically stay six to nine months. To practice budgeting and paying bills, residents pay a modest monthly rent of approximately $200 per month for the first three months; after that, rent increases by $50 each quarter. If funds remain at the end of their stay, the money helps with their move to permanent housing. A full support team is available to residents, including case managers and a therapist. Salt Lake County reports a 70%-80% success rate with participants achieving self-sufficiency after completing the program.

Looking ahead, Oliver hopes to expand the Mountain America Foundation’s involvement to include more financial wellness services.

“We’ve provided financial literacy to older teens in foster care before, and I want to follow up on offering it to Milestone participants,” she says. “It’s about getting them set up and started off well.”

Oliver emphasizes that none of this would be possible without the intentional, combined effort between public and private entities.

“It really was synergy,” she says. “The whole being greater than the sum of the parts.”

Local leaders hope the Milestone Home will eventually serve as a model for other communities nationwide.

The post From Foster Care To Financial Wellness appeared first on CreditUnions.com.

What Is The Personal Savings Rate?

According to the Bureau of Economic Analysis, the personal savings rate is the percentage of people’s incomes left over after they pay taxes and make personal outlays for goods, services, and other necessities. That pot of money includes funds directed toward the stock market, deposits at banks and credit unions, and other acts of saving.

Economists and financial experts track and discuss the personal savings rate because it helps them understand American’s financial health and functions as an early indicator as to consumer confidence and the state of the economy. But what it means is up for fierce debate.

Economist John Maynard Keynes posited that there is a Goldilocks savings range for any economy. When people save too much, businesses must close because they lack a customer base. When consumers save too little, the economy suffers from lack of investment and overconsumption.

This is known as the “Paradox of Thrift.” But where to draw that line is up for interpretation.

A History Of Savings In The United States

A country’s personal savings rate often is as cultural as it is economic. As of July 2025, the most current data available, the U.S. personal savings rate stood at 4.4%.

This significantly lags the Eurozone — where Eurostat puts the savings rate at 15.2% in the first quarter of 2025 — and the United Kingdom — where the Office for National Statistics puts the savings rate at 10.9% in the second quarter of 2025. Closer to home, Statistics Canada puts the country’s savings rate at 5.0% at midyear.

Within the United States, though, 4.4% is remarkably low even when compared against historical data. From the beginning of the dataset in the 1950s through the early 1980s, personal savings in the United States hovered around 11%. In the mid-80s, it began a decades long descent into the low single digits, with a brief post-recession rise in the early 2010s and a giant spike during the COVID-19 pandemic, when government relief checks combined with weaker household spending sent the savings rate soaring. Subsequent inflation, however, ate away at nest eggs, and the rate continued its dramatic decline.

PERSONAL SAVINGS RATE
FOR U.S. HOUSEHOLDS
SOURCE: Bureau of Economic Analysis

Why Has The Savings Rate Fallen?

That’s a loaded question economists are trying to unpack. For Americans lower on the economic ladder, fighting inflation in their pocket books makes it more difficult to save. For younger Americans, paying student loans back has the same impact. But broadly, there are other macro reasons why Americans, even those of greater means, don’t save.

According to the Federal Reserve Bank of San Francisco, the “wealth effect” could be playing a role. That is a phenomena where an increase in the real value of assets makes people feel more finically secure and stimulates consumption. In today’s environment, people are treating high stock and home prices as money to spend even though these assets are not income. It is important to remember that capital gains aren’t included in the savings rate calculation, so the measure might not offer a complete picture of household wealth or savings behavior in the United States.

Another possible explanation for the falling savings rate could be that U.S. workers foresee higher wages in the future, mitigating the need to save in the present. Although this behavior could be prudent or imprudent depending on the circumstances, such an optimistic attitude would certainly be an explanation for American joie de vivre.

What Does The Savings Rate Mean For Credit Unions?

The personal savings rate is an important metric to understand because it serves as a key indicator of financial wellness. However, it is not the only factor, and credit union leaders must keep a few caveats in mind.

First, the savings rate is an average. It is not necessarily representative of any single credit union’s typical member. Given the varying circumstances among credit union members as a whole and even within the same cooperative, a member might be way above or way below this rate.

Second, as noted above, the savings rate does not account for capital gains like rising stock and housing prices. If a member holds a significant amount of stock or real estate, their savings rate might be understated.

Despite its limitations, the personal savings rate remains a useful baseline for evaluating share growth. If share growth is higher than the national rate, members are entrusting more of their savings to their credit union. If it’s lower, they’re putting a greater share elsewhere. Neither outcome is inherently good or bad — it’s context. The real opportunity lies in using this measure as a lens to better understand member behavior, refine strategy, and strengthen financial wellness. That’s where credit unions can turn this statistic into a springboard for action.

The post What Is The Personal Savings Rate? And Why Should Credit Unions Care? appeared first on CreditUnions.com.

The cooperative’s Copilot Credit Review provides members with a guided walk through their credit reports to better understand the factors impacting their financial lives. About 80% of members utilize the service, which is free and promoted mostly through word of mouth.

“It gets to the foundation of what we are as a credit union and as an industry,” says Alex Michaud, True Sky’s chief information officer. “We develop specific products for people that are tailored for them, but we have to build that trust and help align them with those products. A good way to do that is to stand side by side with the member and pull the credit report and coach them – help them read it, help use our expertise to align them with products that can save them money.”

Michaud is quick to add that the process doesn’t have to end in selling the member something. Instead, it’s often about setting goals and identifying strategies to improve their financial life, such as budgeting or improving savings habits.

Most adults at least know they have a credit score, but that doesn’t mean they are good at monitoring it or knowing their number. A recent TransUnion report found that a light majority (58%) review their credit report on a monthly basis, and while that figure has plenty of room for improvement, it’s far better than in 2013, when one-third of Americans said they had never checked their credit.

Some members may know their credit score, says Michaud, but fewer understand the factors behind that figure or the red flags lenders look for, including credit utilization, debt-to-income ratios, length of account history, and more. They may also be unaware of simple ways to boost their credit, such as paying down credit card balances to free up capacity.

“That can have a dramatic impact almost immediately on your credit score, which can save you hundreds of dollars a month,” Michaud says.

Much of the program’s success can be tied back to extensive staff training. All employees, from entry-level MSRs up to senior vice presidents, go through an internal class on how to read and understand a credit report. Staff are also trained to develop relationships with members in ways that enable probing questions about improving their financial lives.

Those conversations and the focus on building trust lead to opportunities to utilize the service.

All staff are trained to read a credit report and understand the Copilot Credit Review process, but those in member-facing roles go through a more extensive program that includes roleplay scenarios. Employees roleplay in a classroom setting, trading off the roles of member and MSR.

The goal is to put staff in a position to listen for signals that someone might need help, “because they’re not always going to just come out and ask for it,” says Michaud.

When working with members, the first step is simply to identify applicable goals, he advises.

“Not everything is instantaneous – there’s very little you can do to your credit score today to put yourself in the position you want to be long-term,” he says. “It’s really up to the member to take those additional steps. But we’ll work with them and provide specific dates and goals associated with that and make ourselves available to continue the process.”

The ultimate goal is to help members build the skills needed to be financially empowered and self-sufficient.

“Every time we talk to a member, it’s an opportunity to expand their knowledge on what we do as a financial institution,” says Michaud. “The more they can be self-sufficient – the more they can own the outcomes and coach their families and work with their friends – ultimately the knowledge we provide empowers that member.”

Along with extensive training, True Sky also routinely reports on how often the service is used and how it has helped members, whether with saving money or refinancing loans.

Tracking Scores And Building Trust

The service is available in-person, over the phone, or online, though Michaud says it’s most successful when conducted face to face. SavvyMoney’s Credit Sense functionality is also built into True Sky’s mobile and online banking to help members track their credit score, as well as the factors that contribute to it.

Members generally utilize it during onboarding, but Michaud says those opportunities also arise during the loan-application process.

“The process starts through building trust – that’s what’s most important and it really is the currency of the credit union,” says Michaud. “You do that by understanding the member and how they do three things: save, borrow, and invest….We look for gaps where we can help bring people closer to their financial dreams.”

Since the service isn’t specifically focused on selling a product, Michaud says the ROI comes from fostering and deepening long-standing relationships. That leads to a mutually beneficial relationship where the credit union supports the member and the member in turn supports the credit union. But none of that happens if both sides don’t trust one another.

The post Members Don’t Just Need A Partner, They Need A Copilot. appeared first on CreditUnions.com.

In this clip from Callahan & Associates’ second quarter Trendwatch webinar, Patten outlines how PEFCU is deepening its relationship with Publix associates by meeting them where they are — quite literally. The credit union’s business relationship team visits stores, warehouses, and corporate offices to connect with members and introduce new ones. It complements this boots-on-the-ground approach with Financially Fresh, a free financial wellness program designed to support associates and their families through online tools, in-person workshops, and live webinars.

Patten emphasizes that financial education is a movement, not just a benefit. With more than 23,000 registered users and nearly 1,000 new sign-ups each month, Financially Fresh is helping associates navigate budgets, credit, savings, and more. The program’s colorful, interactive platform and incentive-based engagement model make learning both accessible and fun. Associates are showing up before shifts, during lunch breaks, and even on days off to invest in their financial futures

From relocation loans tailored to Publix’s promote-from-within culture to participation in new hire orientation, PEFCU is embedding itself into the associate journey from day one. Patten’s message is clear: by listening to members, meeting them where they are, and staying true to the credit union’s founding values, PEFCU is building lasting relationships that benefit more than the bottom line.

Don’t Stop Here. At Publix Employees FCU, marketing plays a pivotal role in select employee group engagement. Read more in “Smart Marketing Speaks To A Select Employee Group.” Then dive into second quarter performance trends in Callahan’s Trendwatch webinar.

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“Financial wellbeing” is everywhere these days. It’s in strategic plans, marketing decks, and member experience roadmaps. For credit unions, it’s become a rallying cry to differentiate, deepen relationships, and ultimately do good while doing well. But here’s the thing: most of us are getting it wrong.

We confuse financial wellbeing with financial health. We conflate it with financial education. And in doing this, credit unions risk missing a very real opportunity to live their mission and make a meaningful, lasting difference in people’s lives.

Let’s clear things up.

Financial Wellbeing Is About Feelings, Not Numbers

Gallup defines financial wellbeing as a person’s emotional relationship with money. It’s subjective. It’s about confidence, control, and peace of mind. Can I pay my bills? Do I feel secure? Can I handle a surprise expense? Am I on track for the future I want?

Financial health, on the other hand, is objective. It’s the state of your finances — your income, savings, debt, credit score, even insurance coverage. It’s the math.

Although the two are related, they are not the same. You need good financial health to thrive, but you can have a solid balance sheet and still feel anxious. You can also be living paycheck to paycheck but feel in control of your situation and confident about your prospects for the future.

The distinction matters. If credit unions want to help people thrive, they must meet them where they are, not just financially, but emotionally.

Why Financial Wellbeing Matters For Credit Unions

Credit unions have always been about people helping people, but in a world where fintechs are winning on convenience and big banks are investing billions in digital, credit unions’ edge is empathy. It’s trust. It’s the ability to build relationships that go deeper than transactions.

Financial wellbeing is the credit union lane, but only if credit union leaders understand what it really means.

Too often, credit unions default to financial education. They build budgeting tools. They host webinars. They send newsletters with tips on saving and spending.

This education is important, don’t get me wrong, but it’s not enough.

Information doesn’t change behavior. Neither do great rates or leading edge tech. Trust and confidence change behavior — and those are emotions.

If someone is stressed about money, they don’t want to read a whitepaper on compound interest or attend a webinar about budgeting. They want reassurance. They want someone to listen. They want to feel seen, heard, and understood. Most of all, they want to know you care. People trust those they believe care about them.

What Does Financial Wellbeing Look Feel Like In Practice?

In practice, financial wellbeing means designing experiences that build confidence and a sense of safety, not just knowledge. It means training staff to recognize emotional cues, not just financial ones. It means measuring success by emotional engagement, not just by participation.

It also means asking better questions. Not, “Do you have a budget?” but, “Do you feel in control of your finances?” Not, “What’s your debt-to-income ratio?” but, “How confident are you about your financial future?”

Gallup’s research shows that financial wellbeing is one of the five essential elements of a thriving life, right up there with physical health and social connection. When people feel financially well, they’re more productive, more resilient, more engaged, and even healthier.  That’s good for them. And it’s good for credit unions.

Let’s Get It Right

Financial wellbeing isn’t a buzzword. It’s a real thing that credit unions can build and measure and that members value. Helping members build financial wellbeing is a responsibility. Leading with empathy and building trust are an opportunity to deliver real and lasting value in people’s lives.

So let’s stop confusing it with financial health. Let’s stop reducing it to calculators and formulas. Let’s start treating it for what it is: a deeply human experience that echoes the roots of what it means to be a credit union and that deserves the movement’s full attention today.

When credit unions help people feel better about their money, they live better. That’s what credit unions are all about.

It’s Time To Lead The Future Of Financial Wellbeing. Callahan combines its decades of credit union expertise with Gallup’s specialized research in human behavior and decision-making to bring credit union leaders a transformational program that helps them turn purpose into sustainable growth and better financial outcomes for members. Are you ready to join the Member Engagement & Financial Wellbeing Consortium’s 2026 cohort? Learn more today.

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WORK VS. RETIRE
FOR 1,000 REGISTERED VOTERS | DATA AS OF APRIL 2025
SOURCE: BlackRock Redefining Retirement

In today’s economic environment, saving is more important than ever, yet, many Americans have trouble doing so. The latest data underscores a growing sense of retirement insecurity and highlights key opportunities for credit unions to support savers at every stage of life.

Strategic Insights

• The closer people are to retirement, the more they tend to worry about their savings. In the BlackRock survey, 47% of respondents between the ages of 45 and 54 reported worrying about their retirement savings at least once a day; half between the ages of 55 and 64 check the performance of their retirement savings on a monthly basis at least. This continues into retirement, when 76% wished they had saved more money for retirement.
• IRA and Keogh plans are an optimal offering to help members actively plan for retirement, as such accounts offer potential tax benefits for individuals as well as self-employed or small-business owners. Among U.S. credit unions, 72% offer at least one IRA/Keogh account; however, IRA/Keoghs account for only 4% of the credit union share portfolio.
• Given the power of compounded savings, it’s better for members to plan ahead and start their retirement savings earlier rather than later. But, how does compounded savings work? How early should members start saving? How much might they need to retire comfortably? These are all common questions that credit unions can easily address through financial education programs.
• Even better — consider offering different programs for different member needs. Financial education programs geared toward smart retirement are a good way to coax younger members into thinking about how to manage their personal finances now to be better prepared down the road, whereas programs developed for older members might focus more on claiming Social Security benefits and the details of living on a fixed income.
• Abound Credit Union ($2.5B, Radcliff, KY) has partnered with Western Kentucky University since 2021 to give high school students a week of college experience learning about basic savings, budgeting, and lending. Read more about that in “School’s Out For Summer, But Financial Education Continues.”
• In 2022, InTouch Credit Union ($835.9 Plano, TX) expanded services for those nearing or in retirement, and in 2025, Golden 1 Credit Union($20.3B, Sacramento, CA) was named No. 1 on Money.com’s “Best Banks and Credit Unions for Seniors” thanks in part to its personal, proactive, and comprehensive approach. Read more in “Credit Unions Make Retirees’ Golden Years Brighter.”

Want to dive deeper into retirement data? Check out “Americans Aren’t Ready For Retirement. Credit Unions Can Help” and “What Does The Data Say About Financial Wellness?” on CreditUnions.com.

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