Finding cushions in credit unions: Materially supporting mental wellbeing

In our darkest moments, we often feel isolated and alone. At times, the challenges we face feel insurmountable, or we mistake the everyday bustle of those around us as a seal that should not be burst. In some of my darkest moments, the intuition of a family member or close friend to walk with me until I was ready to open up and share ensured that I did not remain alone in that pain. That presence provides a set of emotional cushions that have helped me find my way to the other side of pain that felt insurmountable. While none of us likes to talk about these darker experiences, we all face them.

That’s what led me to codify the description of my leadership philosophy as “cushions and wings.” The grounding of this belief system is that for human beings to have the best opportunity to thrive, take on new challenges, innovate, and bravely change the world, they must feel support, care, and commitment from the leaders around them. Without the cushions, wings can occur, yet in a taxing way that may limit an individual’s ability to flourish fully.

As credit unions, our commitment to mental health is about creating those cushions for our teams. As our country celebrates Mental Health Awareness Month, it is imperative to uncover why prioritizing mental health is the right thing to do for our teams as we strive to become employers of choice, and at the same time, how this prioritization also has a bottom-line impact. According to "New Mental Health Cost Calculator Shows Why investing in Mental Health is Good for Business," “Employees experiencing mental distress use, on average, nearly $3,000 more in health care services per year than their peers. The cost of days lost averages $4,783 per year per employee, and the costs of turnover averages $5,733 per year per employee.” And the challenges facing our team members are real as, “81% of workers face some form of burnout or mental health issue, and 68% of employees say their daily work has been interrupted by these challenges,” according to MIT Sloan Management Review’s, “Mental Health Has Become a Business Imperative” by Bersin.

As with many elements of leadership, the outcomes for our team members intersect with outcomes for our members. Investing and supporting mental health matters for our members as well. There is a strong connection between mental wellbeing and financial wellbeing. And Americans are feeling financial stress. According to the Financial Health Network’s “Understanding the Mental-Financial Health Connection” by Greene and Patil, “Finances represent one of the top stressors for many Americans—about two-thirds (66%) of those surveyed for the APA “Stress in America 2022” report said money was a significant source of stress.”

Additionally, the connection between mental health challenges and financial stressors is strong. Also according to the Financial Health Network’s “Understanding the Mental-Financial Health Connection,” “People who are Financially Coping or Vulnerable report significantly lower levels of mental well-being. Seventy-five percent of Financially Healthy individuals say that their mental well-being is “excellent” or “very good,” compared with 44% of the Financially Coping and just 21% of the Financially Vulnerable.”

Credit unions can lead as champions of mental health. This starts with connecting the cushions we provide to our teams’ mental wellbeing. It extends to supporting our members’ financial and mental wellbeing. Connecting the two continues to demonstrate to our teams that prioritizing their wellness positively impacts our organizations. Additionally, as we work to reduce the stigma often attached to talking about mental wellness, elevating the conversation in multiple ways will play a role in normalizing an investment in mental health.

Similar to money, mental health has long been something we shy away from discussing. According to McKinsey & Company’s “Overcoming stigma: Three strategies toward better mental health in the workplace” by Coe, Cordina, Enomoto, and Seshan, “At a time when people are at their most vulnerable and most in need of help, stigma prevents them from reaching out. This terrible paradox can deepen an illness that is often invisible to others. Evidence-based, effective treatments that allow people with behavioral-health conditions to live productive and fulfilling lives exist. Stigma creates a cloud of shame and uncertainty that obscures what could be a clear path to recovery.”

Stigma can take years to shift, and that shift begins with acknowledgment. Make a commitment as an executive team to talk about the importance of mental health. Encourage those willing to share their stories, including opening up about positive experiences with therapy and other investments in mental wellbeing. We often chat about doctor and dentist appointments and can similarly normalize therapy and mental health appointments.

While leaders can make a difference in reducing stigma, being a leader does not mean being a therapist. Providing strong mental health resources for team members can ensure the team knows where to turn when challenges arise, and leaders can support those journeys. Community Financial Credit Union offers our customized version of Crisis Text Line, which means our team members know they have a place to turn if an urgent need occurs. This is in addition to programs like EAP and mental health resources in our medical benefit offerings. As you update your benefits package, continue to find opportunities to emphasize and enhance the support of mental wellbeing.

Another way to develop new ideas for your team and members and to reduce stigma through conversation is to create an innovation team focused on enhancing the commitment to your team and members’ mental wellbeing. Through a thoughtfully designed listening session, ensure your team has the opportunity to learn from those impacted by mental health challenges through empathy. Armed with insights from that learning, marry their subject matter expertise to develop new ideas that serve the credit union’s team and members. Share the outcomes of the listening broadly with your members to demonstrate the credit union’s commitment to the community in both dark and joyful times.

One of the cyclical challenges of financial stress is that it can lead to isolation, as those experiencing financial strain may feel ashamed and choose to keep it private. As they do, they experience more isolation, which can exacerbate their mental health challenges. Credit unions could disrupt this cycle and be connectors. What if we created a space where individuals experiencing financial stress could come together and connect? The credit union might support facilitation without playing an outsized role in sharing solutions. Those in the circle could gain confidence by sharing ideas and growing relationships with others. Different circles could also share their best practices more broadly with the credit union as the unifier.

Whether with the internal team or the wider community and members, ensure that everyone knows your credit union cares about this issue and is taking steps to support mental wellbeing. This is yet another way that we can destigmatize mental health. What if we continued to talk about, amplify our support, and set some goals annually in our organizations? What if, by this time next year, more people across each of our credit unions felt safe talking about mental wellbeing? Each step we take matters, and setting bold goals will help us race toward success. As our organizations vocally share our support, we can be a beacon for those facing challenges and ensure people know there is an organization and human beings within that organization that care and are ready to act.

Credit unions play an incredible role as leaders across our communities and are the backbone of our country. For our teams and our members, we must elevate the conversation about mental wellbeing and ensure that we are the light in the darkest moments. Imagine the possibilities for our teams and members if those challenging times were just a little bit easier with the help of a financial best friend. We can make that happen, together.