According to a recent BlackRock report, financial worry outranks other leading stressors including health, family and work. Financial stress is a top worry for American families because many of them live paycheck to paycheck and find it difficult to secure a brighter financial future by breaking this cycle.
Many facing financial difficulty want to improve their financial outlook, but are unsure how to start planning for their long-term goals. When asked in a J.D. Power’s 2018 Retail Banking Advice Study what they wanted from their financial institutions, 78% of respondents indicated financial advice or guidance, while only 28% said they have access to these services. Considering these statistics, offering a financial wellness program at your credit union could be as important as offering a checking or savings account.
Working financial education and counseling into your service offering has the potential to enhance member engagement and lead to greater growth for your credit union. You’ll also demonstrate your commitment to your members’ financial security well-being while improving your bottom line.
Here are 3 reasons why you should consider having a financial wellness program at your credit union:
- Increasing number of Americans dealing with financial instability. According to the CFSI Financial Health Pulse, 72 % of Americans are facing financial hardship. More members than you realize may be looking for financial guidance. Your credit union can reach and engage membership that are burdened by student loans, medical bills, credit card debt and a host of other financial troubles.
- Growing desire for wellness benefits among credit union staff. Your employees are dealing with the same financial challenges as other Americans. The PwC 2018 Employee Wellness Survey results indicate financial insecurity negatively affects employee health and productivity and more employees want access to financial wellness benefits.
- Building a competitive edge. You can fulfill unmet needs of your membership and build loyalty through meaningful engagement. You’ll also attract new membership looking to access these benefits.
Depending on the resources available to your credit union, you may find that a partnership with a financial wellness program like GreenPath Financial Wellness can be the quickest way to add financial counseling to your member service offering. They specialize in credit-union focused financial counseling and education services.
GreenPath Financial Wellness has partnerships with over 500 credit unions across the U.S. and have helped others like you:
- Develop a financially healthier membership
- Reduce losses from charge-off or bankruptcies
- Achieve higher engagement levels with products
- Learn more by connecting with us at cuna.org
Learn more about how GreenPath can help your members achieve financial well-being, by visiting cuna.org/greenpath.