Creating healthy members to create a healthy credit union
The best thing about working in a members-first industry is that when we invest in our members, we invest in ourselves. Credit unions who prioritize the financial wellbeing of their members build on that success over time to create a healthier outlook themselves. So, what makes a healthy member, and how can your credit union aid in financial wellness for its membership?
Understanding financial wellness
The first step to creating healthier members at your credit union is understanding what a healthy member looks like. Healthy members:
- Have a nest egg of savings
- Spend within their means
- Don’t take on excess debt
- Make loan payments on-time
- Have an emergency fund
This may not sound like much, but in periods of high interest and inflation, contributing to a savings account each month can be difficult for some members. A recent Bankrate survey shows that roughly 36% of Americans have more in credit card debt than they do in emergency savings.