For years, financial well-being has been a core part of the credit union mission. But across the movement, there’s still an important question we’re working to answer: what does it actually look like in practice?
For many credit unions financial well-being is often closely associated with financial education. And that makes sense. Education is foundational. But we’re continuing to learn education alone isn’t enough.
If we want to improve financial well-being, especially for those facing the greatest and most complicated barriers, we have to think more holistically about how people access and experience the financial system in the first place.
Barriers behind the need
Through the National Credit Union Foundation’s recent grant cycle focused on foster youth, we’ve seen how even the basics of paperwork cause financial challenges for young people.
At-risk youth often navigate systems without the stability or support that others rely on to build financial habits early in life. Barriers like inconsistent guardianship, lack of identification, or limited trust in financial institutions can make even basic steps like opening an account difficult.
Over the past year, credit unions across the country used grant funding to test new approaches. Some small, some large, but all rooted in the same idea to meet people where they are and build from there.
Starting with a simple realization
At Jefferson Credit Union, the team recognized that while there was clear demand from the foster care community, they didn’t yet have the right products in place to serve youth effectively.
Instead of trying to fit existing offerings to a new audience, they chose to build something new. They revisited their account structures, explored how to better support youth both in and aging out of foster care, and began developing solutions grounded in real community needs.
For many smaller credit unions, innovation doesn’t mean launching large-scale programs overnight. It means creating the space to test ideas, adapt, and take a more holistic approach to financial well-being over time. And that’s where specific funding can make a meaningful difference.
From pilot to scale
And in other cases, we’ve seen what’s possible when those ideas are brought to life in ways that are deeply embedded in the community. At Colorado Credit Union, the work came to life through a strong community partnership bringing financial well-being directly into the spaces where young people are already living and building their lives.
Through their “Fund Your Future” program, credit union staff showed up on-site, offering not just financial education, but tools, support, and access in a way that felt relevant and immediate. Out of 27 participants, 25 opened savings accounts (many for the first time). For young people navigating independence without traditional support systems, that step alone represents a critical shift: from exclusion to participation.
But what makes this work stand out is what came next. Participants reported increased confidence, stronger financial habits, and a clearer path forward. Many began budgeting, saving, and planning for the future. And just as importantly, they built relationships.
As one participant shared, “I’ve never actually had a bank account … this was the beginning of everything. It opened my eyes. It changed a lot for me.”
An opportunity for the movement
Building on these learnings, the National Credit Union Foundation has opened applications for the At-Risk Youth Financial Well-Being Grant. The Foundation is making $500,000 in funding available to support credit unions expanding access, opportunity, and financial well-being for young people facing systemic barriers.
The expansion beyond foster youth is intentional, allowing for more flexibility for credit unions to apply what they’ve learned and extend their impact.
For smaller credit unions, this is an opportunity to expand beyond education and explore new ways of serving members more holistically. For larger credit unions, it’s a way to test new products, reach new populations, and refine approaches with greater operational focus. In both cases, the goal to better understand the communities we serve and to design solutions that meet real needs is the same.
Applications are now open and will be accepted through June 26, 2026. For those interested in this opportunity, we’ll also be hosting an informational webinar on May 27 to walk through the opportunity, answer questions, and help you get prepared to apply.
Jefferson Credit Union and Colorado Credit Union were recipients of the Foundation’s 2024–2025 grant cycle.
