How credit unions should start at home to improve financial well-being for all
In December 2021, the National Credit Union Foundation gave grant money to seven small credit unions, helping them better identify, understand and serve their diverse membership. After just three months, there is already one clear takeaway: to improve financial well-being for all, start at home.
The first step toward improving financial lives is understanding who you’re serving; a $100,000 grant from the Foundation aims to do just that.
It provides seven small credit unions with 12 months of access to industry-leading programs, data analysis and consultation from two organizations at the forefront of understanding how race, ethnicity and culture shape a consumer’s financial well-being: Attune, part of the Financial Health Network, and Coopera.
In partnership with Attune, each participating credit union conducted an employee survey in Q1 – the results were eye-opening.
Look to your left, now look to your right – those people need help
The survey was intended as a dry run before engaging members. It gathered baseline information: demographics – including race, gender, sexual orientation – and financial behaviors and understanding.
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