I’m about to turn 40! (gasp)

I think I’ve fully embraced this “I’m getting old” / “mid-life” crisis / almost 40 moment. I’m taking more pleasure in experiences, reigniting relationships, and focusing on my mental and physical health. The last 20 years have been a wild ride, both professionally and personally. As I reflected back on moments that shaped who I am today, a number of surprises came to mind:

• I did not think my best friends would be people I met in high school, including my wife!
• I did not think I’d still be paying off student loans (alongside 15 million other millennials).
• I did not think I’d be working at a nonprofit, caring more about helping people improve their financial health rather than helping them achieve wealth…

…and I did not assume I’d be this happy.

My credit union had nothing to do with my happiness, but imagine if it had. I can only assume the credit union would have become my primary financial institution during my prime working/earning years. It would’ve had the first opportunity to deepen our relationship when I sought my house, when I set up savings accounts for my kids, and when I was in the market for a new auto loan. But it’s not.

Why wasn’t my credit union in the business of happiness by being in the business of financial health? Partially because we’ve been wrong when defining what happiness means to our members. Stay with me as I walk us back to 2013, because this was the year something happened that jolted me to my core.

Up until 2013, I was destined to be a career banker. And as is often the case, the more success one has in this profession the more client assets they manage. So I became a fully-licensed, ultra-high-net-worth banker to the wealthy, ready to conquer the world and make more money than I could have ever imagined. It was a grind but worth it.

Sounds great, right?

Then my phone rang.

My best friend CJ, called me on a Monday evening in February of 2013; shortly after my birthday celebration at the Chicago Auto Show. He and the guys, who I had known my entire life, had gotten together. CJ drew the short straw to let me know that I had changed.

I had become someone I was not. Apparently following the money started to show in my personal relationships, in a very negative way. They were right. I was miserable.

This professional trajectory was a massive detour from what I enjoyed most early on in my financial services career, which was working to improve people’s lives. We didn’t call it this at the time, but I was laser-focused on peoples’ financial health. And I was good at that! I enjoyed doing that. That made me happy. This conversation with CJ helped me refocus.

Now that I have been with Financial Health Network for 10 years, I find myself thinking back on this moment and asking somewhat basic questions:

• Am I successful?
• Am I wealthy?
• Am I happy?

Wealth does not lead to happiness

Credit union leaders need to understand that the pursuit of happiness means something different today. It’s different from what credit unions have assumed to date. It means we need to realign products, services, and strategies around what we’re actually providing people; a path to happiness. It’s a paradigm shift.

People are not rich, and people are not ‘wealthy’ – in the traditional sense. In fact, 70% of the total wealth in the United States is owned by the top 10% of earners, and the lower half of earners only own 2.5% of the total wealth in the country. Achieving ‘wealth’ is out of reach for so many people.

If you’re happy, you’re wealthy

Christopher Wallace (aka The Notorious B.I.G. aka Biggie Smalls) was a prolific songwriter and rapper who captivated people with his vulnerability, and he was influential during my upbringing. You have undoubtedly heard his music.  “Mo’ Money Mo’ Problems” speaks in depth of the struggles people face when they achieve wealth and (You to Be) Be Happy expresses his inner desires for a better life, urging people to aspire for happiness.

Happiness is what people are ultimately seeking and it’s not just about the money in the bank. We are all capable of being happy, but imagine if your credit union was in the business of happiness. Money alone may not buy happiness, but supporting your member’s financial health helps people get there.

Financial health leads to happiness

Credit unions can be in the business of happiness by being in the business of financial health.

At the Financial Health Network, we define financial health when one’s day-to-day financial system functions well, and they are able to build resilience and pursue long-term opportunities. Our Financial Health Pulse 2023 U.S. Trends Report finds 70% of the population is struggling financially and despite being the wealthiest country, the United States ranks fifteenth in World Happiness.

For many people in America, financial stress is a way of life. Our recent research has found that 4 in 10 Americans (40%) report high or moderate stress from their finances. These Americans are disproportionately struggling financially, often facing challenges in meeting day-to-day needs. This is where credit unions come in.

First, start by dissociating wealth as a consumer success metric. Reframe how people think about money. Focus your energy on improving people’s financial health by reducing people’s financial stress.

Second, understand the financial health of your members. Leverage Attune, a simple platform to drive financial health outcomes as an enterprise-level strategy at your credit union. The power is in the data.

Third, make it your personal priority to align the organization on why improving the financial health of your members and employees is good for your business. Talk to colleagues about the importance of taking an outcomes-based approach to success. We’re here to help you spur actionable ideas and shift from a financial services business to a financial health business.

In turn, your credit union will be in the business of happiness.