Canvas Credit Union’s members are more well than the average Coloradan
Canvas Credit Union partners with Filene Research Institute and finds strong connection between overall well-being and financial well-being among Canvas members and non-members.
DENVER, CO (November 13, 2020) — Canvas Credit Union has made a groundbreaking discovery for Coloradans in a recent partnership with consumer finance think tank, Filene Research Institute. Together Canvas and Filene embarked on a multi-year commitment to quantify Colorado’s wellness compared to their membership base with an innovative model designed to benchmark well-being across financial, health, and social ties. The highly anticipated results revealed Canvas members had a stronger well-being than non-members and the longer their relationship is with Canvas, the higher their well-being becomes.
“At Canvas we are known for our people and our heart, and we are committed to doing right by our members by providing them the resources they need to help them afford life,” shared Tansley Stearns, Chief People and Strategy Officer at Canvas Credit Union. “While one wouldn’t think your choice of financial institution could have such an impact on well-being, we celebrate this newfound discovery that engagement and longevity in a Canvas Credit Union membership further enhances their well-being. Executing this survey with Filene, we have gained insights on how we can continue to stand shoulder-to-shoulder with our members through the joys and the sorrows, to ensure their social, financial, and health needs are supported so they can do what matters most and Go Live.”
Canvas Credit Union’s mission is to help members afford life. Canvas focuses on taking care of the banking so their members can Go Live in their colorful Colorado landscape. Bringing this to life includes not only providing access to credit and savings, but helping their members grow their financial capabilities in order to achieve personalized life goals. Defining, measuring, and studying what factors contribute to financial well-being is a critical element of Canvas’ strategy to help their members afford life.
After distributing the survey to members and non-members throughout the state of Colorado, there are several noteworthy results discovered about how Canvas’ impacts the well-being of those they serve. Details of key results include:
- Well-being is stronger for Canvas members. Canvas members experience a higher level of well-being than non-members in the same geographical areas.
- Canvas members’ well-being grows as their engagement with Canvas deepens. Membership engagement factors play a role in their members’ well-being. Total deposit account balances have proven to have a strong positive correlation. As balances increase, so does financial well-being.
- Canvas members’ well-being grows with their length of membership. Tenure with Canvas is a strong factor of well-being. Among new members, well-being remains constant for about the first three years and increases over time.
- The well-being of credit union members ranks higher than bank customers. When comparing credit unions against competitor banks in a geographic location, it turns out that credit union members achieve higher levels of well-being.
- Having accessible savings and rainy-day funds makes a big difference in financial well-being. The importance of savings, access to credit, and other safety nets help people to feel financially secure which is one of the basic elements of financial well-being.
- Financial behaviors & know-how (confidence and goal follow-through) connect to well-being. These connections include confidence in one’s ability to follow through on financial goals, having a regular habit of saving money, paying bills on-time, and knowing where to find financial advice when they need it.
- Mental health is strongly correlated to well-being. Addressing the connection between mental health and financial wellness can go a long way in helping members cope with their financial challenges.
- Health and financial well-being have strong correlations. The correlations between health and financial well-being go hand-by-hand. Canvas’ membership as a whole performs better in both dimensions when compared to other respondents in the same geographical area.
- Now is the time to be there for your members. Financial institutions must be there for, and communicate transparently & often with, members during the pandemic.
“Especially during these challenging times, credit unions can be an exceptional resource for people,” shared Mark Meyer, Filene Research Institute’s President/CEO. “Canvas had a theory about how their purpose-driven approach to service might positively impact their members’ overall well-being. There is a strong connection between financial well-being and overall well-being. Our custom research demonstrated that their members are, on average, better off than Coloradans banking elsewhere. We are excited to see how Canvas uses the outcomes of this impactful research to grow and amplify their impact.”
Canvas has proven to be the community and financial partner that members need. Standing shoulder-to-shoulder with their members, Canvas is thrilled to continue working with Filene to measure how this research can transform into an even greater impact. By ensuring their members well-being is a top priority, future iterations of this research will follow members’ financial journeys and help the credit union understand how strategies driven from this study can fuel even more positive change. For Canvas, the work is never done. They intend to foster even more wellness with their members, Canvas family, and communities. This is just the start!
September 2019: Canvas hosted a yoga event at CSU stadium in Fort Collins to promote wellness in the community.
About Canvas Credit Union
Canvas Credit Union is a safe and insured financial institution with over $4.2 billion in assets and nearly 298,000 members. Canvas provides a full array of financial products and services, including savings, checking, loans, mortgages, and online and mobile options. Serving Colorado communities for more than 84 years, Canvas currently has 33 branches. Internally, Canvas is well recognized for its culture and has been certified by the Great Place to Work® Institute for four consecutive years.