Meritrust Credit Union announces plans to establish emergency fund for all employees as part of financial well-being initiative
WICHITA, KS (December 18, 2023) — Meritrust Credit Union is pleased to announce an unprecedented step in improving the financial well-being of its employees: the credit union is funding a $400 emergency savings for every employee. On Friday, Dec. 22, employees will receive a one-time net deposit of $400, in addition to their regular paycheck and are encouraged to set it aside to start or grow their emergency savings fund.
Why is Meritrust doing this? The credit union’s purpose is to create financially healthy members and employees. The 2022 Economic Well-Being of U.S. Households survey by the Federal Reserve found that 37 percent of Americans do not have funds to cover a $400 emergency, which is an increase from the previous year of 32%.
Meritrust believes that financially healthy employees are critical to helping our members navigate their own financial wellness journey.
“We understand that in order to best serve our members, we have to focus on financial health from within,” says James Nastars, President/CEO of Meritrust. “Knowing that our employees are equipped to not be part of that 37 percent is just one step in the process of supporting their financial well-being.”
New financial well-being initiative launched. In 2023, Meritrust launched a financial well-being initiative for both members and employees centered around four financial pillars: Save, Spend, Borrow and Plan. Meritrust is committed to helping consumers understand how their actions, behaviors and relationship with money affects their daily life and, in turn, empowers them with the tools they need to create a better financial future for themselves, their families and their communities.
Meritrust knows the first step and key building block for improving financial well-being is establishing an emergency fund, beginning with $400. They also know this is sometimes the most difficult step because life happens.
“Saving is vitally important to our overall financial health,” says Chris Wolgamott, Director of Financial Well-Being at Meritrust. “As we become more diligent with our emergency savings, we grow in confidence around our monthly spending, borrowing and overall planning.”
This effort is one of many ways Meritrust supports employees along their financial journey. All Meritrust employees are eligible to receive confidential, one-on-one financial coaching services from the Financial Well-Being team and participate in annual financial education throughout the year.
Meritrust Credit Union has been helping members do more with their money since 1935. Meritrust is headquartered in Wichita, Kansas, with branches also located in Andover, Derby, Lawrence and Manhattan. With a mission of improving the lives of members and their communities, Meritrust offers consumers and businesses the products, services, tools and education needed to achieve their financial well-being goals confidently. For more information, visit meritrustcu.org. Federally insured by NCUA.