Dec. 9 is the deadline to submit proposals for the Center for Financial Services Innovation’s (CFSI) consumer financial health assessment tool, an initiative financially supported by the National Credit Union Foundation.
The Foundation has issued a request for proposal seeking credit unions for consumer financial health checkup projects. Funding of $108,000 total is available to “seed” up to 6 credit unions to conduct assessment project at their organizations.
Understanding members’ financial health and what their needs and struggles are, as well as how it compares to regional benchmarks, can help galvanize interest and enthusiasm among credit union management, staff, and board members to pursue initiatives to leverage products, services, and communications to help members improve their financial health.
CFSI has been piloting a consumer financial health assessment tool with a variety of institutions to gauge consumer financial health. Specifically, two credit unions, Wright-Patt CU, Beavercreek, Ohio, and Coastal FCU, Raleigh, N.C., have already worked with CFSI to leverage the diagnostic tool to conduct a “financial health check-up” to understand their members’ and employees’ financial health.
CFSI’s Consumer Financial Health Study found that 57% of Americans are financially unhealthy, lack daily financial systems that serve them well, struggle to weather financial shocks, and are not well-positioned to pursue their financial aspirations.