Foundation releases consumer financial health check-up findings
The National Credit Union Foundation recently wrapped up a year-long grant funding effort to conduct consumer financial health check-ups with the Center for Financial Services Innovation (CFSI).
“Measuring member financial health metrics alongside business metrics enables credit unions to understand whether they are making a quantifiable difference in their members’ financial lives,” said Gigi Hyland, Foundation executive director. “This not only taps into the central mission of credit unions, but also generates insights into products and services involving members’ saving, spending, borrowing and planning behavior.”
This work funded and supported by CUNA Mutual Group, included financial health check-ups six credit unions, including:
Notable findings from the check-ups include:
BECU and nonprofit design firm ideas42 will host a webinar discussing The Financial Health Check Up from 1 to 2 p.m. (ET) on Thursday, Nov. 16. Results from a randomized controlled trial show this one-time, 30-60-minute phone call can change savings behavior by helping credit union members leverage insights from behavioral science.