MADISON, Wis. (10/15/15)--Competitions such as savings challenges can be valuable in communicating how credit unions help members move beyond financial education to financial capability, according to a new research paper from the Filene Research Institute.
Savings challenges, which usually include social media and traditional media promotion, encourage financial goal setting and establish a framework of friendly competition to see which consumers come closest to their goals.
The report highlights the plight of the average consumer featured in a savings challenge. Most share the same characteristic:
Credit unions can help members overcome these hurdles; however they must clearly convey these benefits to members. Among the recommendations the paper makes: