The National Credit Union Foundation has released a special brief, “Health and Financial Well-Being: Two Good Things That Go Better Together” describing the need for financial service and health care professionals to collaborate to improve outcomes for the individuals they serve.
The Foundation is focused on improving the financial health of credit union members. Towards the end of 2017, the Foundation wrapped up a year-long grant funding effort to conduct consumer financial health check-ups with the Center for Financial Services Innovation (CFSI). This work, funded and supported by CUNA Mutual Group, included financial health check-ups for 6 credit unions.
“Knowing that the greatest driver of bankruptcy is consumer medical debt, the need for collaboration and the integration of financial literacy, capability and resilience with health care decisions has never been greater,” said Gigi Hyland, Foundation executive director. “Our continued research has shown health care providers and credit unions share much in common. By working together, they can create improved outcomes for members and patients alike.”
In 2018, the Foundation continues to work with credit unions to develop products and solutions in the areas of consumer saving, borrowing, spending, and planning. By expanding the focus of financial health to examine the links to physical health, the Foundation is driving new conversations about the ways that credit union members and employees can achieve better financial health.
Available through the Foundation, funding of $90,000 is available to “seed” up to five credit unions to develop financial health-related KPIs to measure the financial health impact of a specific product, service and/or campaign using quantitative data that the credit unions have in their databases, identify business metrics or KPIs that may be affected by the specific product, service, and/or campaign, test drive KPIs and reporting process, and share measurement and impact learnings with the credit union community. The deadline to apply is Aug. 31.
The grant application is available through the Foundation’s website.