As credit unions work to assist members through the challenges of the coronavirus pandemic, a focus on member financial well-being has come to the forefront. For CUNA and the National Credit Union Foundation, advancing the concept of financial well-being isn’t a new initiative, but it’s one that has taken on increasing importance in recent days.
On this episode of the CUNA News Podcast, CUNA President/CEO Jim Nussle and Foundation Executive Director Gigi Hyland explain the meaning of financial well-being and why it’s a key idea for credit unions to understand and consider. They also discuss how credit unions are working toward member financial well-being during the pandemic and what credit unions can do to share their stories with members, communities, and lawmakers.
In this episode:
1:22: How CUNA and the Foundation came to prioritize financial well-being
4:36: The difference between financial literacy and financial well-being
8:00: How the pandemic highlighted what members need most
12:04: Examples of credit union responses to the pandemic
16:28: Where to start with action and messaging
21:47: Metrics for gauging member financial well-being
26:23: Communicating success stories to members and lawmakers