Financial wellness is at the heart of the credit union service philosophy.
In this episode of the CUNA News Podcast, Greg Michlig, CUNA’s executive vice president and chief engagement officer, explores why financial well-being for all is a strategic priority for America’s credit unions. Not only does this concept make sense from a member service perspective, it’s a critical part of the credit union advocacy story.
But the concept of financial well-being varies among both individuals and credit unions. Michlig addresses the challenges and opportunities in making financial well-being for all an essential part of the credit union narrative.
As he shares in this interview, 88% of members believe their credit unions care about their financial well-being. That’s a remarkable statement of trust in an age when service matters more than ever, Michlig says, and one that reflects the impact credit unions have in the everyday lives of their members and communities.
In this episode:
1:50: Greg's role at CUNA
2:55: Why CUNA took FWBFA as priority
5:10: Where we started
9:16: Reception from the Leagues
11:30: Remaining challenges
13:45 The importance of data
15:55: FWBFA is natural to credit unions
17:47: The value of financial counseling