LAS VEGAS (3/27/15)--A large majority of the middle class worries about its financial stability on a daily basis, according to new research from CUNA Mutual Group.
Released this week during the CUNA Marketing and Business Development Council Conference in Las Vegas, the research found that 62% of middle-income Americans fret daily about their finances.
At the same time, only 6% of people said they defined success as having a lot of money.
"People define success more personally; it's about relationships and work-life balance. I like that," said Kim York, senior vice president/chief marketing officer, Ascend FCU, Tullahoma, Tenn.
Conducted by TruStage, CUNA Mutual's consumer brand, the "What Matters Now" study aims to identify how middle-income Americans define success so that credit unions may learn how to focus their operations to best serve their members.
Susan Sachatello, TruStage senior vice president, said that consumer insights such as these also help TruStage develop media plans and design products, among other things.
Other key findings from the research:
"We know that what matters most to members evolves over time as people go through different life stages or as our economy fluctuates," Sachatello said. "In fact, 77% of the members we talked with said their definition of success has changed over time."
Added York: "(This research) made me realize that when we're choosing art for marketing pieces, we really need to focus on kids and families. We need to position Ascend as the go-to source for members seeking stability."