A large percentage of credit union consumers are struggling financially.
That’s according to a recently concluded year-long study by the National Credit Union Foundation and reported by the Credit Union National Association. The grant-funded study recorded consumers’ financial health check-ups with the Center for Financial Services Innovation, an organization dedicated to improving Americans’ financial lives.
“Measuring member financial health metrics alongside business metrics enables credit unions to understand whether they are making a quantifiable difference in their members’ financial lives,” Foundation Executive Director Gigi Hyland told CUNA. “This not only taps into the central mission of credit unions, but also generates insights into products and services involving members’ saving, spending, borrowing and planning behavior.”