Economic Benefits of Workplace Tax Assistance

National Credit Union Foundation Distributes Filene Institute Report

Click to access the full report!

As a resource for credit unions providing tax assistance as part of the REAL Solutions® program, the National Credit Union Foundation (NCUF) is distributing a new report:


The Economics of Serving Low-Income Employees at Tax Time:
Implications for Credit Unions.


This report is published by the Filene Research Institute and partially funded by NCUF.


And it’s counter-intuitive!


This report is not intended to simply tweak existing Volunteer Income Tax Assistance (VITA) programs.

Potential Revenue for Credit Unions

North Side Community Federal Credit Union provides Voluntary Income Tax Assistance in workplaces of select employee groups. This service was partially funded by an Innovation Grant from NCUF.Rather, the report suggests opportunities for credit unions to provide revenue-producing tax assistance to:

  • Credit union employees

  • Members and non-members (especially those residing in densely populated, low-income or underserved areas)

  • Large companies’ employees (especially select employee groups of credit unions)

    • Overlooked Delivery Channel

    Further, the report suggests how credit unions could partner with tax preparers, non-profits, and corporations to provide fee-based tax assistance in the workplace – an often overlooked delivery channel.

    Savings for Employers

    In the report’s case study, a large company (Staples) saved $480 for each employee who received tax assistance (at a cost of just $75).

    Raising Retention

    It also proved to be an investment in loyalty.

    Employees who received tax assistance in the workplace were 32% more likely to remain at their employer a year later.

    Multiple Benefits

    Steve Delfin, Executive Director, National Credit Union Foundation
    "Fee-based workplace tax assistance could be a new way for credit unions to expand services, build net income, attract new loyal members, and strengthen relationships with companies in their communities," says NCUF Executive Director Steve Delfin.

    "For all of these reasons, we plan to incorporate findings from this report into the REAL Solutions program moving forward."

    Strategic Collaboration

    FIlene Research InstituteThis report is one of many strategic collaborations between NCUF and Filene.

    Delfin says by "working together, we can leverage intellectual capital and practical experience to help credit unions provide products and services that have proven effective attracting members with low wealth and modest means."

    Find tax assistance resources on the REAL Solutions Impact Center!
    Click for REAL Solutions!