Improving people’s financial well-being takes creativity, commitment and a culture of service. These are the stories of credit unions and how they are putting people’s financial well-being at the center of their strategy. Shared with you, our credit union family, to inspire you and give you the tools to navigate to the next stop on your own financial well-being journey.
In the third episode of our Foundation Field Notes video series, Foundation Executive Director Gigi Hyland meets with Jonathan Walker, the Executive Director of Elevate’s Center for the New Middle Class. Elevate conducts research, engages in dialogue, and builds cooperation to generate understanding of the behaviors, attitudes, and challenges of America’s growing “New Middle Class.” Jonathan dives into the research trends/insights that they are seeing around the non-prime consumer (credit scores that don’t allow them to access mainstream credit) during this pandemic and how credit unions can help their members.
Foundation Field Notes Episode 3: Consumer Research & Trends During the Pandemic
Here are three main takeaways from the interview:
- Non-prime members are the new middle class, the average member you serve every day.
- Non-prime members with variable incomes understand how to weather this pandemic, but prime members who are used to a steady paycheck are experiencing difficulties.
- Members and employees think about money every day. Be there for them in the micro-moments and understand what they need right now.