What is it?
It’s what I do with my money and how I feel about my money.
Over the past seven years, research and work have been done at the national level to craft a research-based definition of financial well-being. The definition shown to the right is from the Consumer Financial Protection Bureau and is widely accepted by employers, researchers, fintechs and financial institutions.
“For all” means just that: all demographics, all income levels, all parts of our U.S.A. and all people. Financial education and literacy are certainly a part of it and it’s also so much more.
What Financial Well-being for All Means to the Foundation
The National Credit Union Foundation is working to empower credit unions to provide financial well-being for all. Here’s what that means to the Foundation.
Why is financial well-being for all important for credit unions?
Two-thirds? That’s 167 million people. Disparities have widened by race and income and persisted across gender. So not cool. These are our employees, members, families and communities. This is credit unions’ work and it’s the Foundation’s mission to improve people’s financial lives through credit unions.
Measure: Know Your People
In order to address the problem of financial well-being, you need to learn where your members & staff are at in their financial well-being journey. Get started in measuring or learn about the general state of our members.
Take Action: Build Your Strategy
The Foundation has curated concrete examples of ways to integrate financial well-being into your culture, products/services, board, mission & more. Learn from others how to put financial well-being at the center of your strategy.
Connect: Financial Well-being & Your Community
Once you have built your strategy around financial well-being, learn about other ways to connect and enhance your work in the areas of development issues, fintech, health & wealth and more.
Looking to incorporate information about financial well-being for all into a future presentation? The Foundation has presentation slides available to give you a head start.
Get in touch
For more information on financial well-being for all
Contact Gigi Hyland, Executive Director