Financial Well-being for All

What is financial well-being for all and why is it important for credit unions?

What is it?

It’s what I do with my money and how I feel about my money.

For several years, work has been underway to craft a research-based definition of financial well-being. The Consumer Financial Protection Bureau’s definition (to the right) is widely accepted.

“For all” means just that: all demographics, all income levels, all parts of our USA and all people. Financial education and literacy are a part of someone’s financial well-being, but it’s also so much more.

Definition of financial well-being as presented by the CFPB: Control, Capacity, Choice, and Goals

What financial well-being for all means to the Foundation

The Foundation ignites credit unions to place financial well-being at the center of their strategy.

Why is financial well-being for all important for credit unions?

More than two-thirds of people in America and are not financially healthy. Percentage of people considered not financially healthy by race/ethnicity
2020 U.S. Financial Health Pulse

Two-thirds? That’s 167 million people. Disparities have widened by race and income and persisted across gender. 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.

Financial well-being isn't a thing credit unions do. It is THE thing.

Improving consumer’s financial health should be table stakes for the financial services industry. It is important for a few reasons.

Good for business

Financially healthy credit union members lead to healthy credit unions and healthy communities. Strong membership growth, greater member loyalty, and solid employee engagement are not merely benefits of this work. They’re an unambiguous sign of relevance in the marketplace and fulfillment of the credit union mission.

Good for advocacy

Policymakers seek proof from financial institutions of the true impact they are making to improve the financial lives of all constituents. Credit unions have an opportunity to showcase the good work they do through a data-driven lens and impact storytelling, enabling them to maintain certain tax-exemptions.

What can credit unions do about it?

Now you know what financial well-being for all means. What’s next?

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.

Get started
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.

Get started
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.

Get started

Presentation Resources

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.

Access the Slides

Get in touch

For more information on financial well-being for all

Contact Gigi Hyland, Executive Director

Gigi Hyland, CUDE

Executive Director

571.228.7810

[email protected]

Download Gigi’s Bio

Gigi serves as the Executive Director for the Foundation, inspiring credit union professionals to collaborate and incorporate financial health and cooperative principles into their business strategy.