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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.

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.

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 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?

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. 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.

 

What can credit unions do about it?

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

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    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

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    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

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    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

Gigi Hyland, CUDE

Executive Director

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.