Results of “Consumer Financial Health Check-ups” Funded by Foundation

“Measuring member financial health metrics alongside business metrics enables credit unions to understand whether they are making a quantifiable difference in their members’ financial lives. This not only taps into the central mission of credit unions, but also generates insights into products and services involving members’ saving, spending, borrowing and planning behavior.”
- Gigi Hyland
Executive Director
National Credit Union Foundation

Towards the end of 2017, the National Credit Union Foundation wrapped up a year-long grant funding effort to conduct consumer financial health check-ups with the Center for Financial Services Innovation (CFSI). This work, generously funded and supported by CUNA Mutual Group, included financial health check-ups for: Affinity Plus Federal Credit Union in St. Paul, Minn.; BECU in Tukwila, Wash.; Community Financial Credit Union in Plymouth, Mich.; IH Mississippi Valley Credit Union in Moline, Ill.; University FCU in Austin, Texas; and Virginia Credit Union in Richmond, Va.

Click Below to View/Download the Aggregrated Results (pdf):


CFSI is one of the leading organizations dealing with the subject of consumer financial health. Following the execution of the individual credit union projects, CFSI aggregated and weighted the data from the participating institutions and analyzed the combined dataset (CU sample).

Some notable findings from the check-ups include:
  • More than half (58%) of members in the total CU sample are struggling financially;
  • Only a quarter of members are highly satisfied with their present financial situation;
  • While financial health is correlated with age and income, there are financially struggling members at all age and income levels; and
  • About half of CU sample members engage in key financially healthy behaviors, like saving and planning.
 
 
 
 
 
 
 
 

For More Information...

...contact Gigi Hyland, Executive Director, at ghyland@ncuf.coop or (202) 824-6282.


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