Apr 27 '17

Awkward Family Finances

George Hofheimer
George Hofheimer
Chief Knowledge Officer

Sometimes families are just plain awkward. This awkwardness can take the form of family portraits (see above; below), the “birds and bees” talk or a surprisingly common family activity: borrowing and/or lending money to each other. 

George Hofheimer
George Hofheimer
Chief Knowledge Officer

The awkwardness on this final activity comes into play when the borrower doesn’t pay back the lender, which occurs at an astonishingly high rate, according to an i3 team’s survey and other research sources.

"The sad thing about this picture is I basically have the same outfit on today as I did when I was ten."  -- George Hofheimer

What if your credit union could...

...meet this common consumer need in a simple, cost-effective and affordable manner? That’s exactly what we are trying to do with our current Incubator test called Bank on Family.

How do you know if this idea is right for you and your credit union? A quick quiz will help you decide:

  • Does your credit union lend money?
  • Does your credit union’s membership include people with families?
  • Does your credit union have an interest in better serving unmet consumer needs?

If you answered 'yes' to all 3 questions, fill out this form (or reach out to Marnie) and we will be in touch with next steps. As a thank you, you’ll also get an awkward family photo from another Filene staff member! And while you wait for that, be sure to listen to our podcast about Bank on Family with the i3 team that came up with the idea.

Send any awkward family photos you'd like me to see here, or post them on our social media feeds here and here, because we're comforted by sharing humiliating family pictures and stories...