Jul 30 2008

Single Again? Here's Help.

Report  
Number  
165

Filene i3’s newest innovations, Single Again, targets newly divorced, separated, or widowed credit union members who need help with complicated financial issues during a difficult time.

Executive Summary

When a relationship ends, the financial stakes are high. Lawyers help sever the relationship or manage the estate; friends and family provide emotional support. But where can members go for financial advice and help transitioning from joint to single accounts, re-titling assets, and modifying loans to remove a joint owner? A recent survey conducted by Filene i3 shows that those who have experienced a separation would have appreciated more assistance from their credit union.

What is the research about?

Members who find themselves single again, due to the loss of a loved one, often don’t know where to turn for help reorganizing their finances. One of Filene i3’s newest innovations, Single Again, targets newly divorced, separated, or widowed credit union members who need help with complicated financial issues during a difficult time.

What are the credit union implications?

Member benefits include:

  • Access crucial information at a difficult time. 
  • Advance financial position and reorganize finances. 

Credit union benefits include: 

  • Enhance role as trusted advisor. 
  • Build relationships with members. 
  • Retain members. 
  • Improve delinquency and charge-off rates.