Report
503
Number
May 04 2020

Supporting Financial Well-being of Credit Union Members and Employees

What Filene's research says about supporting financial needs and action steps for putting it into practice.

Laura Gilliam
Laura Gilliam
Research + Communications Associate
Filene Research Institute
Report Number 503

Executive Summary

This curated collection of Filene research reports provides background and insights on financial supports for employees and credit union members and provides direction for credit unions wishing to further efforts to support and enhance the financial well-being of members and employees.

Why these research reports?

We are living in unprecedented times of financial precarity. It is no secret that many credit union members experience episodes of financial stress, especially when they lack the cash flow to handle unforeseen expenses. These could be medical bills, a broken HVAC system, or car repairs.

As a credit union you can find ways to give back to your members and your employees and provide them with responsible options to help them navigate financial emergencies.

Providing such value is good for your mission and it's good for the growth and success of the credit union, differentiating your business, and cultivating loyal, long-lasting, and productive member relationships.

What are the credit union implications?

Creating and maintaining financial well-being touches every aspect of our lives; it affects our physical and behavioral health, our working relationships, our families, and our communities. Businesses recognize that supporting the financial well-being of staff and employees benefits their workforce and attracts top talent. It also provides the needed supports that minimizes emotional stress around financial crises. 

Credit unions have an opportunity to support their members and communities by implementing programs that aid financial well-being. It is the right thing
to do, and it is one way to differentiate your organization in your community.

Filene Research Institute has published nearly 500 research reports over three decades. The archive is both deep and wide. Single studies give us important data points about a given phenomenon. Putting multiple studies into conversation, however, allows us to connect the dots, corroborate our findings, and track trends over time. So, as we revisit Filene’s archive, we are assembling curated collections of research reports on selected topics, providing you with a more comprehensive and strategic overview and giving you the resources that you need to make evidence-based business decisions. If one study offers a window onto what’s happening in the world, these collections will give you a foundation on which to build the whole house.