In today's financial landscape, members increasingly look to their credit unions for guidance and support in achieving financial well-being. Understanding their expectations, challenges, and goals is crucial for credit unions aiming to provide meaningful assistance.
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Members' Expectations for Financial Wellness Support
A significant majority of consumers anticipate proactive financial wellness support from their primary financial institutions.
According to a study by the Financial Health Network, 80% of consumers expect their primary financial institution to help them improve their financial health, yet only 14% believe their institution is delivering on this expectation.
This gap presents a clear opportunity for credit unions to enhance their financial wellness offerings. The demand is evident—43% of Americans aim to save more money, 37% want to pay down debt, and 31% plan to spend less in the year ahead, according to Fidelity.
By providing personalized financial guidance, budgeting tools, and debt management resources, credit unions can bridge this gap and position themselves as true financial partners.
Common Financial Struggles Among Members
Understanding your members’ financial stressors is key to serving them better—and in 2024, inflation remains the top concern. According to Gallup, 41% of Americans cite inflation or the high cost of living as their biggest financial worry.
Rising prices on essentials like housing, groceries, and energy are putting pressure on budgets.
Housing costs rank second on the list of financial struggles. With housing affordability at a 30-year low, many members are spending a larger portion of their income just to afford rent or mortgage payments.
Beyond rising costs, debt is a persistent burden. A staggering 83% of U.S. households carry some form of debt, with credit card and mortgage debt being the most common. Nearly half of those with credit card debt are only making minimum payments.
Healthcare expenses continue to be a major worry, especially when members must delay or skip treatment due to costs. In 2024, 7% of Americans cited medical bills as their top financial concern.
Meanwhile, wage stagnation and job insecurity are making it hard for many members to get ahead. Median household income has grown just 10% since 2000, while living expenses have surged.
And looking ahead, retirement readiness is a growing concern. Nearly 59% of Americans worry they won’t have enough saved to retire comfortably—especially younger generations who are struggling to save while managing today’s expenses.
By understanding these challenges, your credit union can better position itself to provide targeted financial solutions, personalized advice, and supportive digital tools that meet your members’ most urgent needs.
How Your Credit Union Can Help
With these challenges in mind, how can you step up to provide meaningful solutions that improve members’ day-to-day financial lives? Here are four key areas to focus on.
Boost Savings with Goal Tracking & Automated Transfers
Encouraging members to save is easier when they can set and track goals directly within their banking app. By integrating visible, customizable savings goals, your credit union can help members stay motivated and on track.
Features like automated savings transfers, progress trackers, and milestone rewards can make a significant impact.
Track Income & Expenses with Real-Time Budget Tools
Members want real-time insights into their financial health. Providing income vs. expense tracking and rolling daily account balances in a simple, visual format can help them better understand their spending habits.
By offering automated categorization, budgeting recommendations, and alerts for unusual activity, your credit union can give members the tools they need to maintain financial stability.
Simplify Bill Payments with Reminders & Debt Management Tools
With rising housing costs and persistent debt burdens, many members are struggling to keep up with financial obligations. Credit unions can play a key role in helping members stay organized and reduce stress around payments by offering:
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Automated bill pay reminders to help avoid late fees and missed due dates
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Debt repayment calculators or planners that suggest optimal payment strategies based on income and goals
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Loan management dashboards that give a clear view of outstanding balances, payment history, and upcoming due dates
By making these tools easy to access within your digital banking platform, you can help members feel more in control of their finances—without adding extra friction to their day-to-day banking experience.
Help Members Build Credit with Score Tracking & Education
Many members want to improve their credit but don’t know where to start. Your credit union can take the guesswork out of credit-building by offering:
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Credit score education through in-app resources and personalized insights
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Easy access to credit scores without impacting their rating
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Comprehensive credit score analysis with actionable suggestions to boost scores
Additionally, providing personalized loan or credit card offers based on a member’s credit profile can ensure they get the right financial products at the right time.
Empower Your Members—and Your Mission
Financial wellness isn’t just a nice-to-have—it’s a growing expectation among your members. By offering proactive tools and personalized guidance, your credit union can build stronger relationships, improve financial outcomes, and stand out as a trusted partner in every member’s journey.
One powerful way to start? Offer real-time credit score support and financial education through FLEX’s SavvyMoney integration. With built-in tools for credit monitoring, score analysis, and actionable insights, you’ll give members the resources they need to take control of their credit—and their future.
