BOSTON–Credit unions here were told they need to be better players in the health care movement—in this case, financial health.
When CUs start doing financial health exams, said Gigi Hyland, they will find many employees and members have financial health problems.
“We know a few things about how our members and our employees are doing in life,” said Hyland, executive director of the National Credit Union Foundation. “And one thing we know is that many of them are struggling financially in life. They are having trouble figuring out how they deal with what I call the Mack Truck of life, an emergency that comes up.
“Financial health is THE thing for credit unions. It’s not A thing,” she said. “There is an opportunity for credit unions to seize. You need to go beyond what you’ve done. You need a partner to help you through all the stages of life.”'
More Than Education
Members and employees need a partner beyond just the education.
“They absolutely need your hand-holding, you walking side by side with them and telling them this is about their financial health and leading a financially healthy life long into the future,” said Hyland. “This is not a siloed activity. This is what you do day in and day out in serving members, and taking it to the next level.”
Where to start? With employees, said Hyland, noting the Foundation website offers surveys for employees to take on their financial health. Many surveys have found one-in-three people are thinking about financial struggles while at work, and they are two times more likely to experience health problems.
“Help your employees on their financial health journey, so that when you sit them down with members in debt you will have employees who understand that because they have been in their shoes,” said Hyland.