MADISON, Wis.–Credit unions were given insights into what a new Filene Research Center launching at a particularly appropriate time will be offering in terms of actionable insights.
During a webinar titled “Navigating New Forms of Economic Fragility: Consumer Financial Lives in Transition,” Dr. Lisa Servon, the Kevin and Erica Penn Presidential Professor Department Chair at the Weitzman School of Design at the University of Pennsylvania who is heading the new Filene Center for Consumer Financial Services in Transition, said a four-year research project is under way to study the changing financial lives and livelihoods of consumers, new forms of economic struggle and financial fragility and how these changes impact the North American credit union system.
According to Servon, the financial instability is being felt by many more people than may be commonly accepted, making it harder for many to borrow, save and plan. Servon said there are numerous trends shaping realities for many people, including declining wages and income, and fewer benefits that help people to deal with risk, such as health insurance and retirement packages.
When an emergency happens, such as the global pandemic, “We see people not being able to cope with it. We have this bootstrap culture that people should be able to make it and work, but we’re seeing people not making it,” said Servon.
Servon said one of the primary roles of the new Filene Center will be to provide examples of how credit unions are helping people to make it through those challenges.