WASHINGTON—If credit unions don’t understand the real impact they’re having on members’ lives, they should look more closely at how financial assistance plays a role in people’s overall lives, says Gigi Hyland.
The executive director of the National Credit Union Foundation spoke to attendees at CUNA’s GAC, pointing out helping members financially also helps them in many other ways, including their overall physical health.
She cited an example of a man from New York, who responded to a survey question about what could be done to improve his physical wellbeing by saying: “Pay my electric bills and that will lower my blood pressure.”
What One Map Shows
Hyland drew a strong connection between what credit unions do for their members financially with their daily lives, noting where people live can have a huge difference.
Standing before a large map displayed on a large digital screen at GAC that showed dramatically different health outcomes and life expectancies based on where people live across very small area of D.C. area, Hyland said, “Place matters to physical and financial health. Where you are and what you do is so incredibly important. Make sure you are serving everyone in your community.”
‘Ignite An Understanding’
Hyland said the NCUF is working to “ignite” an understanding among credit unions of where there members live, where they stand in life, what they do, and what challenges they face.
“We know many consumers are just living paycheck to paycheck and are just a missed paycheck or two away from real financial trouble,” she told the meeting. “So many people across the country live that way. The idea of financial health, and what we do for members financially, has an incredible impact.”
Hyland also noted in 2018 credit union contributions to the Foundation totaled $815,000 to support victims of the California wildfires and Hurricane Michael.