WASHINGTON–The National Credit Union Foundation has released a new brief, “Health and Financial Well-Being: Two Good Things That Go Better Together.”
The brief is being released at the same time the Foundation is making $90,000 available to “seed” up to five credit unions to develop financial health-related KPIs.
Those KPIs would:
- Measure the financial health impact of a specific product, service and/or campaign using quantitative data that the credit unions have in their databases
- Identify business metrics or KPIs that may be affected by the specific product, service, and/or campaign
- Test drive KPIs and reporting process, and share measurement and impact learnings with the credit union community.
The deadline to apply is Aug. 31, 2018; the link to apply is below.
The new Foundation brief addresses what it says is the need for financial service and healthcare professionals to collaborate to improve outcomes for the individuals they serve.
During 2017 the Foundation conducted a year-long effort to conduct consumer financial health check-ups with the Center for Financial Services Innovation (CFSI). That initiative, underwritten with support from CUNA Mutual Group, included financial health check-ups for six credit unions.
‘Need..Never Been Greater’
“Knowing that the greatest driver of bankruptcy is consumer medical debt, the need for collaboration and the integration of financial literacy, capability and resilience with healthcare decisions has never been greater,” said Gigi Hyland, the NCUF’s executive director. “Our continued research has shown healthcare providers and credit unions share much in common. By working together, they can create improved outcomes for members and patients alike.”
In 2018, the Foundation said it is continuing to work with credit unions to develop products and solutions in the areas of consumer saving, borrowing, spending, and planning.
“By expanding the focus of financial health to examine the links to physical health, the Foundation is driving new conversations about the ways that credit union members and employees can achieve better financial health,” the Foundation said.
The grant application is available here through the Foundation’s website.