MADISON, Wis.–The Filene Research Institute said it could never have imagined in February, when it was announcing the launch of its new Center of Excellence for Consumer Financial Lives in Transition, just how relevant the subject area would become as the coronavirus pandemic affects all portions of the economy.
“This four-year research project will track shifts, large and small, in the ways that people make and manage money,” Filene said. “It will equip credit unions to see how these shifts affect people’s financial well-being and change the financial services industry.”
Filene said it has already learned a number of things already, including:
- Credit unions will “serve an increasingly diverse consumer base characterized by evolving attitudes and activities, and heightened vulnerability.” Filene pointed to a recent project highlighting female entrepreneurs who are at risk, underserved and vital to kickstarting the service economy post-pandemic. This week Filene said it will be releasing an update to a series of research on what it means to support survivors of domestic violence, and those who experience economic abuse, during this pandemic and beyond.
- According to Filene, credit unions may be able to help alleviate historically created financial burdens by understanding the frequency and timing of when people are moving through financial transitions. The organization plans to hold a discussion on April 23.
- Filene said credit unions will need a playbook for keeping up with consumers needs and expectations. “This includes shifts in the political and economic environment as well as lifecycle and lifestyle changes,” the organization said.