MADISON, Wis.–CUNA has now set a date of May 2 for release of a new white paper on a survey it has conducted related to financial well-being.
But in advance of release of the white paper, Mike Schenk, deputy chief advocacy officer for policy analysis and chief economist with CUNA, said the findings are “very favorable” and “very impactful” to credit unions.
Among the topline findings, according to Schenk:
- Credit unions have deeper and more meaningful conversations with their members about finances than do other providers with their customers
- Credit unions take way more time to sit with their members and talk to them about their place and where they want to be than do other financial institutions
- Those meaningful conversations lead to greater levels of confidence and outcomes for members
According to Schenk, the national survey of consumers found non-credit union members are two times more likely to say they don’t have any type of rainy day fund for an emergency than are credit union members.
“We found credit union members are nearly two-times more likely than non-members to say their credit union really did change their financial well-being and improve it,” Schenk said.
Dovetails With CFPB Findings
He said the findings come at the same time the CFPB has released a new report that found consumers in America’s rural communities lack access to physical financial institution branches, are more likely to seek credit from nonbanks, and are heavily affected by medical bills.
“The data over the years has shown that people in rural areas are particularly stressed and are more likely to be living in poverty or below,” said Schenk. “What the data is across the board the folks in rural America are much more likely to say they appreciate their credit union and the impact it has had on financial well-being.”
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