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How Credit Unions Can Better Support Member Financial Security

How Credit Unions Can Better Support Member Financial Security

by | Mar 10, 2025 | For Employers

Credit unions hold an estimated $2.23 trillion in consumer assets, according to data from the National Credit Union Administration. And these numbers are only expected to grow over time. Given the member-centric approach taken by many modern credit unions, it’s no surprise that many consumers have flocked to these organizations in lieu of traditional banks.

Credit unions are member-owned, not-for-profit institutions whose primary goal is to serve their members through many of the same services as banks. Because of the personalized nature of their membership, they are uniquely positioned to enhance the financial well-being of the communities they serve.

Here are four simple solutions that credit unions can leverage to better support members’ financial security — and make a personal impact not always possible through traditional banks.

1. Expanding financial product offerings

Credit unions can bolster financial security by diversifying their product offerings to help members address specific needs. This might include providing products such as low-interest loans, emergency savings accounts and tailored retirement funds to increase financial health.

According to America’s Credit Unions, U.S. credit unions provided $25.8 billion in direct financial benefits to their 140.3 million members during the 12 months ending June 2024. This equates to approximately $184 per member or $386 per household. Such savings, achieved through lower loan rates, higher saving rates and fewer fees compared to traditional banks, exemplify the tangible value of membership.

Furthermore, loyal, high-use member households often receive even greater benefits, up to $1,103 in direct financial advantages annually, underscoring the importance of engaging members with credit union products and services.

2. Building financial education programs for credit union members

By offering comprehensive financial education programs, credit unions can ensure their members’ financial literacy. Well-informed members can make smarter decisions about budgeting, saving and investing. Equipping individuals to navigate economic uncertainties helps members build resilience and improve financial decision-making.

Digital advances specifically allow for the integration of technology for more customized financial wellness solutions, especially for younger demographics. Workshops and webinars provide on-demand e-learning resources to give members regular access to financial basics. Credit unions can also harness AI and advanced analytics to personalize offerings, predict member needs and improve overall engagement. Online stress assessment tools, budgeting apps and interactive learning websites are a few initiatives that use technology to foster deeper engagement.

These virtual resources can also be easily tailored to different demographics, be it student loan guidance for young adults or estate planning for retirees. Providing diverse member-specific programs can foster a culture of financial empowerment. The National Credit Union emphasizes this, particularly as financial vulnerability among Americans has risen to 17% in 2023, disproportionately affecting Black, Latinx, and younger populations.

3. Promoting financial wellness through community initiatives

Credit unions are often more committed to community development than traditional banks. Community-focused strategies, especially those in partnership with local organizations, can amplify impact and scale solutions effectively.

Credit unions can collaborate with local organizations such as schools, community centers or other non-profits. These programs not only enhance financial literacy but also foster a sense of belonging. Through community building, credit unions fulfill their missions to provide safe and affordable financial products to those in need.

4. Measuring the impact of credit union financial wellness programs

Credit unions can also track tangible metrics of their success, helping to ensure the success of their organization. Metrics such as member participation rates in workshops and webinars are crucial in refining and improving educational programs. Organizations can also track things like increases in member savings accounts and retention of members in educational initiatives. Regular assessment of these metrics allows credit unions to identify successful strategies and adjust underperforming programs.

Credit unions are uniquely positioned to enhance their members’ financial security, contributing to stronger member trust and loyalty. A member-focused approach both empowers individuals and ensures their sustainability. By expanding product offerings, investing in financial education, leveraging technology and fostering community initiatives, they can drive meaningful change through financial resilience.

Looking for a partner to better support member security? Consider Best Money Moves.

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

The Surprising Reasons Different Generations Are Stressed About Money

The Surprising Reasons Different Generations Are Stressed About Money

by | Dec 4, 2024 | For Employers

About 7 in 10 US employees say they’re stressed about money, per PNC’s 2024 Financial Wellness in the Workplace report. However, not all employees face the same financial woes. Younger generations tend to worry about affording monthly expenses, whereas Baby Boomers tend to worry about if — and when — they can afford to retire.

Engaging a multi-generational workforce can be difficult. However, by understanding each generation’s most common financial concerns, HR and business leaders can make the most of their benefits budgets while supporting employees’ financial well-being.

A stat about generations and financial stress

Financial worries can lead to lower productivity and increased turnover

Financial stress doesn’t only impact an employee and their household. Employees’ financial stress and its impacts can seep into the workplace if left unaddressed. On average, employees spend about 3 hours a week at work worrying about their personal finances, according to PNC. Over time, this distraction can lead to a loss of productivity that potentially hurts a company’s bottom line.

Moreover, employees stressed about money are twice as likely to look for a new job, according to PwC, leading to increased attrition and a loss of top talent. By learning the common financial challenges for each generation, employers can adopt impact-driven benefits designed to help alleviate all employees’ financial stress.

Generation Z & Millennials often worry about paying off their student loan debt

Generation Z, born from 1996 to 2012, is the youngest generation in today’s workforce. Gen Z employees are typically recently out of college, university or vocational training and early into their careers.
Millennials, born 1981 to 1996, alongside Gen Z face the looming burden of paying off student debt.

In recent decades, the cost of education has skyrocketed — the average undergraduate tuition has nearly tripled from 1980 to today, according to the National Center for Education Statistics (NCES). As a result, Gen Z and Millennials tend to have more student debt compared to their parents and grandparents’ generations.

Solution: Invest in student debt financing and repayment assistance offerings

Although credit card debt is the most common form of debt, studies show that student loan debt is the most challenging debt to pay off, largely due to inflation, high tuition rates and compounded interest. Over time, student debt can impact an employee’s ability to reach their financial goals, such as securing a mortgage or auto loan.

Over 1 in 3 US employees wish their employer offered student loan financing and repayment assistance benefits, according to PNC’s report. Moreover, employee benefits related to student debt aren’t just for younger generations. Tuition assistance benefits can potentially help older generations, especially those who may still carry student debt from graduate school programs or help finance their children’s education.

Generation X struggles with today’s expenses while still saving for tomorrow

In between Baby Boomers and Millennials lies Generation X. Born between 1965 and 1980, Gen X is next up for retirement, following Baby Boomers.

A common financial concern for Gen X is being able to save for retirement while balancing today’s expenses. Due to limited disposable income, sometimes employees forgo contributing to their retirement account to afford key monthly expenses, such as rent, groceries, car insurance, etc. Some employees have resorted to borrowing from their 401(k) to help make ends meet.

Today, approximately 40% of Gen X employees have $0 saved for retirement, according to the National Institute on Retirement Security. Luckily, even the oldest members of Gen X still have the runway to prepare for retirement.

Solution: Contribute to employees’ 401(k)s through match contributions

To help employees stressed about money afford today’s expenses, many companies have invested in a match contribution program. Company match programs are designed to incentivize employees to save for retirement — for each dollar an employee puts in their 401(k), employers will “match” or contribute the same amount.

Today over 50% of employers offer company match programs, compared to 46% in 2023. Match programs can help employees exponentially grow their retirement savings. This can be especially valuable for employees trying to catch up on their retirement savings.

Baby Boomers’s top concern is making sure they’re ready for retirement

Retirement readiness is the leading financial concern for employees born between 1946 to 1964, also known as Baby Boomers. Although some Baby Boomers have already retired, others are still in the workforce getting ready to enter retirement.

A common worry for Baby Boomers is if — and when — will they be able to retire. Entering retirement is a big step in a person’s life. That said, pre-retirees, including Baby Boomers, must understand how much money they need to live comfortably in retirement. This can help alleviate financial concerns, such as not having enough money to retire or potentially outliving one’s savings.

Solution: Offer 1:1 financial advising to help retirement readiness

Many employees, including pre-retirees, aren’t sure how prepared they are for retirement. Thankfully, with the support of knowledgeable financial advisors, employees can assess their retirement readiness and receive tactical steps on how to improve.

By offering 1:1 financial advising, employees can receive the personalized support they need to help address and alleviate their top financial stressors.

Need a financial wellness solution with customized solutions for every generation? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)

by | Aug 19, 2024 | Blog

5 surprising symptoms of financial stress (and 5 helpful solutions). The effects of financial stress can be devastating to your workforce. Learn what to look out for and how you can make a difference.

Employee financial stress was in the spotlight throughout 2024 amid continued inflation and economic uncertainty. In a survey of 2,000 Americans, MarketWatch found that 88 percent of respondents reported feeling some form of financial strain. 65 percent felt that finances were the top source of stress in their lives.

By now, it’s clear that employee financial stress is a significant issue. However the way that stress manifests often comes as a surprise to employers.

The Qualified Plan Advisors’ 2024 Financial Wellness Survey found that 68 percent of the American workforce experiences financial stress. Both mental health and sleep are the most negatively impacted, though personal relationships and physical health are also significantly affected by financial stress.

Over 70 percent of employees agree or strongly agree that their employers have a responsibility to ensure employees remain financially well. Furthermore, nearly 70 percent of employees prioritize job opportunities that offer financial wellness programs.

Here are five of the most surprising symptoms of financial stress that could be impacting your workforce — along with five helpful solutions to help keep your workforce financially healthy.

A stat about financial stress.

1. 31% of employees with financial stress report a deterioration in mental health.

Financial struggles that arise from worrying about debt or the inability to pay for basic necessities can lead to stress. According to TIAA Institute researchers, these struggles lower the ability to deal with mental health challenges. High debt levels are associated with anxiety, depression and anger. Ongoing financial struggles can contribute to feelings of hopelessness and despair that can culminate in depression.

One way employers can help is by providing access to mental health resources. Programs include counseling services, employee assistance and mental health workshops. Employers can also help create a supportive workplace culture where mental health is discussed openly.

 

2. 31% of employees struggle with sleep disturbances.

Financial worries can also manifest in sleep disturbances, resulting in decreased energy levels. These financial worries may be a result of the high debt levels seen among employees. QPA’s survey found that 80% of employees carry debt, primarily in the form of mortgages, credit cards and student loans. 64% of individuals lack adequate emergency funds.

Employers can help mitigate this symptom by addressing financial stress at its root through bespoke debt management tools. Providing budgeting worksheets and money management apps help employees grasp financial essentials.

Employers can also organize education sessions focused on bolstering financial literacy on topics. Offering tools is only the first step; ensuring employees know how to use them is crucial.

Additional benefits might include student loan repayment assistance, matching debt contributions and flexible work arrangements. These help employees save on commuting costs or enable them to work multiple jobs to pay off debt.

Employers can also provide educational sessions on the importance of sleep as well as how to establish healthy sleep routines. Encouraging a balance between work and life helps employees both manage their time and improve their sleep quality.

3. 18% of stressed employees indicate challenges in their relationships.

Honesty about money is crucial to maintain healthy relationships. Employers should provide financial guidance that looks at money as a part of a person’s overall life that becomes integrated into all relationships.

Learning how to allocate two paychecks, budgeting for household expenditures and discussing long-term savings and retirement goals can all help employees understand what they need from their relationships and move forward with effective money management.

Implement family-friendly policies such as maternity/paternity leave, childcare assistance and flexible working hours for both parents to ease both financial and emotion burdens, leading to healthier family dynamics.

4. Financial stress is linked to adverse physical effects for 11% of employees.

Physical health is just as important as financial health, and the two can go hand in hand. Focus on developing wellness initiatives that encompass financial, physical and mental health. Here, employees can access various wellness resources, from fitness programs and nutrition advice to financial planning tools and mental health support.

Offering regular workshops and seminars on financial literacy can be combined with health-related topics like stress management and nutrition. Physical wellness-specific initiatives can include on-site fitness classes, gym memberships or discounts at local fitness centers with participation encouragement through fitness challenges and rewards. Having healthy snacks and meals in the workplace and access to regular health screenings can also help employees stay on top of their physical health.

5. 9% of employees experience reduced work productivity as the result of financial stress.

The TIAA Institute found that financial stress resulted in a 34 percent increase in absenteeism and tardiness. Financially stressed employees are five times more likely to be distracted by finances while at work. QPA’s Financial Wellness Survey shows that 45 percent of Americans allocate one hour or more to manage their personal finances. Financially stressed employees also miss almost double the number of days as unstressed employees.

To help employees stay better focused at work, designate some working hours to set your workforce on the right track. Offering financial wellness programs in the workplace can help employees manage their finances better, reducing financial stress and improving productivity. These programs can include financial literacy workshops, coaching, and other resources.

Employers can also consider offering financial benefits such as retirement planning assistance and emergency savings funds. This way, allocated time is spent on productive financial educational opportunities, improving overall workplace productivity while giving employees the resources they need for financial success.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Financial Resiliency: The Skill You Didn’t Know Your Team Needed

Financial Resiliency: The Skill You Didn’t Know Your Team Needed

by | Aug 6, 2024 | For Employers

Financial resiliency: The skill you didn’t know your team needed. Learn why fostering financial resiliency may be key to a more productive, confident workforce.

Everyone encounters rough financial patches at some point. The key is how easily you adapt to these challenging. situations. This concept is at the core of financial resiliency, the skill your workforce may be missing.

Financial resiliency refers to a person’s ability to withstand life events that impact their income, assets, or overall financial wellness. Divorce, sudden medical issues and unemployment can throw a wrench into a person’s finances. However, the right tools and support can help employees build financial resiliency and weather any storm.

Employees often look to their employer as a source of financial wellness support. In a survey of nearly 2,000 employees conducted by Transamerica Institute, seventy-seven percent of respondents rated employee financial wellness programs as somewhat or very important. Yet only 28% of employers report offering such benefits to their teams.

Supporting employee financial resiliency can help companies dial down employee financial stress and accelerate the path to financial security. Learn more about the unique benefits of a financially resilient team. Plus, learn to build resiliency among your organization at large.

1. Many employees cannot afford a $1000 emergency

Having enough money for a rainy day is a key pillar of financial resiliency. According to Bankrate’s 2024 Emergency Fund report, nearly 1 in 3 employees have $0 saved for emergencies — a clear indication of low financial resiliency. If faced with a $1000 emergency, many Americans would have to borrow the money, whether through a loan, from a family or friend, or carrying a balance on their credit card, according to Bankrate’s report.

To help employees craft a more financially resilient future, consider offering an emergency fund as part of your employee benefits package. One practice is to have employees complete financial wellness courses/training in exchange for a $1000 emergency fund — this benefit offering demonstrates a keen dedication to building employee financial resilience and education.

2. Looming debt can impact employees’ financial resiliency and overall health

Debt can come from a myriad of sources — car loans, education, payday loans, medical expenses, and more. Regardless of one’s debt origins, high levels of debt can lower one’s financial wellness and ability to withstand future financial emergencies.

Having a high debt-to-income ratio can limit the options an employee has amid a sudden emergency, even for employees earning six-figure salaries. Lenders and banks may view individuals with a high debt-to-income ratio as high-risk borrowers — this can lead to extremely high interest rates or being denied for a loan altogether. With high interest rates, carrying debt has become increasingly expensive. Over time, the chronic stress from carrying debt can also take a toll on the human body.

According to Forbes’ Mental Health & Debt survey, about 40% of Americans reported experiencing anxiety due to debt-related stress, and nearly half reported having trouble sleeping due to debt-related stress.

3. Help employees build financial resiliency using personalized financial wellness tools

High levels of debt can make borrowers feel stuck and unsure about the best way to manage their looming debt. Moreover, looming debt can feel cyclic.

Employees don’t have to manage their financial stress alone. A robust financial wellness program can empower employees along their financial wellness journey and help them build financial resiliency.

Every employee has a different starting place when it comes to financial wellness and. Find a financial wellness program that personalizes their offerings and counseling, based on each employee’s unique situation, as opposed to taking a cookie-cutter approach. This can help equip employees with the right tools and resources to develop financial resiliency for today and years to come.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Big Benefits Mistakes to Erase From Your Program

3 Big Benefits Mistakes to Erase From Your Program

by | Jul 30, 2024 | Blog

3 big benefits mistakes to erase from your program. Your employees are disappointed in their benefits. Avoid these common benefits mistakes to improve engagement and promote wellbeing at your company.

The right benefits strategy is critical to attracting and retaining talent at any company. In a recent PeopleKeep survey, 81 percent of respondents felt that an employer’s benefits package was a deciding factor when accepting a new job.

In fact, according to MetLife’s 2024 Employee Benefit Trends Study, 93 percent of employees consider workplace wellbeing as important as salary. 

However, despite this importance, employers still fall short when it comes to selection — and these benefits mistakes can lead to serious consequences for your team. Forty percent of employers see workers leave their jobs for access to better benefits, according to data from Forbes Advisor. The wrong strategy can leave employees feeling undervalued and overworked, resulting in high turnover and other expensive problems.

Don’t let simple benefits mistakes derail your entire organization. Avoid these costly missteps when putting together your benefits packages. Benefits mistakes from MetLife’s 2024 Employee Benefit Trends Study

1. Having an unclear benefits offering

A lack of understanding is the most common issue that prevents employees from accessing benefits. According to Ameritas, 85 percent of workers don’t understand their benefits options. Responsibilities at work and at home often push accessing benefits far down the list of priorities. The intricacies of plan choices and coverage options may also overwhelm employees who haven’t engaged with them before.

The solution, then, is clear. Providing educational benefits materials is key to improving engagement and making the most out of your current offering. Breaking down complex benefits into digestible steps can help employees of all backgrounds get a jumpstart on their benefits. Also, be sure to provide support and answer questions as they come up.

2. Choosing irrelevant and outdated benefits

Before considering any benefits, it’s important to understand what employees want out of their compensation package. According to PeopleKeep, the most important resources to employees include health benefits, dental insurance, paid time off and retirement options.

However, just because a resource is requested doesn’t mean it’ll be utilized. Consider the usage of each of your benefits when evaluating which ones are best for your organization.

To provide relevant benefits, it’s important to survey your workforce to understand what they are looking for. In the same PeopleKeep survey, only 47% of respondents claimed that the benefits their employers offered fit their specific needs. As a result, personalization is another major aspect of benefits that goes unnoticed. According to Benefit Hub, 75% of employees want custom support based on their mental, physical and financial needs.

3. Overlooking employee financial security

Financial stress is one of the top issues affecting Americans and may be taking its toll on your employees. According to CNBC, nearly 60% of Americans live paycheck-to-paycheck. And this financial stress comes at a cost. In a 2024 SoFi survey, 1 in 4 employees claimed that this financial stress was detrimental to their workplace performance.

According to MetLife’s 2024 Employee Benefits Trend survey, 45 percent of employees reported that financial stress was the top cause of their poor mental health.

The key to financial stress is a holistic financial wellness program. And employees have taken notice. A 2023 Transamerica Institute report found that 77% of employees want a financial wellness program, but only 28% of employers provide it.

Financial wellness provides clarity when making big decisions and hitting important financial milestones. With educational resources and tools, your workforce can rest assured that their most pressing financial questions are answered.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.