Next steps to improve financial well-being for all
now to continue its journey to improve financial well-being for all?
Look no further for inspiration than insightful research discussed during CU FinHealth™ 21 by the leading credit-union owned payments/technology CUSOs, PSCU and CO-OP Financial Services. Merry Pateuk, SVP of Industry Engagement for PSCU and Sam Paxson, Chief Experience Officer for CO-OP joined me for a conversation about the payments opportunities in building a financial health and well-being ecosystem.
Both PSCU and CO-OP have done significant research to help credit unions improve financial health and well-being.
PSCU recently completed a study with MDC and the Financial Health Network entitled “How Credit Unions Can Become Financial Health Providers.” Results of the study show that the financial health needs of members are evident: Over 60% of credit union members surveyed are struggling financially and at least one-third live paycheck-to-paycheck. In line with these findings, more than 60% of credit union employees are struggling financially, too. Moreover, credit union members who identify as a minority group are more likely to be struggling financially as shown below.