Financial Well-Being For All
Financial well-being isn't a thing credit unions do. It is THE thing credit unions do.
Financial wellness is at the heart of credit unions’ mission within our communities and deeply embedded into our structure. Financial well-being for all is about motivating and supporting individuals to make sound financial decisions. Whether we are working with members in savings account programs or high school students in the classroom preparing them for college, we want to help our credit unions help their members achieve
their financial dreams.
What exactly is financial well-being?
Financial well-being is a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and able to make choices that allow them to enjoy life.
According to the 2022 U.S. Financial Health Pulse, the percentage of people spending less than their incomes, reductions in short-term savings, and confidence in long-term savings all contributed to negative trends in financial health between 2021 and 2022.
At a time when consumers are calling for more guidance with their finances, credit unions stand ready to assist. As "financial first responders," credit unions can and should identity those in need; foster programs that support improved financial positions, and offer counseling and options for those who are struggling. The resources below can help get you started!
Financial wellness is at the heart of credit unions’ mission within our communities and deeply embedded into our structure. Financial well-being for all is about motivating and supporting individuals to make sound financial decisions. Whether we are working with members in savings account programs or high school students in the classroom preparing them for college, we want to help our credit unions help their members achieve
their financial dreams.
What exactly is financial well-being?
Financial well-being is a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and able to make choices that allow them to enjoy life.
- Control - Control over a person's day-to -day, month-to-month finances.
- Capacity - The capacity to absorb a financial shock.
- Choice - The financial freedom to make choices that allow a person to enjoy life.
- Goal - On track to meet a person's financial goals.
According to the 2022 U.S. Financial Health Pulse, the percentage of people spending less than their incomes, reductions in short-term savings, and confidence in long-term savings all contributed to negative trends in financial health between 2021 and 2022.
At a time when consumers are calling for more guidance with their finances, credit unions stand ready to assist. As "financial first responders," credit unions can and should identity those in need; foster programs that support improved financial positions, and offer counseling and options for those who are struggling. The resources below can help get you started!
Financial Well-Being Resources
- National Credit Union Foundation - Financial Well-Being For All
- National Credit Union Foundation - Development Education
- CUNA Financial Counseling Certification Program (FiCEP)
- Consumer Financial Protection Bureau (CFPB)
- Know My Debt
- NEFE - The Personal Finance Ecosystem
- NCUA Financial Literacy and Resource Center
- South Dakota Consumer Protection Resources
- North Dakota Financial Institution Resources
- U.S. Currency Education Program
- Federal Trade Commission (FTC) Consumer Advice
- Dollars & Decisions along with Teacher Guide
- Financial Literacy Games for Adults and Children
Additional Financial Well-Being Resources and DakCU Partnerships
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For questions regarding Financial Well-Being For All, please contact:
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