What Does Financial Well-Being For All Look Like?

A talk shift is occurring, and credit unions are getting on board. Lindsey Hefta is just back from the FinHealth22 Conference and has some insight on coming trends. 

While financial well-being for all has always been at the heart of credit unions’ missions within the communities served, it has not been, until more recently, a talk shift that is occurring within the credit union landscape to have an even bigger presence. That being said, I had the privilege to attend the CU FinHealth 22 Conference in San Antonio the last week of April to dive further into how I can help Dakota credit unions further improve people’s financial well-being and health!

The conference was filled with a plethora of knowledgeable presenters and a range of topics including:

• How CU executives are thinking about financial health and well-being as a business strategy.
• How financial health is an inclusion story.
• What financial health and well-being look like in practice.
• Leveraging new perspectives.
• Bridging the digital divide with fintech.
• And more.

We discussed multi-sector solutions to address drivers and concerns on financial well-being; we learned from each other’s current efforts; we explored potential new strategies and concepts for engaging members and others within the community; we discussed various means of documenting what is currently being done as well as measuring success; and leveraging fintech solutions to help improve financial well-being for all.

Some grassroots ideas to further financial well-being for members, that I personally discussed with others, included:

• Starting a financial health book club for employees and/or members.
• Working with local schools or colleges to help the lower-income community members engage in a financial wellness class(es) to not only assist them in potentially reaching better job opportunities but to also reduce community unemployment.
• Start with your own credit union employees to measure their successes/missteps on where your credit union financial education may be lacking.
• Free tax preparation and/or assistance for the underserved.
• Working toward workplace inclusion, community inclusion, and member inclusion.

I think 23-year-old Bolun Li, founder and CEO of Zogo, said it best during last week’s conference, “The next generation should all bank with credit unions because they (credit unions) keep an open mind and continue to take risks. Credit unions are helping to make financial education fun and accessible for all.”

And who am I to disagree with Mr. Pineapple? I don’t! Credit unions are where it is at! Financially healthy credit union members lead to healthy credit unions and healthy communities. Financial well-being for all is about motivating and supporting individuals to make sound financial decisions, however that may look for your credit union. Whether working with members in savings account programs or high school students in the classroom, I want to help you, our credit unions, help your members achieve their financial dreams.
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Let’s continue to work towards a more financially sound North and South Dakota through financial well-being for all! Be sure to visit our Financial Well-Being For All page, we are updating with new resources as they become available. Don’t hesitate to contact me with any questions or suggestions. 

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