Here is One Stat that Should Capture Your Attention
This might hurt to read if you are a leader for your financial institution. If you have an inkling of what I’m about to say, you know it is time to get more intentional. So… here it goes.
The average American family spends $1.22 for every dollar earned, according to recent data collected by the South Carolina Association of Certified Public Accountants.
This is not a pitch to become a Community Development Financial Institution, nor to apply for a low-income designation. This one statistic deals with exactly what your customers or members are struggling with. The battle is broad. The lack of financial know-how is universal. In fact, the Financial Industry Regulatory Authority says nearly two-thirds of Americans show low levels of financial literacy.
Whether you serve the community or Select Employer Groups, it’s important to know that personal financial challenges can carry over into the workplace. According to PricewaterhouseCooper’s 2018 Employee Wellness Survey:
- 54% of employees are stressed about their finances
- 40% of employees say financial matters cause them the most stress in their lives
- 25% of employees report that issues with personal finances have been a distraction at work
- 43% of those distracted by their finances at work spend 3 hours or more per week thinking or dealing with issues related to their personal finances
These are conversations worth having within your communities and SEG groups. How can you work together to close the gap? Your financial institution can actually play a larger role in the quality of life of your region.
Now, you have a decision to make. You can either acknowledge this and continue with a silo mentality, or you can revolutionize the way your credit union or community bank serves its people.
The choice is yours.