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National Credit Union Foundation: Impact Tracking of Financial Health Components

Deadline: June 30, 2019

The National Credit Union Foundation is seeking credit unions to consider their suite of products and services across four components of financial health (spend, save, borrow, and plan) and document the improvement in member and/or employee financial health. The intent is to support credit union initiatives to measure and document these efforts.

The Foundation is interested in how and what credit unions measure and document regarding improvements in employee and/or member financial health. Here’s one example in the save category: If a credit union is involved in a prize-linked saving initiative, how is the credit union monitoring increases in member savings and how does that spur additional credit union efforts to help members in the other three financial health categories? Other examples to consider may include:

  • Spend: Auto pay, smart budgeting, financial coaching/counseling
  • Save: Savings incentives, matched savings programs, auto enrollment
  • Borrow: Credit score education and action, credit-builder loans, debt management programs
  • Plan: Appropriate insurance products, calculating retirement savings and health care needs
  • All four categories: A focus on employee financial health as a training tool to better serve members’ financial health; pre- and post-testing for youth financial education/health programs to measure attitude and knowledge change

Committing to improve employee and/or member financial health means actively tracking the impact of a credit union’s actions on their financial lives. At the product or program level, this may involve using survey data and/or account data to monitor member financial health outcomes. At the company level, this may entail developing enterprise-wide financial health key performance indicators (KPIs) to inform larger conversations about corporate strategy, growth, and impact. The goal of this effort is to demonstrate credit unions’ impact on consumer financial health locally, regionally, and/or nationally.

Amount: A total of $75,000 is available with a minimum grant request of $10,000.

Eligibility: Credit unions may apply.

Link: https://www.ncuf.coop/news/press/2019-fin-health-grants-open.cmsx

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