Financial Wellness Programs: Creation, Implementation and Results

Transcription

1 Financial Wellness Programs: Creation, Implementation and Results

2 Why Financial Wellness? Creation Program Development Implementation Training and Certifications Outreach Results Member Impact Credit Union Growth Financial Wellness

3 Do the best you can until you know better. Then when you know better, do better. Maya Angelou

4 Why Financial Wellness? 43% of Americans do not have enough emergency savings to cover a $400 emergency. 52% of non-retired persons are not saving enough for retirement. 30% of Americans rate their financial life as worse than they expected it to be. 28.2% of US households have monthly incomes that vary and could not be consistently relied on. 45% of Americans are living paycheck to paycheck. 60% of Americans spend without a budget.

5 Why Financial Wellness? The average credit score in Louisiana is a 670, making us 46 th among the 50 states. Louisiana allows payday lenders to charge up to 1,043% APR. The 945 payday lenders in Louisiana outnumber McDonald's 4-1. The average borrower takes out nine loans per year, and stays in debt for more than six months. 75% of Americans agree that they would benefit from advice and answers to everyday financial questions from a professional. What does this mean for your members?

6 Why Financial Wellness? 32% of US households are unbanked or underbanked.

7 Why Financial Wellness? 32% of US households are unbanked or underbanked.

8 Creation Building a program that works for your team and your members requires an in-depth analysis of resources. Time Talent Training FUNDING Everything has to come from the TOP!

9 Creation Time Full-time, part-time, as a compliment to another position. Out of office time for presentations, meeting with members. Talent Dedicated position or a compliment to another position? Loan officers, collection agents and MSRs can be perfect fits! Training CUNA FiCEP Certification Continuing education opportunities. Funding Presentation expenses, staff time, training expenses.

10 Creation Financial Wellness Workshops Large group settings. SEG, Organization or Community. One-on-One Counseling Meeting with members one-on-one for credit analysis and advice. Stand Alone Youth Education Short presentations at schools, daycares, summer camps etc.

11 Creation Youth Education Programs Yearly series focused on a specific class covering a variety of topics with a pre and post test. Real Life Simulations Mad City Money! Budgeting for real life for high school students. Supplemental Materials Brochures, handouts, presentations, take ones, workbooks etc. Social Media Blog posts, success stories, #AskPelican

12 Implementation Outreach, outreach, outreach! - Work with local organizations to offer presentations to their groups such as Volunteers of America, homeless and battered women s shelters, church groups, prison re-entry programs. Generating referrals from the front-line. Train front line staff, collections and other departments to refer members in need to your counselors. Timely topics Focus on trending topics as well as the tried and true! Incentivize the attendees Meals, raffles, cash etc.

13 Results New Members Short-Term Goals Long-Term Goals Homeownership Number of loans and $$$$ Number of sessions Number of Workshops Types of Workshops Attendees New Members and Accounts from Workshops

14 2017 Results Month Total Members One-on- New Members Graduates One Sessions Loans Completed $ Loans Completed 1 st Quarter $283, nd Quarter $514, rd Quarter $509, th Quarter $211, ANNUAL TOTAL $1,519,317.20

15 2017 Results

16 2017 Results 2017: 301 Loans for a total of $1,519, : Loans totaling $7,524,650

17 2017 Results Workshop Goal Actual Attendees New Members , , , , , , , , , Total ,

18 2017 Results

19 2017 Results

20 2017 Results #AskPelican 7,496 views from November to December 2017 People view 53 seconds of the video on average, the entirety of the video. 1 st quarter 2018 resulted in 117,000 views over several videos Blog- pelicanstateofmind.com Several posts related to wellness topics shared 5,200 times across social media. 31.1% of all blog page views are financial wellness posts.

21 Testimonials 2017 Results

22 Member Impact Improving credit scores Increasing financial literacy and overall financial wellness Creating qualified borrowers Wealth and asset building Long-term financial success

23 Credit Union Impacts Word of mouth/grassroot membership growth New members/accounts at workshops Increased loans and savings numbers More qualified borrowers No default loans More income Increased social media usage and reach Life long memberships

24 Credit Union impacts Social Responsibility Financial Outreach People Helping People Community Support On-Going Education Financial Literacy Workshops One-On-One Counseling Speaking Engagements K-12 Youth Education programs

25 CUNA Federal Reserve State Jump$tart Coalitions State Credit Union Leagues Other Credit Unions Resources

26 Start where you are. Use what you have. Do what you can. Arthur Ashe

27 Thank You! Jessica Sharon Director of Financial Outreach Pelican State Credit Union