Renewing Our Commitment To Financial Wellness in 2021
According to the National Credit Union Foundation, financial well-being is “what folks do with their money and how they feel about their money. Financial health and well-being are deeply connected to every other part of life – housing, access to food, transportation, education, healthcare, etc.”
At Members First, we know the statistic that around 40% of all Americans would be unable to pay for a $400 emergency with cash, savings, or a credit card that can be quickly paid off is staggering. We understand that this impacts both what our members can do when faced with an emergency situation and also how can make them feel. We are committed to providing solutions that address financial need while providing education and solutions that bring confidence and peace for whenever life happens.
Credit unions were built on a not-for-profit philosophy with a mission that is dedicated to member service. Serving our members, rather than focusing on making a profit, is why we exist. A large part of member service is assisting members achieve their version of financial well-being.
In general, credit unions offer fewer fees and more reasonable loan rates than other financial institutions. In addition, many credit unions offer loan solutions to help members avoid predatory payday lending. For example, MFCU’s Whatever Loan is often used to help catch up on bills or purchase Christmas gifts, all while working on building your credit by creating positive payment history as you pay down the loan.
Credit unions also often specialize in financial and budget counseling. Additional education and knowledge be vital, especially when faced with financial hardships caused by the COVID-19 pandemic. Many Americans are currently reporting a loss in income. Learning budgeting tips and tricks from an expert can help to reduce stress and maintain financial health during challenging times.
Credit unions are locally owned and operated. We care about the communities that we serve because we are a part of the community ourselves. When historic flooding impacted our Midland branches in 2020, MFCU found grants to provide additional assistance for our members. Our staff was on site at shelters delivering water and other necessary supplies within hours of the flooding. For these reasons and many more, you aren’t just a number at a credit union.
Financial wellness is always important throughout all stages of life. In the New Year, Members First is looking forward to digging deeper with our members in order to achieve their financial wellness goals!
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