ST. PAUL, Minn.–A new study has confirmed many Americans say they are being forced by rising living costs, economic uncertainty and concerns over their financial resilience to shift their focus from achieving financial goals to protecting what they already have. Now, the authors of that study are sharing deeper insights into what that survey also reveals and where credit unions have an advantage.
Securian Financial’s third annual lending environment study surveyed 1,003 current and prospective borrowers from April 2-16 and found that many consumers remain financially vulnerable and ill-prepared to withstand a sudden loss of income. The findings from the study are being presented here as part of the CU Daily’s 2026 “Profitability Imperative” series.
According to Securian Financial, half of borrowers with active loans said they could continue making payments for three months or less if their income suddenly stopped. Nearly one in five borrowers, or 19%, said they would struggle to make loan payments in less than one month after losing their income.
CU Daily has additional coverage of the study here.
Below, Alexia Johnson, partner development leader for Securian Financial, takes CU Daily readers deeper into the research and what it means for credit unions.
The CU Daily: First, please tell us more about this research and why it is conducted?
Johnson: This is Securian Financial’s third annual lending environment study. On an annual basis, we survey roughly 1,000 current and potential borrowers to understand how they feel about financial wellness, their banking experience and needs. We also speak with credit union and banking leaders to get a pulse on their top concerns, key areas of focus and industry trends.
From there, we help make connections between what leaders see and how borrowers feel to create real tangible insights that today’s lenders can implement. And this year’s research revealed an interesting perspective on how closing an obvious trust gap can help lenders better protect their members in times of financial vulnerability.
The CU Daily: This is the third lending environment study Securian Financial has conducted. Can you identify any trendlines that are worth highlighting or that strike you?
Johnson: The biggest trend is that borrowers have changed their financial focus from getting ahead to staying afloat. This environment should make protection solutions, such as debt protection and credit insurance, an easy yes for borrowers when they take out a loan. Unfortunately, it’s not the case.
It doesn’t mean that members don’t see the value in protection solutions – 77% say protection products provide meaningful financial security and many members believe that credit unions should provide help for when they fall on hard times. What we actually uncovered is that there is a lack of understanding and trust in why the solutions are being presented.
The CU Daily: What can a credit union do both offensively and defensively in response to these findings?
Johnson: Defensively, credit unions can help members prepare before hardship happens by making protection part of a broader financial wellness conversation. Offensively, they can differentiate by showing up as trusted guides – not just lenders. That means clearer education, better timing and tools that help members understand their real risk before they have to face it.
The CU Daily: Why the disconnect between seeing value in loan payment protection and the low adoption? What can a credit union do, and why should it do it?
Johnson: Many borrowers like the idea of the product but don’t fully understand how it works. Some confuse payment protection with extensions or deferrals, and others worry it’s just another fee. Credit unions can close that gap by explaining the product early, clearly showing the cost and terms and giving real-life examples of how it can help during qualifying hardships.
The CU Daily: Can you share some additional insights around the findings on trust?
Johnson: Most lenders lean on pricing, disclosures and company reputation to build trust for the protection solutions they offer. This is good – and important – but it’s not where trust really takes off. We found that trust needs to be felt. It’s built through experiences where borrowers feel empowered to make decisions for their financial well-being. The study found that trust increases when payment protection is presented as a clear, optional choice and drops when it feels added on at the end of the loan process.
And of course, they really feel that sense of trust when they have to file a claim and those promises are kept.
The CU Daily: Should credit unions be paying more attention to generational differences, and how can they apply it?
Johnson: Yes. Gen Z borrowers are more open to protection solutions, but they’re also more likely to find it confusing. Boomers are more skeptical and want proof that the product helps real people. Credit unions can apply this by tailoring the conversation, using plain-language, digital education for younger members and claims stories, testimonials and proof points for older members.
The CU Daily: Of the opportunities the research identified for lenders, which would you highlight?
Johnson: The biggest opportunity is to make trust the new adoption strategy. That means moving beyond a one-time product offer and building confidence across the full borrowing experience with clear education, early education, benefit transparency, hybrid digital and human support and proof that protection can make a real difference when members need help most.
Editor’s Note: Securian Financial has provided this footnote on the report above.
- Unless otherwise noted, all statistics are from Securian Financial’s 2026 lending environment research study.
- Payment protection refers to our suite of products that support lending solutions sold through financial institutions. These products include debt protection and credit insurance.
- Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Property and casualty insurance products are issued by Securian Casualty Company, a New York authorized insurer. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
- Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries.
