MADISON, Wis.–The Center for Member Well Being at Filene has officially launched. It is being led by fellow Dr. Mathieu Despard of Washington University, St. Louis.
“As inflation, prices on everyday goods and economic uncertainty continues to increase it is no wonder more Americans are feeling financially stressed these days,” Filene said in announcing the new Center. “In fact, according to a recent Bankrate Financial Freedom Survey, 77% of U.S. adults say they are not completely financially secure, up from 75% in 2024 and 72% in 2023. Also, financial stress tends to be the major contributor to people’s overall stress—which can result in a number of overall health and well-being issues like poor sleep, lack of exercise, poor eating habits, delaying health care due to costs and decreased work productivity, just to name a few.”
Filene said a key differentiator for credit unions is the commitment to improving the financial lives of members.
According to Filene, the new Member Well-Being Center of Excellence represents a “three-year journey to explore how credit unions can increase the well-being of members and employees through sustainable, evidence-based practices and solutions.”
The Questions Being Asked
Filene said the Center for Member Well-Being seeks to bridge the gaps between current efforts and the potential of the credit union industry to drive deep changes to well-being at the individual, community and system level, and will seek to answer these key questions:
- What are the key drivers of well-being, and how are they related to financial well-being at the individual, community, and system-level?
- What are the best evidence-based practices and solutions for improving financial well-being?
- As employers, what aspects of well-being are credit unions best positioned to improve for their employees?
- How do credit unions ensure internal programs and policies are driving well-being for their employees?
- What new or existing products and services measurably improve overall well-being?
Financial Support
The new Center has received financial support from Affinity Federal Credit Union, Altura Credit Union, BCU, Canvas Credit Union, Chartway Credit Union, EastRise Credit Union, Members First Credit Union, United Nations Federal Credit Union, and Wright-Patt Credit Union.
“As a lifelong credit union member and the grandson of a small-town credit union board member, I’m thrilled to join and support Filene’s Member Well-Being Center of Excellence,” Dr. Despard said in a statement. “I’ll lend my research expertise on a range of financial inclusion and well-being topics and experience testing interventions to help credit unions build on an already-impressive portfolio of member solutions. I also look forward to helping credit unions explore creative ways to impact member well-being around other quality of life issues such as health.”
Webinar PlannedFilene said it will host a webinar about the new enter on July 22nd at 12 p.m. For info, go here.
