The video above is Jim Nussle describing CUNA’s vision for Credit Unions to step up and be the hero to their communities and becoming the modern-day picture of “People Helping People”. A vision of Credit Unions being the solution to scalable and sustainable community impact by providing “Financial Wellbeing for All”. This video was taken during
What Does Financial Well-Being Look Like?
According to the Consumer Financial Protection Bureau, Financial well-being describes a condition where a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.
Financial well-being is determined by the extent individuals feel that they:
01 | Have control over day-to-day, month-to-month finances
Financial Well-being means that the household has full control over their finances. They have a plan and know what their money is going to do each day, month and year.
02 | Have Capacity to Absorb Financial Shock
Financial Well-being is having the capacity (emergency fund) that will allow you to easily handle life’s unplanned expenses without going further into debt.
03 | Have the financial freedom to make the choices that allow him or her to enjoy life.
Financial Well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.
04 | Are on track to meet his or her financial goals
Financial Well-being is being on track to meet your financial goals whether that be to purchase a new car, a home for your family, or fund your kid’s college education.