LAS VEGAS–Sixty-two percent of middle-income Americans worry about their financial stability every day, according to new research released by CUNA Mutual Group.
CUNA Mutual’s “What Matters Now” research program is based on the more than two-million conversations with credit union members the company has each year drawn from a database of more than 65 million credit union members. What Matters Now is part of an annual insights program to learn from middle-income Americans and credit union members alike.
TruStage, CUNA Mutual Group’s consumer brand, gathered insights from more than 25,000 individuals using a combination of quantitative, qualitative and social media research methods. It draws similarities and differences between credit union members and broader middle-income Americans in terms of core demographics and lifestyle preferences to show how this population defines success across generations, the company said.
“We use consumer insights to continuously improve our member experience including how we develop media plans, design products and optimize each consumer touch point,” said Susan Sachatello, senior vice president, TruStage. “Our goal was to add dimension to what we have learned from middle-income credit union members and non-members alike to become more relevant in their everyday lives… We know that what matters most to members evolves over time as people go through different life stages or as our economy fluctuates. In fact, 77% of the members we talked with said their definition of success has changed over time. We plan to continue learning from members and will share our findings with credit unions to better serve them, their members and non-members alike.”
Among the findings:
- There’s a huge opportunity to serve the unbanked. Thirty-four percent of the individuals included in the research self-identify as having no banking relationship. Understanding this population and engaging them in the credit union value proposition could be a significant source of membership growth, CUNA Mutual said.
- Financial stability far outweighs simply attaining wealth.
- Sixty-two percent of middle-income Americans worry daily about financial stability, while only 6% defined success as having a lot of money.
- Middle-income Americans define success based on family, relationships and financial stability first.
- Middle-income Americans rank raising good/happy kids first (38%) and having a great partner relationship second (36%) as measures of success in life. Being financially stable ties with staying in good health (33%).
For more information in the research: cunamutual.com/whatmattersnow.