BOSTON-- Penny Finance, a women-first online financial mentorship platform, said it has entered into a partnership with two credit unions in Massachusetts: Beverly Municipal FCU and Somerville Municipal Credit Union.
In announcing the partnership, the company said seven in 10 women in the U.S. don’t have a financial advisor.
“We have personal trainers at the gym, teachers at school, and coaches at work. But who is looking out for women and their wallets?” the company asked. “When women have access to Penny Finance, they get a financial mentor in their pockets.”
Few CUs Offer Wealth Management Services
The company further stated that credit unions have always prioritized serving women and under-represented communities, but only one in six credit unions offer wealth management services.
“And even amongst those who do, only a small amount of their members have enough wealth to qualify for that resource,” the company added.
Penny Finance said that through the partnership Beverly FCU and Somerville CU are “paving the way to bring digital financial planning to women (and to all low-risk investors) at scale.”
Increase in Member Loyalty
"Our members will profit from a great financial planning product which can help them realize their spending practices and hopefully aid them in increasing their personal wealth,” BMFCU CEO Tom Beverly said in a statement. “For the credit union, we benefit by offering a vital financial tool which can only increase member loyalty and value to being a member of Beverly Credit Union."
According to Penny Finance, women who have used its solution for financial mentorship tend to save an extra $450 per month, and shave an average of 5.2 years off their debt repayment.