Financial well-being solutions

Exploring how credit unions
maintain their edge

Our proprietary study

Key findings and insights

Financial protection solutions for you and your members

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Now more than ever, members are navigating uncertain times and looking to their credit union to help them keep their finances under control, withstand financial surprises, stay on track with financial goals, and have the freedom to make financial choices.

The importance of financial well-being

Exploring what credit union members are saying

Securian Financial conducted a pulse survey of credit union members in June of 2022 to explore the role of credit unions across generations, gauge current financial concerns, assess what drives banking loyalty, and determine what credit unions can do to exceed member expectations.

• Rising costs and increased living expenses are top of mind for credit union members across all generations

• Credit unions stand out for building trusting, secure relationships

• Interactions with credit union representatives and loan officers are typically initiated by members

• While a majority of credit union members are familiar with lending protection products, less than half of respondents have purchased a product

Top financial concerns
for credit union members1

Across all generations, rising costs and the inability to cover standard living expenses are top concerns:

Paying down debt is top of mind for Gen Z and Millennials, while Millennials
and Gen X worry about the rising cost of home ownership and saving enough
for retirement.

55% Cost of living increasing,
salary remains the same

45% Not having enough savings
for unexpected expenses

1. Securian Financial Credit Union Customer Survey. In June of 2022, we studied over 200 credit union members across the country in 11 geographic areas. Because each generation has unique mindsets and expectations, we wanted to explore the role of credit unions across generations, gauge current financial concerns, assess what drives banking loyalty, and what credit unions need to do to exceed member expectations. Participants were compensated for participation.

Support the overall financial well-being of members

To remain relevant, credit unions can take a more proactive approach to improving the member experience, helping members feel more financially supported.

Financial protection programs are a flexible fit for members across all generations

Unexpected events can bring unexpected financial challenges. When offered in connection with consumer lending solutions, financial protection programs help provide a financial safety net to members when they need it most.
And they can help reduce loan defaults and delinquencies while maximizing non-interest income for your credit union.

Take action:

Remind credit union representatives to introduce the availability and value of lending protection during the loan application process — and during member registration
to get in front of members before the protection is needed.

Financial protection solutions for you and your members

While most members are familiar with financial protection solutions, only about half have purchased the products:

Members who understand what lending protection is genuinely
find value in it.1

41% have purchased credit protection
(debt protection or credit insurance)

34% have purchased GAP
(guaranteed auto protection)

45% have purchased MBP
(mechanical breakdown protection)
or auto warranty

Offer a relevant, customizable solution

Debt protection can help your members prepare financially for unexpected events such as death, disability or involuntary unemployment. When added to a loan, debt protection can cancel
all or part of a borrower’s outstanding loan balance if a protected
event were to happen.

This accessible solution can help soften the impact of an unexpected event on their budget, protect their credit rating, and allow existing funds to go a bit further to support other financial priorities.

Take action:

Encourage credit union representatives to personalize outreach to members. Educate them on products and services and describe how they support their overall financial well-being, given their specific situation and financial goals.

1. Securian Financial Credit Union Customer Survey. In June of 2022, we studied over 200 credit union members across the country in 11 geographic areas. Because each generation has unique mindsets and expectations, we wanted to explore the role of credit unions across generations, gauge current financial concerns, assess what drives banking loyalty, and what credit unions need to do to exceed member expectations. Participants were compensated for participation.

This is a representation of the major features of the plan design and does not represent the entire program.

The Contractual Liability Policy is issued by Securian Casualty Company, a New York authorized insurer. Minnesota Life Insurance Company acts as the administrator of the debt protection program. Product availability and features may vary by state.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. 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. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Product availability and features may vary by state.