Sign of the times
Are you a coffee drinker? I’m a coffee drinker. And while plain black coffee does hold a special place in my heart, sometimes I feel the need to grab a cold brew on nitrogen or dump half a cup of creamer in there. And sometimes I’ll augment the coffee with a scone or cookie. Coffee is one of my special treats, I’m at the local coffee shop almost every day.
But probably like most people these days, my special coffee treat is the first thing I think about when trying to cut back on spending — and those pods aren’t all that cheap either!
Consumer concerns continue to grow
I bet it's no surprise to you that the level of financial concern among consumers continues to rise. In March 2023, Securian Financial surveyed our Family Investor Consumer Panel revealing that two-thirds (67 percent) of consumers are concerned about their financial picture.1 And for context, when asked last year (May 2022) only 52 percent were concerned.2 The sentiment is fueled by bank failures, increased layoffs and market uncertainty, along with continuing fears of inflation, rising interest rates and skyrocketing prices.1
Participants also shared that they’re fatigued with trying to cut costs on discretionary spending (like my special coffee treat) and fearful they won’t even be able to afford necessities much longer.1
So, besides cutting back on nonessential spending, what financial actions are they taking to help them get through?1
- 23% are increasing contributions to an existing emergency fund
- 15% established an emergency fund
- 10% are considering additional life insurance coverage
There is good news to share too!
Congratulations! In both our surveys, credit union members had great things to say about you. Last year, those surveyed felt credit unions stood out for building trusting, secure relationships.2 This year, they praised your friendly and helpful customer service, variety of available tools and low interest rates.1
Here’s what they said they would like you to do more of:2
- Offer more financial education, resources and classes
- Increase direct, personalized outreach regarding financial health
- Make online banking simple to use and easy to understand
As you can see, there is good news in these uncertain times when banks are failing and we have to cut back on our daily trips to the coffee shop. Credit unions are important and remain a trusted advisor to their members!
Exploring how credit unions maintain their edgeRead more about what members shared with us and how you can better support their overall financial well-being.