Debt Consolidation

How Can Credit Unions Enable Financial Wellbeing?

Parachute just launched our Credit Union Partner Program, allowing credit unions to provide our revolutionary financial well-being program to their members. 
Bruce Hodges
February 26, 2024
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Table of Contents

How Can Credit Unions Enable Financial Wellbeing?

Credit unions are known for playing a key role in community-building and putting more financial power in the hands of individuals. They promise to put their members first and have the potential to become local powerhouses, creating positive economic and social influence.

These institutions have a responsibility and a unique opportunity to foster financial well-being.

In fact, data has shown that credit union members in the U.S. tend to be more resilient than non-members, more likely to use financial education/counselling services, and generally more likely to have a favourable view of their financial institution.

Parachute just launched our Credit Union Partner Program, allowing credit unions to provide our revolutionary financial well-being program to their members. 

In this article, we’ll explore the importance and data behind using tools like ours to support your members.

Exploring The Data

Credit unions are known as more supportive institutions compared to traditional banks. By focusing on maximizing service to members, they can have a stronger impact.

This impact may come from personalized education and resources, better customer service, and thoughtful products.

Due to this, credit union members in a CUNA study were more likely than non-members to respond that their financial institution:

  • Cares about their financial well-being
  • Has improved their financial well-being
  • Makes it easy to manage their finances
  • Makes it easy to get loans

What is Financial Wellbeing?

According to the Government of Canada, financial well-being is defined as “The extent to which you can comfortably meet all of your current financial commitments and needs while also having the financial resilience to continue doing so in the future.”

It encompasses not only income, but also the ability to handle setbacks and emergencies, the ability to meet financial goals, and generally feeling in control of your finances.

At Parachute, we believe that everyone deserves to find financial well-being, which is why our program is focused on giving customers the tools, empathy, and support they need to do just that.

The Impact of Supporting Financial Wellbeing

More than a quarter of Canadians are struggling to find financial well-being, and the leading cause of financial stress is debt. This lack of well-being affects people’s lives in every area. 

Financially stressed individuals are:

  • 2X more likely to report poor overall health
  • 4X more likely to suffer from sleep problems, headaches and other illnesses
  • More likely to experience strain in personal relationships

(Government of Canada)

On the other hand, individuals whose financial well-being is supported tend to be less stressed, more productive, and generally happier and healthier.

For credit unions, investing in your members’ financial well-being is an investment that pays dividends. The ripple effect of this goes beyond personal well-being, contributing to stronger families, communities, businesses, and economies.

Parachute’s Credit Union Program

We’re happy to announce our new Partner Program, designed specifically for credit unions.

By offering Parachute to your members, you can support your customers who are struggling with high-interest loans. We’ll consolidate their high-interest debt and help them build better money habits while they pay it off.

Your members get access to Parachute’s financial well-being program, which can alleviate monthly expenses from predatory lending FI’s, provide goal-based rewards   and create lasting positive behaviour change through our white labeled platform at no additional risk to your credit union.

Learn more about the Partner Program here, or contact us directly to get started.

Bruce Hodges
Bruce, Founder and CEO of Parachute, worked for several of Canada’s top Banks, published research for the Canadian Bankers Association, and taught E-commerce Strategy in Wilfrid Laurier University’s MBA program. His first start-up built credit solutions for the likes of National Bank, Fair Isaac, and Ford Credit globally. Prior to starting Parachute, Bruce was COO of Foresters Financial, and EVP Transformation at CIBC, one of Canada’s top 5 banks. Bruce founded Parachute to disrupt the financial wellness space taking on payday, and high interest predatory lenders, with the intent to bring at risk Canadians back from the brink to good financial health.
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