Exploring Member Well-Being – Insights from the Research Fellow Selection Process

As we prepared to launch Filene’s new Member Well-Being Center of Excellence, we had the privilege of speaking with leading researchers in financial health and overall well-being. Over three months, fellow candidates considered several areas that Filene had identified as critical to credit unions, including evidence-based financial well-being practices and solutions, sustainable products and partnerships for overall well-being, and well-being-driven practices and programs for employees. The candidates shared their past and planned research and how their work could drive meaningful change for credit unions. Here are some of the insights that we gained from the top researchers in the field.

Supporting financial health means supporting the whole person and their place in community.

It’s closely connected to physical health, emotional stability, and relationships, and these connections go both ways. For example, people facing financial insecurity may avoid medical care because they lack savings or insurance. Chronic financial stress has been linked to health issues like inflammation and metabolic dysfunction, and money problems can strain relationships and mental health. At the same time, poor physical or emotional health can make it harder to earn income, manage daily expenses, or plan for the future. Credit unions can help break this cycle by offering support services such as counseling, educational resources, and evidence-based interventions that promote stability across all areas of life.

In addition to these dimensions, some researchers are taking a broader view of well-being by using what is called the Citizenship Approach. This framework focuses on five key elements:

• Rights
• Relationships
• Responsibilities
• Resources
• Roles

All of which are essential for fostering a sense of belonging and social inclusion. From this perspective, well-being is not just about financial security, but also about having the ability to fully participate in society. Credit unions are uniquely positioned to support this inclusive vision by designing services that help members feel seen, supported, and empowered. In contrast with bank customers, credit union members are not just seen as account holders, but as full participants in their communities. Building on existing momentum, credit unions can deepen their community presence by using their spaces and financial resources in partnership with local schools, governments, and organizations to create “third spaces” that bring people together. These efforts can reduce isolation, build trust, and strengthen the social fabric that supports members’ financial and personal well-being.

Psychological ownership of money, or the feeling that money truly belongs to a member, can influence how members spend, save, or borrow.

A growing body of research shows that the language used to describe financial products plays a powerful role in shaping behavior which can bring major implications for credit unions committed to member well-being. For example, members are more likely to borrow from a “line of credit” than a “loan” because it feels like their own money. Similarly, framing a savings account as an “investment” can reduce the temptation to withdraw funds prematurely. These insights highlight an opportunity for credit unions to rethink how they label and present financial tools. By auditing and optimizing product language, credit unions can nudge members toward healthier financial habits, from increasing savings to making more thoughtful use of credit. Even small shifts in wording like saying “claim your money” instead of “apply for benefits” can make essential resources feel more accessible, especially for underserved communities. Further research can explore how credit unions can harness these behavioral insights to design more inclusive, empowering financial experiences.

Designing financial products and services for well-being requires a human-centered approach: starting with people's lived experiences, not just their numbers.

Perceptions of financial security vary widely from person to person. That’s why members’ financial well-being can’t be measured solely through income, assets, or credit scores; it must be understood in relation to their goals, values, and sense of control. Credit unions have an opportunity to design by aligning products and services with real-life needs and behaviors. This includes segmenting members based on financial goals, like debt reduction, education savings, or wealth building, and using opt-in surveys or behavioral data to tailor communication, education, and offers. Even small design choices matter: how and when members see their account balances can influence stress levels and spending behaviors. Grounding product design in member narratives, through advisory boards or listening sessions, ensures that offerings reflect real contexts.

A good example of a human-centered approach to well-being services is just-in-time interventions, like support with the Free Application for Federal Student Aid (FAFSA) during tax season. These services have been shown to improve access and life outcomes by helping members navigate the administrative burden of complex systems. These systems often undermine financial access through opaque requirements and emotional strain, especially in nontraditional or vulnerable households. As trusted, community-rooted institutions, credit unions are uniquely positioned to act as navigators, bringing members the tools, resources, and guidance they need.

Looking ahead, advancing member well-being will require credit unions to embrace research-informed, member-centered strategies. This means applying what we already know, exploring what works for whom and when, and testing new solutions through innovation spaces like a solutions lab. By segmenting members not just by financial status but also by motivation, for example those progressing, those struggling but motivated, and those stable but disengaged, credit unions can design more responsive and equitable products. Continuous feedback loops between members and institutions will be key to refining these offerings, ensuring they are not only effective but also inclusive, empowering, and grounded in lived experience.

It’s not just about member well-being. Credit unions have an opportunity to enhance staff well-being by investing in their financial confidence and equipping them with tools to support members more effectively.

Credit unions can foster this confidence through targeted financial wellness benefits such as financial counseling, emergency savings programs, and peer learning opportunities. Adopting a triage model further empowers staff to guide members confidently without overwhelming them with technical details. Widely used in medical emergency care, the goal of the triage model is to deliver effective, prioritized support while optimizing resources and timing. For credit unions, it could enable employees to recognize financial challenges and direct members to appropriate next steps without needing to be certified financial counselors. This approach prioritizes empathetic and effective service rooted in understanding member needs.

In addition, participation in programs like the Financial Counseling Certification Program (FiCEP) from America’s Credit Unions can also reinforce employees’ financial knowledge and personal confidence. These programs not only build professional capacity but also enhance employee well-being, fostering a resilient, member-focused workforce. Future research could explore to what degree credit union staff are participating in the FiCEP program and how participation strengthens financial ownership and staff confidence in member support.

Design for the marginalized, and you lift the whole system.

It’s often thought that solutions developed for “edge cases,” or people who do not represent the majority, will only support that minority of individuals. However, the “curb-cut effect” and the idea of universal design have shown us the opposite: products built for those facing barriers often end up helping everyone. Curb cuts were originally put in place for people with disabilities, often those using wheelchairs, but are now counted on by many groups, such as people on bikes or with strollers. This concept applies more broadly to how we design products, services, and experiences within financial services. When credit unions design mindful of members who’ve experienced housing instability, mental illness, addiction, or incarceration, they’re not just being inclusive, they’re being smart. These same tools serve members navigating job loss, illness, and caregiving.

Being able to extend learnings from marginalized communities to the broader population doesn’t remove the specific needs of the marginalized groups, or the important role that credit unions can play in supporting these members of society. Within the space of financial well-being and overall well-being, there is unique work that credit unions are already doing and can continue to expand to provide resources for their entire communities. For example, credit unions can train frontline staff in trauma-informed service and remove unnecessary barriers like rigid ID policies. These types of changes are how we build a credit union system that works better for all.