#3103: How the 'Start at Home' Project Prompted Positive Saving Behaviors with CU Employees...

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Michelle Bonner, the Foundation’s Senior Manager for Financial Inclusion and Impact, and Mike Jones, Director of Member Research and Analytics at Educational Employees Credit Union, joined us to share their insights on the Foundation's “Start at Home” grant project, which is a two-year grant project that explored positive saving behaviors with credit union employees.

Michelle shared how leaders from Alabama Credit Union, Credit Human, Educational Employees Credit Union and research partners at Duke University’s Common Cents Lab and the University of Southern California conducted the grant program.

She talks about key data and insights from the 20-month study conducted by the Foundation, that shows statistically significant improvements can be made to employees’ savings behaviors and subjective financial well-being through interventions as simple as a prompting email.

Mike added his insights from the credit union perspective, sharing their experience and resulting benefits from this project -- and why his credit union participated.

Michelle provided a couple if key findings:

• allocating a fixed percentage of income to savings can have a positive effect on an individual’s subjective financial health
• one participating credit union saw a 20% positive increase in their employees’ response to savings-specific metrics

Both Mike and Michelle talked about goals they were looking to achieve, as well as advice to other credit unions looking at doing something similar.

Check it out and let us know your thoughts. And be sure to watch the entire episode with Michelle and Mike below for all the details.