What does wellness have to do with credit union membership?
Canvas Credit Union finds groundbreaking correlation between membership and well-being.
LONE TREE, CO (November 13, 2020) — Canvas Credit Union’s mission is to help members afford life. The credit union encourages their members to leave the banking to Canvas, so they can ‘go live’, and focus on their well-being. Because of Canvas’ investment in their members’ well-being, they had an inkling that their members might be more well than the average Coloradan. Canvas partnered with Filene Research Institute to use data to quantify the current state of well-being in Colorado and their membership.
After months of surveying and research, Canvas received the results: There is a strong direct correlation between Canvas membership and the three dimensions of well-being: financial, health, and social. In each dimension, Canvas members experienced stronger wellness outcomes in comparison to non-members. Not only that, the engagement and longevity of Canvas Credit Union membership further enhanced participants’ well-being.
Working alongside Filene, the research encompassed all three well-being dimensions. The survey was distributed electronically to members and non-members throughout Colorado and uncovered many exciting results such as:
- Well-being is stronger for Canvas members. Canvas members experience a higher level of well-being than non-members in the same geographical areas.
- Having accessible savings and rainy-day funds makes a big difference in financial well-being. The importance of savings, access to credit, and other safety nets help people feel financially secure, which is one of the basic elements of financial well-being.
- Financial behaviors & know-how (confidence and goal follow-through) connect to well-being. These connections include confidence in one’s ability to follow through on financial goals, having a regular habit of saving money, paying bills on-time, and knowing where to find financial advice when they need it.
- Mental health is strongly correlated to well-being. Addressing the connection between mental health and financial wellness can go a long way in helping members cope with their financial challenges.
- Health and financial well-being have strong correlations. The correlations between health and financial well-being strongly go hand-in-hand. Canvas’ membership as a whole performs better in both dimensions when compared to other respondents in the same geographical area.
“At Canvas we are known for our people and our heart, and we are committed to doing right by our members by providing them the resources they need to help them afford life.” Shared Tansley Stearns, Chief People and Strategy Officer at Canvas Credit Union. “While one wouldn’t think your choice of financial institution could have such an impact on well-being, we celebrate this newfound discovery that engagement and longevity in a Canvas Credit Union membership further enhances their well-being. Executing this survey with Filene, we have gained insights on how we can continue to stand shoulder-to-shoulder with our members through the joys and the sorrows, to ensure their social, financial, and health needs are supported so they can do what matters most and Go Live.”
With the unique challenges 2020 has presented, maintaining high levels of well-being has been more crucial than ever. As Canvas leads with heart for their members and the communities they serve, they will leverage the results of this study as a means to communicate their dedication to their members, even outside of their financial journeys. Through the peaks and valleys Canvas’ members may face, they can be certain that Canvas is an ally with open ears, open hearts and helping hands.
Future iterations of this study will follow members’ financial journeys and continue to offer insights into the strong correlation between wellness and one’s choice of financial institution. For Canvas, this is just the start as they intend to foster even more wellness for their members, employees, and communities.
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About Canvas Credit Union (canvas.org)
Canvas Credit Union is a safe and insured financial institution with over $3 billion in assets and over 260,000 members. Canvas provides a full array of financial products and services, including savings, checking, loans, mortgages, and online and mobile options. Serving Colorado communities for more than 82 years, Canvas currently has 29 branches.
Chief People & Strategy Officer
Canvas Credit Union
Canvas Credit Union
9990 Park Meadows Drive
Lone Tree, CO 80124
United States of America