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Help Your Members Keep Their Financial New Year’s Resolutions

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By Ashley LaBombard, Marketing Associate, Sharetec
December 13, 2023

It’s the new year, and we all hope to keep resolutions for 2024. Whether it be joining a gym, spending more time with family, or advancing in your career, resolutions are generally difficult to keep. Many of us make some fiscal resolution each year, but how can we achieve our financial wellness goals with inflation and growing economic hardship? Here are some ways you can help your members keep their financial New Year’s resolutions this year.

Promote Your Investment Products

  • Traditional/Roth IRAs: You likely already have plans to market your IRA products at some point in 2024 but make sure you incorporate common financial wellness goals into your campaign. Highlight the savings and long-term benefits of these accounts. Even write up a blog article and be sure to include a link to your IRA page on your website.
  • Certificate of Deposit (CD): As with IRAs, be sure to let your members know how opening a CD can help them reach their fiscal goals. With funds being locked away for a specific period, members will be able to save money more easily and be less tempted to spend it.
  • Money Market Account: Although a minimum deposit is required, your members will earn higher interest rates by keeping money in a money market account. They will also have easier access to the money if they need it. When your goal is to save more and earn more on your savings, this account is the way to go.

Encourage Extra Savings

  • Automatic Transfers: Members should be encouraged to sign up for automatic transfers from their checking to their savings accounts. Remind members of this service via email, in your quarterly newsletter, or even via social media.
  • Holiday Club Accounts: If one of your financial New Year’s resolutions is to save more money for the holidays this year, then a holiday club account is the obvious choice. The money is secured away for a specific timeframe (usually until October) so you can’t spend it until closer to the holidays.
  • Youth Savings Accounts: Kids have financial goals, too! Members can help their children reach their long-term and short-term financial goals by opening a youth savings account. It’s a great way to teach youth the importance of saving and responsible spending.

Support Financial Wellness Goals

  • Blog/Social Media Posts: Be sure to schedule blog articles and social media posts with financial tips throughout the year.
  • Webinars/Podcasts: Take time to teach your members about your products and services. Webinars and podcasts make it easier to reach a broader audience. This is also a great way to reach future members.
  • In-Person Events: As a credit union, you likely already implement financial literacy events in your community. If you don’t, make that one of your financial New Year's resolutions. Consider putting on events at area schools, teaching fourth graders how to save money and earn an allowance, and showing seniors how to budget for the adult world.

Keep Your Members Informed

  • Communicate Special Promotions: Of course, you will advertise your special promotions via your regular outlets, but this year, try incorporating information on how the promotion can help your members reach their financial wellness goals. “Get a better auto loan rate and save money on your car payment this year!”; “Take advantage of our CD special and earn the highest interest rate of the year!”
  • Changes to Accounts/Services: If one of your services changes and could impact your members’ financial health, you must let them know. Even if it’s just a small service fee for continuing to get paper statements, make sure you use every outlet possible to inform your membership.
  • Financial/Economic News: Rate changes and projections may appear on the national news, but that doesn’t mean you shouldn’t share them, too. Your announcement could be the first place someone hears news about the economy. Some people don’t follow mainstream news outlets or will miss certain stories because so many other advertisements are happening simultaneously. Not only will sharing news help your membership stick to their financial wellness goals, but it will also show that you as a credit union care and want to help them succeed.

Implement Financial Wellness Tools

As a Sharetec partner, you have access to various financial wellness tools that can help your members stick to their financial New Year’s resolutions.

By strategically promoting your products and services, educating members via blogs and social media, and implementing Sharetec’s integrations, you can help your membership reach their long and short-term financial goals, as well as help them keep their financial New Year’s resolutions. Connect with us and request a demo to explore Sharetec’s financial wellness tools and integrations.

About Sharetec

Sharetec is a cutting-edge technology company providing the latest in core processing software. Sharetec’s robust, yet easy-to-use, web-based core includes everything needed to run credit union operations and create an effective digital experience for members.