At MDC we have been taking a look at the complex, somewhat elusive topic of retirement readiness. We want to better equip our credit union owners with the tools and resources necessary to provide members with all that they need during this critical time in their lives. Retirement has been a hot topic on the minds of financial institutions for a long time now. Yet, most Americans still aren’t financially prepared when the time comes for this major step in life. Bloomberg Businessweek indicates that the most significant source of stress in Americans’ lives is saving for retirement.
Even more staggering—1 in 3 Americans have $0.00 saved for retirement!
We know credit unions truly care about the well-being of members. To you, credit union members are not just another number—they are a human being with feelings and emotions who can be heavily impacted by the financial offerings you provide. You want to provide superior experiences, and we are here to help. That is why we kicked off a recent initiative focused on retirement readiness, and we started by looking at what’s out there already.
Background and Current State
Our Retirement Readiness Project was a direct result of MDC’s 2017 Innovation Council. This creative group of owners gathers twice a year to ideate, brainstorm, and propose potential future MDC projects for our network. Not surprisingly, the topic of retirement received overwhelming support from our owners and henceforth a project began.
Our initial project goal was to identify current industry options and offerings available on the topic of retirement and narrow them down to one or a select few recommended solution(s) for our owners to provide for their members. However, our direction quickly changed as we realized that the market is already heavily saturated in this area. There are resources from retirement calculators, to quizzes, and more—but why then are so many Americans still dramatically under-prepared for retirement?
So… we took a step back and looked at retirement readiness as a whole. Instead of complicating the topic further, we want to make the topic more digestible for our credit union owners: How do you sort through the mess? Which tools and resources stand out in a chaotic market space? What are your credit union members actually looking for from a retirement readiness solution or offering? What are the barriers that get in the way of members actually using these readily available tools? These are some of the critical questions we are addressing.
Today and Moving Forward
That brings us to today—what are we going to do about all of this? We are interested in kicking off a research study with members from one or more of our owner credit unions. This will allow us to examine this issue more closely in a way where the results will be tailored to you and your members and the takeaways will be directly actionable! Some of the questions you may consider are:
From these research studies we will be able to share our learnings with our entire MDC credit union network and collaborate to make the necessary changes needed when it comes to retirement! We want to elevate your credit union to the next level with member experience offerings and services.
Interested in participating in this project or simply want to learn more? Contact Kent Zimmer with your enthusiasm today!