Based on its own research, Patelco Credit Union ($5.1B, Pleasanton, CA) found that Americans are not planning ahead and are making poor financial decisions.
According to Melissa Morgan, senior vice president and chief retail officer:
40% of Americans are living paycheck to paycheck
24% have less than $250 in their bank account
The millennial savings rate is -2%
Personal savings rates have dropped post recession
"We've all seen the sobering statistics in terms of how fragile so many American families are," Morgan says.
To help meet that need, the credit union created products to help members meet short-, medium-, and long-term goals. Watch the video above to learn more.
This video appeared originally as a part of Callahan's "Trendwatch 1Q 2016" webinar.
Read more about the event in "3 Takeaways From Trendwatch 1Q 2016"