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.
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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"