If you make a good salary and feel comfortable with your job security, then you’re very much in the minority in America. For most, the American dream is just that: a dream. The fact is that nearly 4 in 5 people are living paycheck to paycheck right now.
The Coronavirus pandemic has officially settled in, but credit unions can expect to deal with the fallout for months. This leads to many questions rolling in on how to keep the wheels turning in your institution.
But there are more questions than answers. How do you know when it’s time to close one of your branches? How can employees work remotely? How do you set up large meetings remotely? What do you do if an employee tests positive for COVID-19?
As the spread of the coronavirus grows ever more rapid, an increasing number of companies are enforcing a “work from home” policy. Credit unions are moving to this model as well. However, remote work brings with it new complications.
Good investments pay for themselves over time. Ultimately, the goal is that investments add value. Yet some aspects of banking and banking technology present very low or negative returns on investment (ROI). When such is the case, it’s important to see how to maximize that financial return.
A surprising percentage of the U.S. population needs short-term credit. Yearly, more than ten million households use these small dollar loans (usually “payday loans” or Payday Loan Alternatives (PALs)). These loans may be critically important financial health services for struggling members.
Most people use them to manage recurring costs. About a sixth of borrowers use them for unexpected or emergency expenses. And it’s not just low-income earners who feel on the back foot in this economy. Almost 70% of Americans have less than $1,000 in savings, and an increasing number of middle- and high-income earners are living paycheck to paycheck.