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People Helping People Financial Coach Program
August 5, 2019
It was middle school, I had just gotten home from school and was popping a pizza in the oven when I heard a knock at the door. I opened the door and to my surprise it was a sheriff with a foreclosure notice. We were about to lose our home.
This was my 1st money memory.
This money memory is why I check and sometimes double check our automatic payments for bills and why I insist on managing our bill payments. I am anal about paying things early, on-time or paying them off as soon as possible. This middle school experience impacted my emotional relationship with money – ever heard of behavioral economics? These experiences, for better or worse shape our financial behavior. As a credit union industry this is where financial coaches can make a world of a difference.
When we consider how these money memories impact us, it is also important to consider the impact that financial well-being has not just on the size of our 401 portfolios but our mental, social and physical wellbeing. For example, did you know that:
1. Money issues are one of the leading reasons couples divorce
2. Financial concerns are harming our mental and physical health
3. Financial worries impact workplace productivity
What makes this all even worse is that the 47% of Iowans do not have enough savings to cover a $400 emergency. Wow, this all sounds depressing right?! This is where credit unions have an incredible opportunity to serve members beyond just a loan or product that a member might need, but in helping to “coach” toward financial well-being.
The Iowa Credit Union Foundation is excited to offer a new program exclusive to Iowa credit unions. Our People Helping People Financial Coach program will equip credit union employees for coaching conversations with members to help them achieve financial well-being.
This is designed to help connect the dots for greater opportunity in serving members. In the words of one of my favorite credit union champions, Andrea Dose, Member Services Director with the Iowa Credit Union League, a “NO” on a loan or product due to poor credit etc., should never really be a no, it might be a not now,” meaning a NO on a loan is a great opportunity for additional coaching and conversation to help a member achieve a financial goal.
The People Helping People Financial Coach Program will be facilitated in partnership with Adam Carroll, founder and CEO of National Financial Educators. Contact Jaimie for more information about this program or visit the Iowa Credit Union Foundation Events Page to register.
Jaimie Miller previously served as the Executive Director of the Iowa Credit Union Foundation from 1/2014-1/2022 where she worked to empower people and communities to achieve financial well-being by championing the credit union philosophy of people helping people. Jaimie has spent the last 10 years working in the political and nonprofit arenas. Jaimie is a graduate of the University of Northern Iowa where she received her BA in Political Science and Public Policy and Drake University where she completed her Masters of Public Administration. Jaimie is a 2014 graduate of the Greater Des Moines Leadership Institute CLP Program, was recognized in 2015 by the Business Record as a top Forty under 40 in Iowa and was a 2016/2017 finalist for the Des Moines YP of the Year award. In her time away from work Jaimie enjoys spending time with her family and volunteering in the community.