Credit Unions Extend a Helping Hand to Older Adults

An informative article in the Washington Post calls attention to older adults who live on their own. In such circumstances, have nonfamily members become a suitable substitute to offer care and support?

Titled, “For Seniors Living Along, Local Connections Are Key,” the article sets out by claiming how American society rests on an assumption that families take care of their own. Yet in 2015 (the most recent year for which reliable estimates are available), it states that some 15 million Americans, 50 years of age and older, mostly lived alone. The article goes on to say that the number is expected to swell to 21 million by the year 2060.

The reasons are many. We are told that millions of seniors living alone also happen to find themselves in locations not geographically close to their adult children or other family members. They may also have difficult and strained relationships with family members that keep them from asking for support. “These older adults must seek assistance from other quarters when they need it. Often, they turn to neighbors, friends, church members or community groups — or paid help if they can afford it.” The article continues by noting that most often these older adults go without, “leaving them vulnerable to isolation, depression and deteriorating health.”

Now, imagine yourself in the latter years of your life, living all alone. Who would advocate for you in a health-related emergency? Who would shovel the snow, purchase your groceries, do the cooking, take out the trash, and pay the bills?

Thus, the case is made that many older adults living alone and who manage well under those circumstances, have come to rely on their social network of friends and neighbors. This prompts me to ask, would your credit union be part of that social network? I say, there’s no reason why it couldn’t be!

If the credit union mantra of “People Helping People” accurately describes why credit unions do what they do, then should we not be considering innovative ways to connect and strengthen ties with our older adult members who are living alone, members who have shown a remarkable loyalty to the credit union year after year?

We already make time to educate and guide them on ways to stay safe from financial scams and fraud. Why stop there? Our philosophy has always focused on offering a comprehensive approach to service, raising the quality of life within the community. The more the community thrives, the more successful we become.

Think of it this way. A credit union’s reputation – its brand – is influenced and shaped by a myriad of touchpoints, far beyond the financial transactions that are conducted in the branch each day. These touchpoints are what distinguishes credit unions from a for-profit financial institution. These distinguish credit unions in the marketplace as financial cooperatives. These make us special and different. So, it’s to our advantage to engage members all throughout their life cycle, including their golden years. Think of the value it would offer. Think of the influence it could exert on the ways credit unions attract and sustain members.

While I may not have the specific answer as to how exactly a credit union might extend a helping hand as an active participant in an older adult’s social network, I can confidently say, however, that there exists opportunities for growth, success and visibility in the marketplace for any shop willing to explore ways to partner with others in the community in pursuit of this agenda. Simply knowing that I can count on my credit union extending a helping hand as part of my social network of friends and neighbors when I grow old and possibly living alone, would certainly be both comforting and reassuring to me, both then—and now—as I’m sure it would be to you, as well.