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Wright-Patt CU challenges members to be fiscally and physically healthier
Five families are competing to claim a $10,000 grand prize by achieving goals for financial and physical wellness in Wright-Patt Credit Union’s avings Race 6.The dual focus of this year’s competition underscores the Fairborn, Ohio, credit union’s mission “to meet all of our members’ needs” and the strong connection between financial and physical fitness, says Tracy A. Fors, VP/marketing and business development.
“Health problems can have a spiraling effect on both physical well-being and personal finances,” Fors notes. “The No. 1 cause of bankruptcy is unexpected illness or injury.”
Since launching the Savings Race in 2008, $2.6 billion, 260,000-member Wright-Patt CU has sponsored several “special editions,” including a focus one year on saving to buy a home and another on saving for college, in which local colleges and universities developed a financial curriculum for participating families and each student had the support of a “mentor college.”
In the first five years, Savings Race participants improved their household finances more than $670,000 collectively in saving and debt reduction and increased their credit scores an average 48 points over their eight months in the program. “The cash prize may motivate them to apply, but it’s amazing to see these families come together to accomplish big goals,” Fors says. “At the ‘big reveal’ press conference at the end of the race, you can see their confidence and how united they are in achieving a joint purpose.”
This year’s participants are working with a financial coach and a health coach and consult with physicians, dieticians, and other health advisors supplied by Saving Race co-sponsors, including a local health network, children’s hospital, and insurance provider.
Miami Valley residents can follow the progress of participating families toward their goals on the Savings Race microsite and in twice-weekly updates on a local TV news show, which shines the spotlight both on the educational goals of the competition and on its sponsoring credit union. In a recent third-party phone survey, half the respondents said they were familiar with the Savings Race.
“This Health and Financial Fitness Edition really is an extension of our brand of taking member relationships to the next step,” Fors says.
Karen Bankston is a long-time contributor to Credit Union Management and writes about credit unions, membership growth, marketing, operations and technology. She is the proprietor of Precision Prose, Stoughton, Wis.
