Find out your financial wellness score by using this free tool from Altra Federal Credit Union
Dealing with financial stress can be difficult, especially in today’s ever-changing economy. Altra Federal Credit Union recognizes that, which is why they are investing in tools and educational resources designed to help their employees and members improve their financial well-being.
Altra has partnered with the nonprofit Financial Health Network and their platform, Attune, to put out a two-minute Best Life Financial Wellness Quiz, in which members and non-members can learn their wellness score and receive tips on how to make changes for improvement.
The credit union, now with two locations in Rochester, also has plans to put on a series of educational sessions to help members take better control of their financial health.
Lori Horstman, VP of Member Experience at Altra, says the initiatives are part of a broader effort under way at Altra to put its members on a path toward financial well-being.
“We have the resources to help our members learn how financially well they are and provide guidance based on a member’s individual situation,” says Horstman.
Taking the survey
The Best Life Financial Wellness Quiz gauges how comfortable respondents are in four areas: Spending, Saving, Borrowing, and Planning.
From there, the software is able to generate a financial wellness score from 0-100. The score is confidential, and is designed to direct respondents to the appropriate resources.
Lori Horstman
“Depending where you fall, it will provide you with different opportunities in areas where you really need to focus on,” explains Horstman.
Before launching it to the public, Altra piloted the program with its own employees.
Now, as they open it up to the community, Horstman says she hopes the quiz can help people make more informed decisions when it comes to their finances.
In the event members need additional guidance, Altra is also investing in its employees to become certified through a financial counselor program.
“We have people on staff who are ready to have those important conversations,” says Horstman.
Tips for financial well-being
Through a consultation, Altra specialists are able to explore what approach makes the most sense for each individual member’s situation. In some cases, that could mean consolidating debt, cutting back on expenses, or starting a savings account.
Among the most common bits of advice Altra gives out, Horstman says, is to put together a budget. It may sound simple, but it can help people develop good habits over time. (Altra has planning tools available online. Specialists are also available to provide assistance.)
Horstman also recommends starting a savings early. She points to the need for having money put away for future down payments on things like vehicles and homes.
“Even if it’s 10 bucks a paycheck, at least that’s something to build off of,” she says.
When it comes to debt, Horstman says it is absolutely essential to establish credit. Still, she says, it’s OK to take baby steps — perhaps starting with one credit card. By paying off the full balance each month — not the minimum — a person can build credit without sinking into a hole.
“In today’s society,” she explains, “you almost have to have some sort of credit in order to be able to borrow anything.”
