COVID-19 impact report identifies financial assistance trends

SpringFour

As credit unions continue to pursue the “people helping people” philosophy and assist those adversely impacted by the economic crisis caused by the COVID-19 pandemic, SpringFour, a strategic partner of the New York Credit Union Association, has issued a COVID-19 impact report that identifies trends in referrals for financial assistance since the beginning of the pandemic.

The report, “Back to Basics: Providing Resources to Struggling Families,” provides some key statistics, including:

  • requests for resources rose fourfold in comparing second quarter 2020 results to second quarter 2019 results;
  • resources related to COVID-19 specific relief in food/basic needs, financial assistance and health care accounted for nearly half of all referrals;
  • the greatest needs were related to food, financial assistance, employment services, utilities and health care, with rental resources also a growing concern and need; and
  • states that saw the highest demand for financial resources during the measured pandemic period were California, Florida and Texas.

All Association-member credit unions have complimentary access to SpringFour, which provides consumers with referrals to local programs and resources to help them improve cash flow and address the root causes of their financial challenges. The organization offers resources to individuals who are out of work or under-employed, in need of lower utility or food costs and more.

More information about SpringFour is available on its website.

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