A socially responsible financial institution – The bumpy road to improving consumer well-being

Piotr Bialowolski, Dorota Weziak-Bialowolska and Eileen McNeely

Evaluation and Program Planning, 2021, vol. 86, issue C

Abstract: There is a strong belief that in addition to making a profit, companies should act for the benefit of the society. This research has evaluated a novel cooperation model between a non-profit financial institution and a community service provider (a local YMCA) with the overarching aim of advancing customers’ well-being. By offering a financial incentive (a savings account with higher interest payouts, contingent on account holders’ increased participation in YMCA activities), the financial institution and the YMCA partnered to improve consumers’ financial standing, positive health behaviors, and overall well-being. The collaboration exemplified a business engagement in the community that goes beyond philanthropy.

Keywords: Financial condition; Financially incentivized wellness program; Positive health behaviors; Saving behaviors; Well-being (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:epplan:v:86:y:2021:i:c:s0149718921000033

DOI: 10.1016/j.evalprogplan.2021.101908

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