Graduates of Career and Technical Education (CTE) institutions are especially vulnerable, as they are thought to be more likely to work in the gig economy opens in a new window, and lack access to financial products that Americans typically get through the workplace. As a result, alumni of CTE schools – such as design schools, community colleges, and technical schools – often must purchase benefits on their own or get limited benefits through a spouse or parent.
Alumni associations, professional associations, unions, and other affinity groups can help improve the financial wellness of independent and small business workers by providing access to financial wellness programs. These organizations can provide members with institutional pricing or discounts on many products and services. Associations that choose to offer a financial wellness program can fill a critical void in the lives of their members while simultaneously deepening relationships with them.