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New Financial Health Pulse Data Shows Millions of Americans Still Financially Struggling Amid Ongoing Pandemic
Food insecurity and fear of eviction pervasive among those hardest hit financially by pandemic with many borrowing money or cutting back on healthcare visits and medication
Heidi Johnson Helps Older, Low-Income People Manage Their Money
So many research studies about Americans’ personal finances focus on affluent adults and their retirement savings. But Heidi Johnson, director of behavioral economics for the nonprofit Financial Health Network, has put a spotlight on the money challenges of low- and moderate-income people 50 and older. More specifically: how financial institutions and personal finance apps often […]
Dear Bankers: Don’t Return to Your Old, Shareholder-First Ways
Millions of Americans have already received their economic relief payment from the government, and millions more will be receiving it in the coming weeks, in an effort to stave off severe financial woes amid the coronavirus pandemic. Read the Article >>
Checks Won’t Cut It: Getting COVID-19 Relief To The Most Vulnerable
In all likelihood, the federal government will be sending out tens of millions of paper checks in the coming weeks and months to those who qualify for aid under the Coronavirus Aid, Relief, and Economic Security Act. Read the Article >>
An Open Letter To Amazon: You, Too, Can be a Financial Health Company
“Just like your summer reading recommendations, you could offer financial tips for preparing for summer vacation expenses, getting ready for back to school needs in the fall, and tax-time tips in the winter.” Read Jennifer Tescher’s open letter to Amazon. Read the article >>
Fintech and the Search for Full Stack Financial Inclusion
We’re encouraged by Federal Reserve Governor Lael Brainard’s commitment to financial health. During her remarks at FinTech, Financial Inclusion – and the Potential to Transform Financial Services, a conference hosted by the Federal Reserve Bank of Boston and the Aspen Institute, she said, “This April, the Center for Financial Services Innovation announced the launch of a […]
What Trump doesn’t understand about the poor
By and large, Americans can find jobs today. But too often those jobs have wild swings in pay. A mechanic, for example, might earn $3,500 one month and then drop to around $1,000 the next, when customers don’t materialize. The working poor and, increasingly, the middle class are in a state of “persistent anxiety” about […]
Fintech Apps Bring Stability to Stressed Families
“In the U.S. we don’t really have an access-to-banking problem,” says Jennifer Tescher, president of the Center for Financial Services Innovation, a nonprofit that aims to help the industry better serve low- and moderate-income consumers. After all, 93% of U.S. households have bank accounts, according to the latest Federal Deposit Insurance Corp. data. “The bigger […]
American Banker: Don’t Blame Prepaid for the RushCard Glitches
Millions of Americans rely on prepaid debit cards for daily financial management. In light of the recent RushCard glitches and problems created for customers, Jennifer Tescher and John Thompson encourage readers to not blame the prepaid industry. It is an industry that has made significant strides to help consumers manage their financial lives. Instead, let’s […]
Press Release: Financial Solutions Lab Announces Winners of $3 Million Cash Flow Management Competition
Center for Financial Services Innovation and JPMorgan Chase today commit capital and technical assistance to nine innovative fintech organizations solving cash flow management challenge CHICAGO, June 11, 2015 — Today the Financial Solutions Lab (“FinLab”) announced nine financial technology innovators as the winners of its $3 million, inaugural competition aimed at identifying solutions that help […]