FinHealth Spend Research 2021
The FinHealth Spend Research estimates what U.S. households pay in interest and fees for common financial services every year. The majority of U.S. households were struggling financially before COVID-19, and the pandemic added pressures that affected access to everyday financial products. This report analyzes how the hundreds of billions Americans spent on interest and fees in 2020 varied by race, income, and other demographic factors, with specific insights into the increased burdens borne by financially struggling consumers.
H.M. Queen Máxima of the Netherlands: Building a Financially Inclusive World
Her Majesty Queen Máxima of the Netherlands’ passion for financial inclusion began as a child in Argentina, navigating the impacts of hyperinflation on families and desire to act. In her role as the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA), she champions access to affordable and safe financial services for communities around the world, especially underserved groups. Through close collaboration with public and private sector partners, her work has driven real progress for financial health. In this episode of EMERGE Everywhere, learn more about Queen Máxima’s experiences, accomplishments, and vision for the future of financial inclusion and financial health.
Pulse Points Fall 2021: How Families Are Using Child Tax Credits
New Pulse transactional data suggests that child tax credit payments have had a positive financial impact on recipients, particularly those who experienced hardship in the past.
Managing the Initial Financial Shock
Justice-involved individuals and their families face a number of expenses that can create financial strains immediately after arrest, including posting bail and hiring legal representation.
EFH Toolkit: Connect with Peers
Learn how the Financial Health Network can help your organization build an effective program to improve employee financial health.
The Cost of Financial Services for Struggling Households
FinHealth Spend Report 2021 co-author Meghan Greene goes beyond the numbers to shed light on the products that are driving spending and examines the meaningful disparities that impact the lives of millions in this member-exclusive video.
Member Content Sharing
Highlight your expertise by sharing insights, research, and materials to be accessed by other Members of our Financial Health Network.
2020 Financial Health Leaders
The Financial Health Leaders program recognizes Members that are at the forefront of financial health measurement. Leaders are Members that have committed to measuring the financial health of their customers, employees, and/or clients.
Fintech Innovation Leader Joins the Financial Health Network
Hannah brings a passion for financial health and knowledge of startups, nonprofits, financial services, and the fintech ecosystem at large. She will be responsible for the strategic direction of our Innovation practice, including the Financial Solutions Lab.
Risky Business: Pandemic Underscores How Strong Personal Financial Health Can Build Small Business Resilience
It’s critical that small businesses — especially those in underserved communities — get support from government and philanthropies to rebuild, and that owners also receive personal financial health support so they can build resilience over time and weather future financial shocks.
Financial Health Can Be So… Retro
Some of the most popular financial health tools introduced by fintechs actually replicate and automate habits and “life hacks” that many households used successfully before the era of electronic banking and payments. These digital “retronovations” bode well for banks and credit unions seeking to offer services that help their customers while also bringing subscription revenues that lessen institutions’ dependence on penalty fees.
Motivating Change: Behavioral Economics and Financial Health
By Heidi Johnson Director, Financial Health Network Director Heidi Johnson joined the Financial Health Network team in 2019 to lead our work applying behavioral insights to the design and delivery of financial health products. She comes to our organization from the Consumer Financial Protection Bureau, where she led a behavioral research program and contributed to…
New Pulse Data: Those Who Need COVID-19 Stimulus Most Are the Last to Get It
By David Silberman, Senior Advisor, Financial Health Network The COVID-19 pandemic has caused widespread economic dislocation. Tens of millions of Americans have lost their jobs, at least temporarily, and millions more have seen their hours drastically cut. Those job and wage losses have fallen disproportionately on low-wage workers, especially blacks and Latinos, who are concentrated…
Income, Age, Race, and Gender Are Key Factors as New Data Shows 1 in 3 Americans Earning Less During COVID-19
In this new data from the 2020 U.S. Financial Health Pulse, a nationally representative online survey fielded from April 20 to May 7, learn how vulnerable groups are struggling in the wake of the pandemic.
U.S. Financial Health Pulse Fact Sheet: COVID-19
Looking at existing data on financial health pre-crisis can help us size up its potential downstream effects.
U.S. Financial Health Pulse 2019 Trends Report
How is the financial health of Americans changing over time? In a year-over-year analysis, the second annual U.S. Financial Health Pulse report reveals that the majority of Americans are still unprepared for financial shocks.
Supporting Financial Health for Millennials and Women in the Workplace
Millennials and women have unique financial needs. This report sheds light on the needs and preferences of these employees, helping employers develop targeted solutions that can set them apart in a competitive marketplace.
The Case for Employers to Invest in Employee Financial Health
Employees at mid- to large-sized companies struggle with many aspects of their financial lives, causing them stress and creating spillover effects on job productivity, according to a new survey of 1,000 employees. In this infographic, Financial Health Network reveals key survey findings and opportunities for employers.
How Industry Executives View Financial Health
In a new survey, the Financial Health Network reveals how financial institutions are approaching financial health as they seek to engage customers meaningfully and profitably.
Spreading Fintech Solutions into New Crucial Sectors
Read about the latest trends in fintech and learn about the companies in the fourth cohort of the Financial Solutions Lab, which seeks to identify, test, and bring to scale innovations that improve Americans' financial health.
Measuring Financial Health Part 2: 6 Tips for Measuring Your Customers’ Financial Health
Here are six tips discussed in our recent webinar featuring innovative companies who have been using our FinHealth Score Toolkit to measure their customers' financial health.
U.S. Financial Health Pulse: 2018 Baseline Survey Results
In this initial study, the Financial Health Network reveals how we’re faring financially and the trends shaping our financial health.
The Power of Non-Traditional Distribution Channels Webinar
During this Financial Health Network webinar, a group of innovative financial service providers shares about best practices in financial health measurement.
Homeowners and Renters Insurance Spotlight
This brief takes a closer look at the homeowners and renters insurance coverage, acquisition channels, knowledge, and claims experience of American consumers, with a particular focus on low- to moderate-income (LMI) consumers.
Amy Cox Household Profile: Living Paycheck to Paycheck
U.S. Financial Diaries Case study: Amy Cox is a white 34-year-old single mother of two. She lives with her children, Hailey, 9, and Andy, 8, near Cincinnati, OH. A natural caregiver, Amy works at a day care center.
Financial Health and Community College Students
Understanding the three prominent financial health challenges that community college students face and how those students can improve their financial health through choosing and using quality products and services.
Compass Principles: Transaction Product Examples
This one-pager gives examples of applying the Compass Principles to transaction products.
Designing Breakthrough Solutions to Consumer Challenges
The Center for Financial Services Innovation (CFSI) offers consulting services that guide organizations through each stage of offering new solutions, from development to ongoing measurement.
8 Approaches to Unlocking Customer Opportunities
Discover eight learnings that the Center for Financial Services Innovation (CFSI) has gathered while helping more than 100 financial institutions engage more meaningfully with their customers.
Case Study: Re-Defining an Awards Strategy: Opportunity Finance Network
More than 68 million low-income Americans don’t get the financial services they need. This market gap that prompted a network of community development financial institutions to turn to the Financial Health Network.
“MyBudgetCoach” by Solutions for Progress
MyBudgetCoach (MyBC), operated and distributed by Solutions for Progress (SfP), is an online platform designed to complement and enhance existing financial coaching programs.
“MyPath Savings” by MyPath
MyPath partners with workforce development programs and financial institutions to help young adults improve their financial health.
“LIFT-UP” by National League of Cities
LIFT-UP (Local Interventions for Financial Empowerment through Utility Payments) is a multi-city initiative overseen by the National League of Cities’ (NLC) Institute for Youth, Education, and Families designed to provide financial counseling to delinquent utility customers
“MAGIC Mojo” by Piggymojo
Piggymojo built an online and mobile tool that uses goal visualization, social sharing and mobile technology to help savers turn impulse buys into “impulse saves.”
A Financial Solutions Lab Brief on Household Cash Flow Challenges
This brief explores the challenge of household cash flow challenges, its impact on financial health, and the opportunity for innovation.
Financial Solutions Lab Snapshot: Solutions to Manage Household Cash Flow
Over the last year, more than 100 million American households experienced a financial shock. This year the Financial Solutions Lab’s second $3 million challenge was seeking solutions that could help Americans to weather such shocks.
The Financially Striving, a Consumer Financial Health Segment
Strivers are generally able to make ends meet, but many of them are not satisfied with their current financial situation and are working to better their financial circumstances.
Consumers and Credit Scores: Understanding Consumer Confusion to Target Solutions
This research takes a look at an important component of consumer financial health: the credit score. The Financial Health Network appended two objective measures of credit-worthiness to the Consumer Financial Health Study.
Opportunity Fund, Start2Save, and the Journey of Product Development
Learn how Opportunity Fund's savings program, Start2Save, has evolved to provide improved financial health benefits and economic empowerment to some of America's most vulnerable communities.
The Compass Guide to Payroll Cards
The Compass Guide to Payroll Cards defines industry-wide best practices for the design and delivery of payroll cards.
One-Page Overview of the Compass Principles
To help the industry take the lead in addressing these challenges and build trust with the public, the Center for Financial Services Innovation, in partnership with a cross-section of industry participants, created the Compass Principles.
2013 Consumer Financial Health Study Brief
To be truly groundbreaking, financial services companies must go further than delighting their customers with convenient, beautifully designed products and services.
The U.S. Financial Diaries Methodology: The financial lives of low-income Americans
The U.S. Financial Diaries (USFD) is a research study collecting detailed financial data from more than 200 low- and moderate-income households over the course of a year.
Fresh Ideas for an Emerging Market: Highlights from the 8th Annual Underbanked Forum
As developing technology and new regulations continue to spark competition and transform the marketplace, deep consumer knowledge remains the key to success for businesses across the sector.
Infographic: Financial Lives Have Changed
Financial lives have changed. Financial advice, policies and products should too. See the infographic by the U.S. Financial Diaries.
The Johnson Family Household Profile: Working Hard but Still Struggling
U.S. Financial Diaries: Sarah and Sam Johnson are a hardworking Ohio couple struggling to make ends meet despite the fact that they both work in stable, full-time jobs, and several part-time ones.
2011 Underbanked Market Sizing Study
Banks and credit unions can and should be doing much more to support consumer credit building – and, importantly, they can do so in ways that align their own success with the success of their customers.