Stimulus payments and tax refunds caused account inflows to spike 33% in January and 42% in March, according to analysis from our new Pulse Points series.
Reduction attributed to student loan debt moratorium, pandemic-related decline in credit card debt and government stimulus funds allowing many to avoid high-cost lending; but underserved populations still pay greater proportion of fees and number of factors indicate likely rise in year ahead.
Consumers spent more money on recreation and eating out during the 2021 holiday season than during the 2020 holiday season, but many remain vulnerable as government relief programs expire and inflation continues. This brief examines the factors that may shape financial health in the early months of 2022.
During the past decade, the stock market has rallied ever higher, breaking records and fattening the investment accounts of many Americans. But eye-popping annual returns don’t necessarily translate to financial stability.
This research was produced by the Financial Health Network in collaboration with BlackRock’s Emergency Savings Initiative (ESI). ESI is a cross-sector program with a mission to help people living on low to moderate incomes gain access to and increase usage of proven savings strategies and tools – ultimately helping them establish an important safety net.
Challenges continue to impede the distribution of Child Tax Credit payments, especially for those who could benefit from them the most. The Financial Health Network will undertake research, supported by VISA, to determine how long CTC recipients might have waited to receive their payment, how much they might have spent in fees to access their payment, and how they ultimately used their payment.
When Renee Whittick opened a checking account last year, the smallest financial tasks became easier.
Financial solutions aren’t one-size-fits-all. To solve finhealth challenges, it’s important to have a deeper understanding of customers’ financial health needs.
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