Recent research from the Financial Health Network published by the Brookings Institution also shows that most people who had not recently filed a tax return (a group that is more likely to have lower incomes) received their first stimulus payment at least two weeks later than those who had recently filed a tax return.
With this report – an evolution of our Financially Underserved Market Size Study – we shed light on how much households paid for a variety of everyday financial products and services in 2020, through lenses of financial health, income, race, and ethnicity.
Our team executed a deep dive into FinHealth Spend Report data from late 2020 to learn how customers are using overdraft today amidst the pandemic. The results offer fresh answers to some of the key questions regarding overdraft usage.
From April 1 to June 30, 2021, Americans balanced saving and new spending opportunities, with minimal changes in earned income.
In partnership with BECU, the largest credit union in Washington state, this study examines the impact of a new mobile app savings feature, Quick Save, which allows members to spontaneously transfer small amounts to their savings accounts with the swipe of a button.
While technology-driven financial products, services, and institutions have the potential to benefit consumers, they can also pose new risks due to the increased availability of financial data. To better understand the consumer perspective on the use of financial data, the Financial Health Network fielded a nationally representative survey. The findings in this report describe consumer understanding of practices in the financial data ecosystem, and consumer preferences on how they would like personal data to be treated. These findings can serve as a guide to both industry stakeholders and policymakers as they seek to build trust and ensure that both practice and policy serve consumers.
Key Finding: Low- to moderate-income (LMI) frontline workers are less likely to be Financially Healthy than non-frontline LMI workers.
Recent research from the Financial Health Network published by the Brookings Institution also shows that most people who had not recently filed a tax return (a group that is more likely to have lower incomes) received their first stimulus payment at least two weeks later than those who had recently filed a tax return.
Despite the vast data collected by our government, we lack an accepted method of assessing financial health. Learn why we must measure not only each household’s annual income but also its annual spending, saving, borrowing, and planning habits to identify communities whose financial health is poor, deteriorating, or failing to keep pace with overall improvements.
In this session, hear perspectives from other companies already measuring financial health – the tools they use, and the ways they turn the data into action and impact.
Choosing the best approach to implement will depend on a company’s proposed use case, available data types, and resources available for analysis.
Innovation is at the heart of all we do at the Financial Health Network. See the full list of our programs, thought-leadership, and services here.
We partner with leadingfirms and institutions all year around to provide thoughtful engagements and events. Register to one of our upcoming events, today.
We offer in-depth analysis and consumer perspectives you won’t find elsewhere. See our latest research to help inform and guide your organization in building its financial health strategy.
Our members are engaged in a joint effort to improve customers’ financial health through innovation. Join over 160 like-minded organizations committed to creating the future of financial health.