We Tracked Every Dollar 235 U.S. Households Spent for a Year, and Found Widespread Financial Vulnerability
Income inequality in the United States is growing, but the most common economic statistics hide a significant portion of Americans’ financial instability by drawing on annual aggregates of income and spending. Annual numbers can hide fluctuations that determine whether families have trouble paying bills or making important investments at a given moment. The lack of access […]
The data access debate is about to get a lot more interesting
As the data access debate rages on, Beth Brockland and Jennifer Tescher of the Financial Health Network explain we need a broader set of industry-wide standards and best practices if we are to arrive at solutions that support consumer choice and innovation. Read the full article here >>>
American Banker: CFPB Payday Rule Addresses the Problems, Not the Solution
The CFPB’s proposal protects borrowers from unaffordable loans, cycles of reborrowing, and exorbitant fees—all positive steps in reducing consumer harm. But if the final rule doesn’t create a clear lane for good lenders to step in with a variety of new loan product designs, the CFPB risks leaving important consumer needs unfulfilled. Read the full […]
How Credit Unions Can Win the Gen Y Market
Despite strong member satisfaction and negative consumer sentiment towards banks, credit unions’ market share of key profit drivers like mortgages and credit cards is in the single digits.
Wall Street Journal: Baby Boomers underestimate their retirement needs
When it comes to saving for retirement, there’s a huge gap between what Americans say they want and what they’re doing to make it happen. This article looks at savings habits and consumer resliance, with research from the U.S. Financial Diaries, a project of the New York University Financial Access Initiative and CFSI. Read the […]
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 […]
U.S. Financial Diaries: Savings Horizons
U.S. Financial Diaries: Savings plays a central role in conversations about American household finance. Surveys suggest that few American households save enough for retirement, nor are Americans adequately prepared for emergencies
Dispatch from D.C. — March 2015
Press Release: Underserved Consumers Spent Press Releases: $20 Billion in Interest & Fees on Subprime Auto Loans
New Market Sizing Report from the Financial Health Network and Core Innovation Capital Reveals Underserved Market Grew More than Seven Percent in 2013 to Estimated $103 Billion CHICAGO–Today, the Financial Health Network and Core Innovation Capital (Core) released their fourth annual Financially Underserved Market Size Study. The report, which benefitted from the financial support and […]
New Research Highlights Press Release: Consumer Preferences for Key Product Features
Chicago, IL – (June 3, 2014) – Today, the Financial Health Network announced the creation of the Small-Dollar Credit Test & Learn Working Group. Five leading financial services providers—Regions Bank, LexisNexis Risk Solutions, Kinecta Federal Credit Union, Enova International and Emerge Financial Wellness—are piloting small-dollar credit products or product features that put into practice many […]
Press Release: New Research Offering Insights into Consumer Financial Health to be Featured at Money 20/20
Jennifer Tescher to Present Initial Findings from Nationally-Representative Consumer Survey Chicago, IL – The Financial Health Network announced today that President and CEO Jennifer Tescher will speak at Money 20/20, the largest worldwide gathering for payments and financial services innovators. Tescher, a recognized thought leader on consumer financial health, will share new research from recent […]
Know Your Borrower – The Four Need Cases of Small-Dollar Credit Consumers
An increasing number of Americans are turning to nontraditional credit sources for quick access to cash.