Why more banks are weaning themselves off overdraft fees
For several decades, U.S. banks reaped huge revenues from fees charged to customers who spent money they didn’t have, while also enduring a consumer backlash that tarnished their reputations.
2021 Accelerator Cohort: Improving Financial Resilience With Fintech
The Financial Solutions Lab Accelerator is proud to introduce its 2021 cohort, which has a focus on expanding financial resilience and growth.
Financial Solutions Lab 2021 Accelerator Cohort Announced
The Financial Solutions Lab, today announced it has selected eight organizations for its 2021 Accelerator program.
Financial Solutions Lab 2021 Accelerator Cohort to Improve Financial Resilience and Growth for Underserved Communities in Wake of Pandemic and Beyond
As part of 10-year $60 million initiative, selected companies focus on credit, insurance, digital banking, and asset building solutions for LMI, Black, Latinx, and LGBT+ communities
New Pulse Data Shows Stimulus Payments Jump Started Spending But Funds Slowest to Reach Low-Income Individuals
Chicago, IL, May 20, 2021 (GLOBE NEWSWIRE) — The Financial Health Network, the nation’s authority on financial health, with support from the Citi Foundation, today released its first Financial Health Pulse Points brief featuring transactional data that highlights the effects of the two federal stimulus payments and tax refunds issued in early 2021 on account […]
Her Majesty Queen Máxima of the Netherlands Announced as the 2021 Financial Health Visionary Award Recipient
Chicago, IL, May 18, 2021 (GLOBE NEWSWIRE) — Financial Health Network, the leading authority on financial health, today announced that H.M. Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), will be the recipient of the 2021 Financial Health Visionary Award during the EMERGE Financial Health virtual event […]
Why Financial Health Disparities Continue to Widen
One year into the COVID-19 global pandemic, new data from the U.S. Financial Health Pulse shows that Black and Latinx communities are continuing to disproportionately struggle amidst the ongoing public health crisis, and that financial health disparities appear to be widening by race and ethnicity as a result of the ongoing pandemic.
Bank fees slam low-income households, study finds
Hefty banking fees are hurting low-income households, especially families of color, according to consumer advocates.
3 Takeaways from EMERGE Workplace
The pandemic has made it clear that workplace benefits are evolving. As Harvard Business Review recently reported, the vast majority of leaders are planning to expand benefits as a result of the COVID-19. What should your organization be considering? We designed our inaugural EMERGE…
The FinHealth Spend Report 2021 Finds Financially Vulnerable Spent $255bn in Financial Service Fees
Financially Vulnerable households spent, on average, 13% of their annual income on the products studied, compared with 5% for Financially Coping households and just 1% for Financially Healthy households. Financially Coping and Vulnerable households are those who struggle to spend, save, borrow, and plan.
Financially Coping and Vulnerable Households Spent $255B for Everyday Financial Services
The Financial Health Network, the nation’s authority on financial health, in partnership with Prudential, today released The FinHealth Spend Report 2021, the evolution of its annual market sizing report, showing financially coping and vulnerable households account for 84 per cent of spending on fees and interest for financial services (for a total of $255B), despite representing less than two-thirds of the population.
2021 FinHealth Spend Report Shows Financially Coping and Vulnerable Households Spent $255B for Everyday Financial Services
Chicago, IL, April 20, 2021 (GLOBE NEWSWIRE) — The Financial Health Network, the nation’s authority on financial health, in partnership with Prudential Financial, today released The FinHealth Spend Report 2021, the evolution of our annual market sizing report showing Financially Coping and Vulnerable households account for 84% of spending on fees and interest for financial […]