Digital Backup: Fintech Solutions to Support America’s Most Vulnerable
More than 33 million Americans have filed for unemployment since March – a new record. Yet even during the economic expansion of the last decade, the U.S. Financial Health Pulse shows that only 29% of Americans are considered financially healthy.
Dear Bankers: Don’t Return to Your Old, Shareholder-First Ways
Millions of Americans have already received their economic relief payment from the government, and millions more will be receiving it in the coming weeks, in an effort to stave off severe financial woes amid the coronavirus pandemic. Read the Article >>
Poll: Half Of Americans Financially Affected By Coronavirus
Half the country has been personally economically impacted by the coronavirus pandemic, and overwhelming numbers of Americans do not think schools, restaurants or sporting events with large crowds should reopen until there is further testing, according to a new NPR/PBS NewsHour/Marist poll. Read the Article >>
How to Manage Money in a Pandemic: A Behavioral Research-Based Approach
We have compiled behavioral science research on financial decisions to understand the challenges people may be facing and share our tips for how to spend savings and rework bills and debt to support financial health in a pandemic.
Bearing the Brunt of COVID-19: Fears and Challenges of Financially Vulnerable Americans
By Thea Garon, Senior Director and Andrew Dunn, Manager, Financial Health Network The COVID-19 pandemic and its economic fallout are likely to have the largest impact on those who are already struggling financially. Survey data from the University of Southern California and the U.S. Financial Health Pulse show that Financially Vulnerable Americans believe they are…
Strengthening the Student Safety Net During COVID-19
Even before the pandemic, the lives of financially struggling students were overwhelmingly complex. For financially vulnerable students, a disruption this large can have devastating long-term impacts, including failure to re-enroll once the pandemic ends.
Lack of Savings Worsens the Pain of Coronavirus Downturn
Many of the millions of restaurant, hotel and store workers affected by shutdowns are expected to fall behind on rent and other bills.
1 in 3 Americans say their stimulus checks won’t sustain them for even a month
While millions of Americans are counting the days until their stimulus checks arrive, many fear that the one-time $1,200 payment won’t go very far. Read the Article >>
Half in U.S. Plan to Spend Relief Money on Bills, Essentials
With the first direct payments to U.S. adults from the Coronavirus Aid, Relief, and Economic Security (CARES) Act set to hit bank accounts this week, 35% of U.S. adults intend to use the money primarily to pay bills. Another 16% say they will purchase essential items like food or gas with the money. Twenty-nine percent […]
When are stimulus checks coming? Money set to roll out to Americans next week
“Once again, the greatest burdens will be shouldered by the most vulnerable among us, when instead we should be doing everything to give them a leg up,” Jennifer Tescher, president and CEO of Financial Health Network, a non-profit authority on consumer financial health, said in a note. Read the Article >>
Retirement Readiness: A Generational Perspective
By Steve Arves, Manager, Financial Health Network The economic fallout from the COVID-19 pandemic has taken an exacting toll on many people’s retirement savings. Over the last month, the stock market took its largest dip in years, wiping out trillions of dollars in savings overnight. While it’s too soon to say whether these losses will…
31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
As the economic shutdown pares tenants’ incomes, April payments have been reduced, deferred or withheld. Some landlords see their property at risk. Read the Article >>