One in five families has less than two weeks of liquid savings. For the many U.S. workers living paycheck to paycheck, financial distress can occur in the time between earning and accessing wages.
Most low-to-moderate income (LMI) older adults are financially challenged to reach retirement and maintain their quality of life as they age. This report showcases research insights and design features that financial service providers can leverage to better support the needs of this group as they approach retirement, produced in partnership with the Institute of Consumer Money Management.
Direct government payments can provide meaningful support for the financial health of households. In the case of the 2021 expansion of the Child Tax Credit (CTC), advance CTC payments reduced monthly child poverty by nearly 30%, according to research from Columbia University.
Credit cards offer consumers convenience as both a payment vehicle and a source of short-term credit. Revolving credit permits consumers to enjoy immediate purchase of goods and services (in the absence of funds or in lieu of tapping savings), to make large ticket purchases without having to save for them in advance, and to smooth consumption in the face of short-term income and expense shocks.
With the stock market selling off and inflation at a four-decade high, it is human nature to want to take action to protect your shrinking account balances. But human nature has a lousy track record.
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.
This year’s annual FinHealth Spend Report examines how households in America managed their finances and accessed credit during the second year of the pandemic, analyzing year-over-year trends for more than two dozen financial products and services.
Data also shows overwhelming majority of users understand terms and are successfully using the product.
In this brief, we leverage findings from a nationally representative survey to better understand the buy now, pay later (BNPL) market, the users who are driving it, and the implications for their financial health.
New survey data finds lack of affordable, reliable childcare holds women back from working.
While retirement savings accounts and health insurance benefits are common offerings for full-time employees at large companies, and many employers have begun offering student loan repayment support in recent years, few workplaces provide help with managing other forms of debt.
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