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.
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.
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.
By ideas42 This post was adapted from ideas42’s blog. Even before the COVID-19 pandemic, many families across America were struggling to make ends meet. But they still have big hopes and dreams today, from getting a car to finding better job opportunities to buying a home. To achieve any of these goals, saving and credit-building…
By Farah Manjiyani, Manager, Financial Health Network Despite the recent stimulus, increased vaccinations, and gathering momentum of reopenings across the country, millions are still struggling with their financial health. Ongoing economic uncertainty, job loss, and physical health concerns have caused many to shift financial priorities just to stay afloat. In the Financial Health Network’s latest…
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.
The importance of emergency savings is well-documented. According to research published in January 2020 by Bankrate, four out of 10 Americans would need to borrow money to cover a $1,000 emergency expense. Or, to put it another way, many low-income American families lack the savings to cover one month’s worth of living expenses. Read the […]
Developing and testing innovative solutions is key to advancing financial health. That’s the driving force behind the Financial Health Leaders Lab – a program that supports the groundbreaking work of organizations at the forefront of financial health measurement, like those profiled here.
How can employers encourage workers to build their savings? Even, an employer-based earned-wage access platform, partnered with the Financial Health Leaders Lab to test the impact of presenting savings as an active choice during onboarding to its app.
How can competitions influence more people to build their savings? SaverLife, a nonprofit focused on helping working families to save and invest in their futures, partnered with the Financial Health Leaders Lab to test several approaches.
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