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While innovation has led to many new options for consumers to instantly spend and receive money, these tools remain out of reach for millions who are underbanked or struggling to access their funds efficiently and affordably. Learn about the Financial Health Network’s enduring commitment to frictionless transactions for all, plus research and resources for providers seeking to improve payments for their customers and communities.
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.
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 data from Financial Health Network shows credit balances, spending on interest and fees, and unmanageable debt all increased for Americans, with the financially vulnerable and people of color paying an outsized portion.
Amidst a year of high interest rates and decelerating inflation, spending on financial services tops $400 billion for the first time.
The risk of harm to users' financial health is much greater with direct-to-consumer advances than it is from earned wage access programs, write Jennifer Tescher and David Silberman.
Earned wage access holds promise as a way to help workers solve short-term liquidity needs, but how are real users actually relying on this product?
Industry partnerships to deliver government payments may help bring more people into the banking system – but we need to learn more about them first.
New research from Financial Health Network documents the real cost to Americans of rising interest rates and expanding post-pandemic credit balances
What are Americans paying for financial services as the country emerges from the COVID-19 pandemic? This year’s FinHealth Spend Report – our long-running national study on the costs of financial services to U.S. households – reveals that spending has soared in the past year amid a turbulent economy and persistent inflation.
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.
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.