Research Paper

Supporting the Financial Lives of America’s Young People

Principal® Foundation research shows that In the United States, 54% of young people between the ages of 18 and 30 report they have hit financial rock bottom – a situation made worse by pandemic-related job losses and college closures. This report shares new potential solutions from the Principal Foundation YouthCan Initiative Innovation Challenge, which supports organizations working to tackle the financial issues facing young people today.

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By Trey Waters

Category:

Fintech, Market Analysis, Measurement, Student

Tuesday, July 14, 2020

Supporting the Financial Lives of America’s Young People

Principal® Foundation research shows that in the United States, 54% of young people between the ages of 18 and 30 report they have hit financial rock bottom – a situation made worse by pandemic-related job losses and college closures. This report shares new potential solutions from the Principal Foundation YouthCan Initiative Innovation Challenge, which supports organizations working to tackle the financial issues facing young people today.

Top Takeaways

Principal® Foundation awarded the two finalists – Edquity and MyPath – $150,000 each, along with advisory services and networking opportunities, to develop ways to help young people learn, earn, and save more. Key insights include:

Partnering with organizations already engaged with young people can enable innovators to focus on developing the tools needed to support financial health.

Maintaining strong partnerships with multiple contacts is important to minimize disruption and allow progress to continue if a key contact departs.

Young people face a variety of financial challenges, ranging from overwhelming debt to financial shocks, requiring support from innovators to balance these needs.

Data Spotlight

The Innovation Challenge supported Edquity in establishing partnerships with community colleges to support the financial needs of its students.

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Our Supporters

The Innovation Challenge is made possible through the financial support of Principal® Foundation.

Written by

Trey Waters

Senior Manager, Financial Services Solutions

Financial Health Network