The FinHealth Spend Report 2021 Finds Financially Vulnerable Spent $255bn in Financial Service Fees
Financially Vulnerable households spent, on average, 13% of their annual income on the products studied, compared with 5% for Financially Coping households and just 1% for Financially Healthy households. Financially Coping and Vulnerable households are those who struggle to spend, save, borrow, and plan.
Financially Coping and Vulnerable Households Spent $255B for Everyday Financial Services
The Financial Health Network, the nation’s authority on financial health, in partnership with Prudential, today released The FinHealth Spend Report 2021, the evolution of its annual market sizing report, showing financially coping and vulnerable households account for 84 per cent of spending on fees and interest for financial services (for a total of $255B), despite representing less than two-thirds of the population.
2021 FinHealth Spend Report Shows Financially Coping and Vulnerable Households Spent $255B for Everyday Financial Services
Chicago, IL, April 20, 2021 (GLOBE NEWSWIRE) — The Financial Health Network, the nation’s authority on financial health, in partnership with Prudential Financial, today released The FinHealth Spend Report 2021, the evolution of our annual market sizing report showing Financially Coping and Vulnerable households account for 84% of spending on fees and interest for financial […]
EMERGE Live 2020
In the wake of the coronavirus pandemic, we reimagined our annual in-person EMERGE Forum conference as EMERGE Live – our first-ever live digital experience.
Driving the Work of Economic Equity in Underserved Communities
While for many people in the U.S., seeing a bank—or several—is a daily occurrence, a lack of access to financial services is unfortunately a familiar story for underserved communities, especially communities of color. Last year, the Cherry Hill neighborhood of South Baltimore celebrated the opening of a 5,000-square-foot Chase bank branch, marking an important milestone: it was the first national bank to ever open in this historically Black community. Presented by JPMorgan Chase & Co.
Will Financial Health Be the Next Transformation in Banking?
Today, many digital-only banking startups are focused on offering financial health-centric services. A shift toward advancing consumer financial health would be a positive for everyone.
How to Become a Financial Health Business
In this video, learn how you can use the Financial Health Network’s FinHealth MAP to reap the business benefits of promoting financial health for your customers and employees.
FinHealth Maturity in Action: Insights from Institutions Making an Impact
Effective financial health strategy involves coordination between stakeholders. Gain insights from three financial institutions paving the way by integrating finhealth across their organizations.
Workshop: What Works: Coaching for the Financially Coping and Vulnerable During COVID-19
In the wake of COVID-19, there is an even greater need to coach consumers to financial health. Learn how Members are using various models, including contactless and in-house coaching.
It’s Time to Tie Bank Profits to Customers’ Financial Health
America’s current financial system is essentially broken for the many working Americans who live on the edge financially. Mismatched incentives are at the heart of the problem. One has only to look at the sad history of payday and car title loans, subprime mortgages, or bank overdraft “protection” schemes for examples of financial products and […]
Building Trust Through Longevity: Serving People As They Age
AARP CEO Jo Ann Jenkins delivering her Keynote Address at EMERGE: Financial Health Forum 2019.
Leading Through Financial Health
Thasunda Duckett, Chief Executive Officer of Consumer Banking at JPMorgan Chase, delivering her Keynote Address at EMERGE: Financial Health Forum 2019.