Financial Health Solutions: Targeting Small-Dollar Savings Suggestions to Low-Balance Customers
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.
Two Simple (And Unusual) Ways To Help American Families Build Emergency Savings
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 […]
Financial Health Solutions: Boost Savings with Challenges and Empowering Messages
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.
New Report Explores Financial Health of Young Adults of Color
Chicago, IL, Sept. 29, 2020 (GLOBE NEWSWIRE) — The Financial Health Network, the nation’s authority on financial health, in partnership with the GenForward Survey research program from the University of Chicago, today released a new report called “Race, Ethnicity, and The Financial Lives of Young Adults: Exploring Disparities in Financial Health Outcomes.” The report finds […]
Retirement Realities: Innovating to Support Aging Americans on Fixed Incomes
For older adults living on fixed incomes, constant budgeting often isn’t enough to afford basic essentials – forcing them to make tradeoffs that are even more acute in the wake of COVID-19.
Balancing Today, Building Tomorrow: How Financially Coping Americans Plan, Save, and Invest
Even before COVID-19, millions of Americans were struggling financially, with more than half the population classified as Financially Coping. As job losses mount, savings are spent down, household debt grows, and investments shrink during the pandemic, Americans need financial support more than ever. This new research sheds light on how providers can support the saving and investing behaviors of Financially Coping consumers, ultimately improving both their immediate and long-term financial health.
Financial Health Can Be So… Retro
Some of the most popular financial health tools introduced by fintechs actually replicate and automate habits and “life hacks” that many households used successfully before the era of electronic banking and payments. These digital “retronovations” bode well for banks and credit unions seeking to offer services that help their customers while also bringing subscription revenues that lessen institutions’ dependence on penalty fees.
Credit Union Spotlight: Measuring to Improve Member Financial Health
These case studies highlight our measurement of transactional indicators with three credit unions, enabling them to drive positive impact for their members and their businesses.
Simplifying Savings: Using KPIs to Track Financial Health for Credit Union Members
The Financial Health Network worked with Community First Credit Union to analyze its Save My Change Program, a round-up savings tool, revealing the benefit to member financial health.
Income, Age, Race, and Gender Are Key Factors as New Data Shows 1 in 3 Americans Earning Less During COVID-19
In this new data from the 2020 U.S. Financial Health Pulse, a nationally representative online survey fielded from April 20 to May 7, learn how vulnerable groups are struggling in the wake of the pandemic.
Old Tricks, New Hat — Helping Americans Save in New Places
By Tanya Ladha, Senior Director at Financial Health Network Saving money is hard. So hard, in fact, that experts and academics have spent decades studying human behavior in an effort to make it easier for us, designing tricks and hacks that help us save — automating savings (think 401k retirement plans, created for us to set-it-and-forget-it), turning…
Etsy Gets Creative: Helping Sellers Build Emergency Savings
By Chandni Ohri, Director, Financial Health Network In October 2019, Etsy signed on to BlackRock’s Emergency Savings Initiative as one of the inaugural partners because they recognize the challenge and importance of emergency savings for their sellers. Emergency savings is one of the building blocks to improving financial health. In fact, the recent U.S. Financial…