In this blog, posted in Next Billion, the Center for Financial Services Innovation’s Jennifer Tescher provides the context of why the U.S. Financial Health Pulse is so important to affecting real positive change for consumer financial health.
“Just last week, the FDIC’s National Survey of Unbanked and Underbanked Households revealed that the number of unbanked U.S. households has reached the lowest point since the survey started in 2009, with just 6.5 percent designated as unbanked and 18.7 percent as underbanked. Advances in technology – particularly mobile tech – have given people more access to financial tools than ever before. Meanwhile, the news is dominated by reports of the overall strength of the U.S. economy. By all accounts, we should be celebrating. All traditional signs point to wealth, health and prosperity.
But what if we took a more honest, concentrated look at the real stories behind the statistics? We have been so focused on the macro data sets that we fail to see the nuance behind the numbers – the data that suggests that a massive number of people in America are struggling to build and maintain healthy financial lives. We have been measuring elements that only tell part of the story. To affect real change, we need to uncover what we haven’t been seeing.”