Nearly half of Americans don’t have enough savings to cover emergency expenses, and they’re increasingly looking to their workplaces and financial providers for solutions. Helping customers and employees to grow their short-term savings can unlock many benefits for businesses, from earning customer loyalty to boosting workplace productivity. Explore our research and resources to help establish a stronger safety net and a secure financial future for those you serve.
In this initial study, the Financial Health Network reveals how we’re faring financially and the trends shaping our financial health.
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.
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.
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.
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.
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.
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.
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.
The Financial Health Network’s groundbreakingU.S. Financial Health Pulseoffers new insights into consumer saving habits to inform effective product design. In addition, we’re working alongside industry thought leaders to build the next generation of savings products through initiatives like theSavings Projectand our own Savings Working Group. Through these efforts, our goal is to help people establish a stronger safety net and a more secure financial future.
