Better banking for all through financial wellness

Only 46% of U.S. adults have enough emergency savings to cover three months of expenses, according to a survey by Bankrate. The same survey shows about one in three people would put up to $500 in emergency spending on a credit card. These figures indicate that achieving financial wellness feels like a luxury for too many Americans.

Banks and credit unions can play a pivotal role in closing that gap by offering more support with financial education and tools, helping to secure solid footing for their customers and members and capitalizing on a competitive distinction at the same time.

Explore these considerations and more takeaways from our discussions with thought leaders in our September Executive Report: Better banking for all through financial wellness.

In our report, we include these articles:

How banks can better meet the needs of multigenerational households
Research shows that healthy and not-so-healthy patterns of financial interdependence often repeat.

Benefits and risks of credit reporting changes for FIs and consumers
FHFA’s approval of the VantageScore 4.0 credit reporting system arguably elevates healthy market competition and raises implementation questions. Will it be a watershed moment for financial inclusion and home ownership?

Limit elder financial abuse with staff training and heightened transaction awareness
Familial guilt-trips and romantic scams are a few of the manipulations targeting mature accountholders. Banking teams must navigate customer sensitivity and reporting rules.

Move beyond buzzwords and turn financial wellness into a growth strategy
Three marketing priorities for scaling meaningful, proactive customer engagement.

Download and share this issue as you and your teams explore formal and informal approaches to financial wellness programs in an evolving financial services marketplace.