“Banks are tightening up their loan approval processes amidst the current economic crisis. CEO and Founder Marion Mathes shared a few thoughts with Match Financial about what to do when you’re turned down for a personal loan.” Read the complete article here.
The Case for Employers to Invest in Employee Financial Health. In a new survey of 1,000 full-time employees of mid-sized and large U.S. firms, the Financial Health Network finds widespread evidence of financial fragility. This financial stress has spillover effects on employee productivity. Employers have an opportunity to reduce employee stress, improve retention and engagement,…
More than 39 million American adults incurred at least one fee for overdrawing their bank account or having insufficient funds in the past 12 months, according to an analysis of survey data by The Pew Charitable Trusts. Most of these consumers, known as overdrafters, view bank overdraft programs as a way to ensure that payments…
Payday loans are unsecured short-term small dollar loans that, in general, are very expensive. They are usually repaid on the borrower’s next payday, and are more expensive than loans from banks, credit unions, and other traditional financial institutions. Click here to download the full PDF report.
The economy may be growing and the stock market may be on a tear, but for many workers such broad measures of financial gains aren’t translating to their wallets and sense of financial security. This year, only about a third of U.S. employees, or 35%, reported feeling satisfied with their financial situation, a drop from…
Fed survey reports that 44% of Americans don’t have $400 for a major emergency, and the median out-of-pocket cost for an unexpected, major medical expense was $1,000. Read the full article here.
In this report, the JPMorgan Chase Institute assembled a de-identified data asset of nearly 250,000 Chase customers between 2013 and 2015 in order to study how consumers’ expenses vary over time and how their financial behavior changes when faced with extraordinary payments. Read the full report here.
The updated United Way ALICE Report continues to shine a spotlight on a large population of residents who work, yet have little or no savings, and are one emergency from falling into poverty. The population identified in the report as ALICE (Asset Limited, Income Constrained, Employed) is comprised of people who work, earn more than…
San Francisco has an Office of Financial Empowerment that oversees all sorts of programs designed to help residents handle their money better and recruits banks and credit unions to participate. As other cities adopt a similar approach, more financial institutions have an opportunity to get involved. Read the complete article here.
FROM THE ATLANTIC – Nearly half of Americans would have trouble finding $400 to pay for an emergency. I’m one of them. SINCE 2013, THE FEDERAL RESERVE BOARD has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth- shattering:…