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:…
BY MICHELLE SINGLETARY, THE MIAMI HERALD Sharks get a bad rap. Don’t get me wrong. It’s absolutely tragic whenever a swimmer or surfer is bitten or killed. But sharks are just doing what comes naturally. They are “apex predators,” meaning they’re at the top of the food chain. When a shark hunts for prey, it’s…
FROM THE WALL STREET JOURNAL An unexpected car repair or medical bill would cause the vast majority of Americans to scramble because they lack the needed funds in their savings accounts. Only 37% of adults have the necessary savings to cover a $500 car repair or a $1,000 emergency room bill, according to a survey…
Report Highlights Good Practices for Employers to Boost Employees’ Financial Well-being WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) published a report to promote financial wellness in the workplace. The report contains case studies that are designed to educate employers about practices that can improve employees’ financial health and increase worker productivity. “Financial wellness…