For the 2017 Challenge, the Financial Solutions Lab addressed the need to improve financial health for all Americans, including traditionally hard-to-reach populations.
Most Americans are struggling financially – struggling to manage their day-to-day financial lives, struggling to establish a savings cushion, and struggling to achieve financial security. Underserved Americans are particularly vulnerable, with research showing they spent $141 billion on fees and interest to meet their financial needs in 2016. These needs were the catalyst for the 2017 Challenge, which sought innovative solutions to address this massive market opportunity.
Financial health comes about when your daily financial systems allow you to be resilient and pursue opportunities over time. Industry research shows that several demographic groups suffer from poor financial health at greater rates than the overall U.S. population. The 2017 Challenge focused on addressing the unique financial needs of these underserved populations through new and transformative fintech solutions.