Given the range of people in America who struggle with financial health, the 2018 Challenge focused on developing fintech products that would resonate with diverse populations and improve financial health for all.
Despite low unemployment and modest wage growth in 2018, 57% of Americans were struggling financially, lacking emergency savings and a path toward financial security. A Financial Health Network study found that underserved Americans spent $173 billion in fees and interest on financial products and services in 2017, underscoring the opportunity for innovation to better meet their needs and improve their financial health.
Financial health comes about when your daily financial systems allow you to be resilient and pursue opportunities over time. To help improve consumer financial well-being, the 2018 Challenge tackled unique challenges around retirement, access to credit, inclusion, and more, focusing on solutions to help the most financially vulnerable populations in new and transformative ways.