The 2016 Challenge focused on innovative solutions to help consumers weather the financial shocks we all experience in life.
While unexpected expenses and drops in income are a part of life, 55% of Americans who experience these unexpected costs subsequently struggle to make ends meet. Without products to help weather financial shocks, the effects can demolish a household’s finances, often causing long-term damage.
Building resilience for financial shocks is a challenge for Americans across the income spectrum – especially for the millions of Americans who are not financially healthy. To address this issue, the 2016 Challenge focused on developing innovative solutions to improve financial resilience, including affordable, transparent insurance products; new savings approaches; and quality credit options.