Building Consumer Savings with Fintech Innovations
Using new analysis from Digit, the Financial Health Network examined emerging technologies that help consumers save. New savings innovations can better prepare consumers for the future and improve their overall financial health.
Making Saving Easy & Compelling
Savings are an essential part of individual financial health, yet 39% of people in the U.S. have less than three months’ worth of expenses available in savings. Fintech companies have risen to the challenge to develop innovative approaches to help consumers save, including reducing the effort involved and making saving decisions more compelling.
This report explores new analysis from Digit and considers the positive implications of using innovations like automated transfers, round-up savings, and gamification to simplify the saving process and provide an incentive for consumers to save. Through this report, the Financial Health Network hopes to highlight the potential tech changes that can advance financially smart behaviors.