Financial health

/Tag: Financial health

The benefits of being financially literate

Short-term lender Wonga recently asked over 1 000 of its customers about their attitudes towards money. It found that, despite 88 percent believing that financial health was “extremely important”, most (66 percent) claimed to have only an amateur knowledge of money management. “Financial literacy is key to financial health. It can help people to manage

The Societal Benefits of Financial Literacy

While it’s good for people themselves to be financially literate—to know how to earn and manage money—society itself needs widespread financial literacy among the people in it. Even though hundreds, if not thousands, of organizations in the U.S. advocate for individual financial literacy training, we don’t necessarily recognize the global benefit of it. Even the

Solving the Financial Health Paradox

The disconnect between consumers’ self-perceptions and the reality of their financial health is striking, and suggests that financial services need to be doing something different. Findings from a recent Ernst and Young study—infused with insights from behavioral economics—point toward an exciting new path forward. Digital and mobile delivery, social media, gamification and lessons from physical

Let’s stop the argument that financial education doesn’t work

About this time each year, I expect the predictable articles proclaiming that personal finance education doesn’t work. Pundits point to poor proficiency in financial literacy “tests,” and programs that show minimal change in consumer’s behaviors to support their position. They assert this education is useless, ineffective and a waste of time, and we should stop spending

Are you on the right financial track for your age?

The Consumer Financial Protection Bureau, combined with a review of research and consultation with leading experts, found that financial well-being includes the following four elements: Having control over day-to-day, month-to-month finances. Having the capacity to absorb a financial shock. Being on track to meet your financial goals. Having the financial freedom to make the choices

Making financial wellness approachable… for employers

Employers know that their workers’ financial health is causing stress and impacting all aspects of their personal and professional lives. They know that offering tools and resources to address these issues not only improves productivity but can give them a recruiting advantage in today’s job market. They know all of this. Then why aren’t they doing something

Don’t Let a ‘Wealth Shock’ Destroy Your Health

Financial experts like to draw parallels between financial health and physical health. A well-planned budget is like a well-balanced diet, they say. Impulsive spending is like binge eating. Meeting with your financial advisor is like getting a regular physical. Sometimes, however, the relationship between financial health and physical wellness extends beyond the metaphors. In fact, a lack of financial

“Financial Health” is good medicine in mental health care

Spend an afternoon doing mental health research with Annie Harper, PhD and you might find yourself checking out the prices at a local rent-to-own store, helping a client pull his credit report, or listening as Harper speaks on the phone, convincing a student loan collection agency to restructure someone’s debt. “Some of the things we

Dan Schulman on Shifting From Financial Inclusion to Financial Health

In a time when technology has transformed people’s lives in so many ways, financial services is one area where the potential of the internet era remains largely unrealized. We’ve been hearing for decades about the demise of cash and the dawn of the digital economy. So far, though, the traditional financial order is still standing