Issue Briefs on Consumer Challenges

CFSI provides a beacon to important consumer financial challenges and what it means for financial providers.

Through various initiatives, we have highlighted the importance of financial shocks on people’s lives — stressing that over 60% of Americans have experienced one in the past year. Income Uncertainty plays an especially important role, as we discovered through US Financial Diaries research.

Some populations are more prone to financial hardship. We’ve conducted research and talked about how low- and moderate-income families with children cope.

Fireside Chat: Robert Putnam

Watch an interview with Robert Putnam, Harvard Professor and author of “Our Kids,” after his keynote speech at our annual EMERGE conference in 2016.

"The economic cost of not investing in [poor kids] is five trillion dollars."

Many providers respond to these challenges through increased financial education or financial literacy initiatives. CFSI has advocated for banks, credit unions, and nonprofits to go further, to combine behavioral insights with access to high-quality products, in a model we call financial capability.

Consumer financial challenges should be on the radar of more than just financial institutions: educators, including community colleges, should consider what hardships their students face.

We continue to look at issues, populations, and opportunities to dispel myths, dig deeper, and provide insights to better-serve the Americans in need of high-quality financial products.

Issue Briefs on Consumer Challenges