New Orleans, LA – June 21, 2017 – PerkUp has announced it will join many of the nation’s leading banks, financial services providers, fintech innovators, and nonprofits in supporting #FinHealthMatters Day on June 27, 2017 — a day designed to draw attention to the staggering amount of Americans who are struggling financially.
#FinHealthMatters Day was first launched in 2016 by the nonprofit Center for Financial Services Innovation (CFSI), which has as its mission improving the financial health of all Americans. In 2016, more than 900 individuals and organizations tweeted about the day using hashtag #FinHealthMatters, resulting in more than 2,000 overall tweets, 101 original blog posts and news stories, and nearly 9 million impressions overall, bringing incredible attention to the plight of struggling Americans.
“We were delighted to see such support for FinHealthMatters Day in 2016,” said Jennifer Tescher, President and CEO of CFSI. “And with the addition of many new supporters this year, we’re looking forward to drawing even more attention to this pressing issue in 2017.”
The facts around consumer financial health are indeed staggering:
- While more Americans than ever before are banked, 57% of Americans are not financially healthy, according to CFSI’s Consumer Financial Health Survey.
- Income volatility is a root cause of financial stress. S. Financial Diaries research found that Diaries families were only experiencing their “average income” in 7 out of 12 months of the year. The rest of the time, they earned 50% more or less than the average. Their expenses were just as volatile, which means that families spend a lot of time and energy figuring out how to bridge the ups and downs. “As a result,” says Rachel Schneider, co-author of The Financial Diaries: How American Families Cope in a World of Volatility, “the idea of “setting and forgetting” a budget gets thrown out the window. People work hard and do their best to save and plan, but they still find financial health to be just out of reach.”
- Those who can least afford it spend the most to access financial products. CFSI’s Underserved Market Study, which provides a snapshot for how underserved customers borrow, spend, save and using financial products and services, found that those consumers spent a combined $141 billion in fees and interest in 2015 to manage their day-to-day financial lives.
“At PerkUp, we believe it’s time to address the root causes of financial instability in this country, and we’re proud to join the organizations calling for a focus on financial health,” said Ashley Migliore, Director of Perks. “We want to help educate our users on smart financial decisions and actions to enhance their financial future.”
PerkUp uses an innovative technology platform that incorporates monthly rewards and behavioral finance tools to engage employees in financial wellness. Employees who use the PerkUp program earn prizes by achieving financial education milestones and they can easily open accounts at the sponsoring credit union and even take out loans via the PerkUp online portal. PerkUp adheres to best practice guidelines from Center for Responsible Lending, Consumer Financial Protection Bureau, and the National Credit Union Association. PerkUp is a subsidiary of Dolphin Debit, the leading full-service ATM management company for credit unions and banks. For more information, visit myperkup.com.