COVID-19 Impact on the Financial Health of Households in America

Even before the Coronavirus situation, Financial Health Network’s 2019 U.S. Financial Health Pulse found that 71% of households in America were already struggling financially. While many have modest means, income alone does not tell the whole story. Financially struggling consumers and families span the income spectrum and live in all communities across the country. During this 5-part webinar series, we’ll discuss the profiles of people living in America in need of financial health initiatives, as well as highlight what some progressive FIs are doing to help and the success that they are achieving. We’ll also explore how strategic collaborations and fintech partnerships can best position us to help people in America during this troubling time.

 

COVID-19 Impact on the Financial Health of Households in America: How Can Financial Institutions Help People During the Crisis? (Part 1)

SESSION DESCRIPTION:

As COVID-19 continues to impact the global economy, a wide spectrum of households and businesses are in crisis mode; meanwhile, financial institutions have had to rapidly adapt their business practice to meet customer needs, while ensuring the safety of their employees.  

Key take-aways:

- Capture a clear understanding of the data reflecting current financial health of households in America
- Learn how to address financial health as a business strategy
- Gain insights into the tools that foster and reinforce financial health and wellness

Speakers:

Alejandra Ruales, Senior Manager, Financial Health Network
Ben Morales, Chief Executive Officer, Q-Cash Financial
Jill Sammons, VP of Marketing & Brand Strategy, BCU
Marcell King, Chief Innovation Officer, Payveris

COVID-19 Impact on the Financial Health of Households in America: How Can Financial Institutions Help People During the Crisis? (Part 2)

SESSION DESCRIPTION:

Explore industry solutions and the latest research to help navigate the impacts of financial shocks to financial health. The Financial Health Network is a trusted resource for business leaders, policymakers, and innovators united in a mission to improve the financial health of their customers, employees, and communities.

This is the second webinar of a multi-part series with lively panel discussions among a variety of industry experts to understand the current financial challenges that households in America are facing and the creative ways in which together we can solve them.

Key take-aways:

- Capture an understanding of the data reflecting current financial health of households in America.
- Explore the long term implications of the pandemic on business strategy.
- Understand examples of strategic collaborations and fintech partnerships that are addressing the holistic needs of households in America.

Speakers:

Marissa Walster, Senior Director, Programs, Financial Health Network
Jennifer Statham, Senior Vice President, Cheif Marketing & Analytics Officer, WSECU
Rochelle Nawrocki Gorey, Co-Founder and Chief Executive Officer, SpringFour
Farhan Jadavji, Director, Product Management, Payveris

COVID-19 Impact on the Financial Health of Households in America: Uncovering new data and solutions to cash flow challenges (Part 3)

SESSION DESCRIPTION: 

COVID-19 continues to impact how businesses are operating and households are managing their day-to-day lives. During the onset of the pandemic, financial institutions focused on responding to consumer needs for immediate support, such as skip-a-pay option, increased digital banking access, and forbearance. As businesses begin to reopen and consumer needs evolve, how can financial institutions make an informed and calculated decision that supports both their consumers and their businesses?

In the third of this multi-part series, we will hear from experts in financial health measurement to:

- Discuss the benefits and importance of measuring financial health
- Preview results from the 2020 U.S. Financial Health Pulse to show how people are struggling to survive amid the economic fallout from the coronavirus pandemic
- Learn from financial institutions that uncovered consumer pain points by measuring the financial health of their end users, and how they used this data to develop products and solutions
- Share additional examples of solutions implemented from measuring financial health
- Discuss the recent regulatory development for responsible small dollar loans as an opportunity to address cash flow challenges for consumers

Speakers:

Andrew Dunn, Manager, Financial Health Network
Ben Morales, Chief Executive Officer, Q-Cash Financial
Malik Evans, Financial Wellness Manager, ESL Federal Credit Union
Karen Buell, Vice President of Operations, Payveris

COVID-19 Impact on the Financial Health of Households in America: Workplace Financial Health: Why does it matter? (Part 4)

AGENDA OVERVIEW & ACTION ITEMS FOR SUCCESS

SESSION DESCRIPTION: 

As the impact of COVID-19 continues to linger, households all across America are learning their “new normal” and looking for resources to navigate challenges at home, at school, and at work. Even before the pandemic, employees often looked to their employers for solutions to alleviate financial stress. What does it mean to improve financial health through the workplace, and how can employers get started with this level of support for their employees?

In this webinar, we build on the measurement knowledge from the prior events in this series and introduce financial health in the workplace. In the fourth part of this multi-part webinar, we will hear from organizations actively engaged in workplace financial health to discuss:

- What workplace financial health is and why it matters
- How employers are thinking about employee financial health and the impact they have had
- The role fintech plays in workplace financial health
- How to get started with workplace financial health

Speakers:

Matt Bahl, Vice President, Head of Workplace, Financial Health Network
Tracy Szarzi-Fors, Vice President of Marketing & Business Development, Wright-Patt Credit Union, Inc
Dan Macklin, Cheif Executive Officer, Salary Finance
Chris Spicer, Sr. Director of Marketing, Payveris

COVID-19 Impact on the Financial Health of Households in America: Using Behavioral Economics to Improve Financial Health (Part 5)

AGENDA OVERVIEW & ACTION ITEMS FOR SUCCESS

SESSION DESCRIPTION: 

Behavioral economics provides unique insights into consumer decision-making, helping organizations design effective solutions to improve financial health. Financial service providers are increasingly applying behavioral economics principles to improve product design and delivery. As COVID-19 continues to impact our lives, financial institutions have the opportunity to apply behavioral insights to support consumer financial health during this time. In the final session of this webinar series, we are joined by industry experts from Financial Health Network, Common Cents Lab at the Center for Advanced Hindsight, and WSECU to learn:

- How behavioral insights can uncover barriers to improving financial health
- How behavioral economics can help design financial health solutions
- How to influence financial behaviors and decisions with behavioral economics

Speakers:

Heidi Johnson, Director, Behavioral Economics, Financial Health Network
Jennifer Statham, Senior Vice President, Chief Marketing & Analytics Officer, WSECU
Jamie Foehl, Senior Behavioral Researcher, The Center for Advanced Hindsight
Farhan Jadavji, Director, Product Management, Payveris

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