According to the Aspen Institute, more than 50 million Americans live in or near financial crisis, and a growing number of individuals lack savings cushions to weather emergencies. Far too many households lack access to basic, affordable financial services and spend too much of their limited earnings on fees and interest. According to the Center for Financial Services Innovation, this amounts to some $145 billion annually.
This marketplace is encompassed largely by non-bank financial services, such as check cashers, payday lenders, and subprime loans, but it also includes mainstream banking fees like overdrafts. These fees and their negative impact are compounded by the growing number of households with volatile or unpredictable income.
Organizations across the country are developing solutions to address volatility and financial inclusion and to support households in managing cash flow and building savings, increasing credit and confidence along the way. Tune in to this free, one-hour Connecting Communities® webinar to hear from leading experts about research, current initiatives, and best practices to help address the challenges low-income households face in the financial marketplace.
Presenters:
- Lauren Leimbach, Community Financial Resources
- Anne Leland Clark, Prepare + Prosper
- Joanna Smith-Ramani, the Aspen Institute's Financial Security Program
Register for the October 12 webinar, which takes place at 3:00 p.m. ET. Participation is free, but registration is required.
The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely information on emerging and important community and economic development topics. All webinar sessions are recorded and archived on the Connecting Communities® website. For more information about this series, email communities@stls.frb.org. For more information on the Federal Reserve’s community development work, visit FedCommunities.org.