Nudging consumers toward improved financial health

People find it challenging to manage their financial lives and they want more help and advice – a consistent theme in Expectations & Experiences, the quarterly consumer trends survey sponsored by Fiserv. More than 41 percent of respondents with children under age 18 feel they don’t have as much time as they’d like to manage finances the way they want, while 48 percent of early millennials (ages 18 – 24) report “feeling lost” when managing household expenses.

These data points echo research from the Center for Financial Services Innovation (CFSI), an authority on financial health dedicated to helping financial providers implement products and practices that impact consumer behavior. This week at Fiserv Forum 2016, John Thompson from CFSI spoke to an audience of financial institution CEOs about how investing in financial health benefits consumers and creates a competitive advantage for the institution. Thompson leads the Programmatic team at CFSI, including research, fintech innovation and consulting.

Financial health isn’t about wealth – it’s about how financial products and behaviors make life work. It’s our ability to spend, save, borrow and plan for life.

The Point asked Thompson about financial health and the role of the financial services community in improving the financial lives of consumers.

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