One stat that should capture your attention

This might hurt to read if you are a leader for your financial institution. If you have an inkling of what I’m about to say, you know it is time to get more intentional. So… here it goes.

The average American family spends $1.22 for every dollar earned, according to recent data collected by the South Carolina Association of Certified Public Accountants.

This is not a pitch to become a Community Development Financial Institution, nor to apply for a low-income designation. This one statistic deals with exactly what your customers or members are struggling with. The battle is broad. The lack of financial knowhow is universal. In fact, the Financial Industry Regulatory Authority says nearly two-thirds of Americans show low levels of financial literacy.

Whether you serve the community or Select Employer Groups, it’s important to know that personal financial challenges can carry over into the workplace. According to PricewaterhouseCooper’s 2018 Employee Wellness Survey:

 

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