Household Financial Security: What can we learn from research in the U.K.?

A Trans-Atlantic Policy Forum could bring together academic researchers,
policy makers, advocates, and corporate leaders in the U.S. and U.K. to develop
insights to fuel changes in public policies and corporate behavior to promote the
financial security of low- and moderate-income (LMI) individuals and families.

“Take my word for it”: Group Texts and Testimonials Enhance State and Federal Student Aid Applications

Abstract As the cost of college continues to rise, it has become increasingly important for students to apply for financial aid. However, many students are unaware of the benefits of the Free Application for Federal Student Aid (FAFSA). We launched a field experiment with a non-profit organization to explore how both informational- and testimonial-type text […]

Household Spending Patterns and Hardships during COVID-19: A Comparative Study of the U.S. and Israel

Abstract The combined supply and demand shocks of the COVID-19 pandemic have created the largest consumer behavior shift in recent history, while exposing millions of households to material hardships like food insecurity and housing instability. In this study, we draw on national surveys conducted early in the pandemic to investigate the pandemic’s effects on self-reported […]

Experimental Evidence on Consumption, Saving, and Family Formation Responses to Student Debt Forgiveness (Links to an external site)

The Earned Income Tax Credit (EITC) provides substantial financial support to low-income Universal basic income has gained renewed interest among policymakers and researchers in the U.S. While research indicates that unconditional cash transfers produce diverse benefits for households, public support lags in part due to the predicted unemployment and frivolous As policy-makers grapple with whether […]

How Would Americans Respond to Direct Cash Transfers? Results from Two Survey Experiments

The Earned Income Tax Credit (EITC) provides substantial financial support to low-income Universal basic income has gained renewed interest among policymakers and researchers in the U.S. While research indicates that unconditional cash transfers produce diverse benefits for households, public support lags in part due to the predicted unemployment and frivolous spending. To understand how Americans […]

COVID-19 job and income loss and mental health: the mediating roles of financial assets and well-being and the moderating role of race/ethnicity

Abstract Prior research shows unemployment has a negative effect on mental health, yet whether this relationship is affected by financial factors is unknown. For example, having money in savings may mitigate the impact of job loss on mental health. We use structural equation modeling with data from the Socio-Economic Impacts of COVID-19 Survey with a […]

Nothing to show for it: Financial Distress and Re-Enrollment Aspirations for those with non-degreed debt

Abstract The number of individuals with student loan debt who do not earn their degrees is on the rise; nevertheless, there is little research that demonstrates their current circumstances and future aspirations. We address this knowledge gap by comparing the financial distresses and re-enrollment aspirations of student debt-holders who started college but did not earn […]

Do Racial and Ethnic Disparities in Savings and Job Loss during COVID-19 Explain Disparities in Housing Hardships? A Moderated Mediation Analysis

Abstract Despite the array of public programs offered to help households mitigate the economic impacts of the COVID-19 pandemic, many still needed to rely on savings, credit, or other assets to make ends meet. This reality may exacerbate existing social and economic inequities because racial and ethnic minorities often have lower access to assets and […]

Policy & practice: How to build long-term financial wellness

We know that liquid assets provide a safety net for short-term financial well-being, but how can we transition from short-term financial stability to longer-term financial health? Researchers, Jeremy Burke, Stephen Roll and Emily Gallagher shared their findings on the mitigation effect of liquid assets during a financial shock, the leading factors that contribute to long-term […]

Racial and Ethnic Disparities in Housing Instability during the COVID-19 Pandemic: The Role of Assets and Income Shocks

Abstract Stable and adequate housing is critical in the midst of a pandemic; without housing, individuals and families cannot shelter in place to prevent the spread of disease. Understanding and combating housing hardships in vulnerable populations is therefore essential to a sound public health response. This study aims to explore the pandemic’s disproportionate impacts on […]

Fintech as a Solution for Employee Financial Health: Findings from Five Exploratory Studies

The financial technology (fintech) sector has grown rapidly in recent years. Awareness and use of fintech has grown as companies in this sector have increased their user-friendly design, convenience, and accessibility. A unique fintech niche that has developed rapidly alongside the overall industry is known as “employer-channel fintech.” Offered by employers, these solutions or benefits […]

Saving for a Rainy Day: Making it Easier for Employees to Build Emergency Savings

In this study, we examined Onward, an employer-based mobile app that enables workers to save via payroll deduction and receive financial education and coaching as a means to address financial challenges such as difficulty paying bills on time, managing debt, and accruing savings. An important feature of Onward is that employees can save automatically through […]

From Financial Struggle to Short-Term Financial Relief – An Exploratory Study on Small-Dollar Lending for Low-and Moderate-Income Employees

In this study, we examined HoneyBee, a service company that provides access to 0% APR loans and financial coaching through the workplace. HoneyBee aims to offer employees in need a more affordable credit alternative to payday and auto title loans and therefore help addressing significant cash flow emergencies. Data for this exploratory study included 65 […]

Employer-Sponsored Financial Planning: A Study of the Brightside Platform

In this report, we explore employee usage trends of Brightside, an employee financial health platform that is designed to improve the financial health of working families. Using this platform, employees can open “cases” to address a financial need or goal they have. Brightside connects these employees with financial assistants who, in turn, connect the employees […]