According to the 2019 U.S. Financial Health Pulse report, less than 30% of Americans could be considered financially healthy, with millions of households not having enough money in savings to get through a month. These are the people who are the most at risk given the COVID-19 crisis.
The longer this crisis continues, the more loan payments will be missed, the more savings will be depleted, and the less money will be available for retirement. Protracted and dynamic pandemic conditions will also draw out anxiety and financial stress impacting relationships and creating underlying phychosocial behaviors. Unfortunately, things will get worse before they get better.
Our guest on the podcast is Jennifer Tescher, President & CEO of the Financial Health Network, the nation’s authority on consumer financial health. Tescher founded the Financial Health Network in 2004. During our interview, Jennifer shares her perspective on what both government and the banking industry need to do to support the financial health of all citizens, especially during this time of most need.
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About the Banking Transformed Podcast
In each Banking Transformed podcast, host Jim Marous has candid conversations with the world’s foremost leaders on what it takes to transform financial institutions during an age of digital disruption. His guests discuss technology, channels, innovation, customer experience, leadership, culture and competitive forces that are changing the banking industry faster than ever before.
Named as one of the most influential people in banking, Jim Marous is an internationally recognized financial industry strategist, co-publisher of The Financial Brand and the owner and CEO of the Digital Banking Report. The Digital Banking Report is a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers.
As a sought after keynote speaker, author and recognized authority on disruption in the financial services industry, Marous has been featured by CNBC and CNN, Cheddar, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker and has spoken to audiences worldwide. Jim has also advised the White House on banking policy.