Upgrading Financial Literacy Tools to Help Consumers

Upgrading financial literacy tools is critical to empowering the millions of Americans who struggle with financial insecurity, says Janis Bowdler, managing director of financial capability initiatives at JPMorgan Chase. Her company is backing her rhetoric through its Financial Solutions Lab (FSL), which, over the next five years will identify the most pressing financial challenges facing consumers and then work to identify innovations that could address them. For its first challenge, the FSL is looking for new tools that can help people resolve cash flow problems, specifically the mismatch between the timing of bill due dates and paychecks, which disproportionately affects low- and middle-income consumers. Eight winners will receive up to $250,000 in funding and technical assistance to help bring the solution to market. Read More...