Financial Deserts

Stories of Financial Deserts

Families and individuals living in financial deserts struggle with making basic financial and economic decisions that affect the everyday lives of their households and businesses. To start the conversation, community partners need to provide these communities with the right knowledge, electronic payment technology tools and resources in order to guide them and to help them start getting the most out of their money.

In order to address the real challenges people face when they’re left out of the financial economy, we have created resources to answer questions and provide a path toward more secure financial futures.


Understanding Modern Financial Technology

A young couple has a hard time understanding how to use more modern or more effective financial tools. Even if they’ve been able to learn more about their options. The couple has trouble sorting through the options and may be reluctant to act on the information, feeling insecure in their ability to successfully use services that seem like they weren’t meant for their use.

Solution: The Technology to Advance Equal Financial Opportunity study identifies the realities of financially underserved communities and points to real-world solutions that are available through modern technology. Read this resource


The Value of Prepaid Cards

Today’s generation of youth continues to struggle with making financial decisions that would allow them to successfully navigate the financial paths they face. Prepaid cards and debit cards are available financial tools that can help them combat those financial roadblocks.

Solution: Prepaid cards are a safe, simple and convenient financial tool that allows consumers to only spend what they have and stay within their budget. You can use them anywhere credit or debit cards are accepted—load and reload the cards with immediate access to funds and check the card’s balance online or via mobile at any time. Watch this video


The Power of Cards

A dad who manages household finances in a cash system doles out allowances to his spouse and children, keeps the funds he needs to pay bills and buy food and has a secret hiding place so that other family members won’t know there’s more money that he is saving for emergencies. He puts those precious savings at risk of theft or loss without any security, earned interest or the ability to freeze an account and keep the money from being used.

Solution: Thirty-four million households in America live their daily lives without a bank or basic financial services. Technology is the solution. Get the power of cards without a bank or credit. Read this resource

 

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