MetLife Foundation & CFSI: Building Financial Health in America1

A Partnership of Impact: Building Financial Health in America

Since 2014, MetLife Foundation has funded key research conducted by the Center for Financial Services Innovation (CFSI) to inspire the financial services industry to invest in

financial health. Together, we have published dozens of papers, spoken at hundreds of financial industry events, and seen a sea change in how banks, financial technology innovators, nonprofits, and policymakers approach financial challenges in America.

It’s making a difference. Today, more than 130 organizations are orienting their businesses toward financial health and participating in the CFSI Financial Health Network, collectively serving more than 165 million Americans. Twenty financial institutions have publicly committed to measure their customers’ financial health, and dozens more are adopting the framework to change the direction and strategies of their businesses. We’re seeing partnerships, awards, innovation labs, and key influencers challenging the financial services industry to go beyond financial inclusion — and really focus on an outcomes-based approach that tangibly measures how products and services are making a difference in the lives of all Americans.

Financial Health comes about when your daily systems help you build resilience and pursue opportunities. The approach focuses on positive financial outcomes for millions of struggling Americans. Financial health goes beyond “inclusion” into the traditional banking sector, recognizing that partnerships between provider types will truly allow consumers to thrive.

20 Million+impressions across social media

10.2 Billionaggregate readership on media hits

165 MillionAmericans served through the Financial Health Network

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Together We Are Shaping Our National DialogueWhen CFSI began its work with MetLife Foundation in 2015, the term “financial health” was not widely known or used to describe the condition of millions of people living and working across the US. Most mentions of institutions’ opportunities to help were based on inclusion, and both CFSI and MetLife Foundation knew that there was more to this - a developing framework that could be used by financial institutions to consider the impact of product offerings on consumers.

Since then, there have been more than 378,000 mentions of financial health across dozens of platforms, including press releases, blog posts, broadcast news reports, as well as in outlets like Fast Company, CNBC, and CNNMoney.

Top News Stories

No. 1 cause of money stress: When expenses exceed income

Half of Americans are spending their entire paycheck (or more)

Fintech Apps Bring Stability to Stressed Families

NBC News: Why half of America doesn’t even live paycheck to paycheck

A Siri for your Finances? Digit says trust me

Startups Aim at Overlooked Demographic: The Unbanked

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378,771Media mentions of “financial health” between 2014 - 2017

10.2 BillionAggregate readership on media hits

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Changing the Way Financial Services Leaders Think, Speak, and ActExecutives across the financial services industry are leading their organizations in new directions with their adoption of a financial health approach. Through their efforts, these powerful influencers are accelerating industry commitment to building progress against financial health goals for millions of Americans.

Executives Are Paying Attention Publications and Awards Adopting Our Framework

In 2015, 2016, and 2017, PayBefore used CFSI’s Compass Principles (aspirational guidelines for the financial services industry) to determine its annual “Consumer Champion” award for a card or program that improves people’s financial health. In 2016, Opportunity Finance Network hosted the NEXT Awards with Wells Fargo and other organizations, recognizing the NEXT generation of Community Development Financial Institutions achieving impact and scale. They turned to CFSI to help define new strategies in consumer finance—creating a set of criteria based on a financial health framework.

Financial health is good for business, and it’s good for the individuals and communities that we serve.”Dan Schulman, CEO, PayPal

One statistic that sticks with me is that 77% of participants living paycheck to paycheck would rather have financial stability – not more wealth.”David Hoke, Senior Director, Associate Health and Well-Being, Walmart, citing US Financial Diaries work

Understanding members’ financial health and day-to-day struggles are key to helping credit union management, staff, and board members to pursue initiatives to help more members improve their financial health.”Gigi Hyland, Executive Director, National Credit Union Foundation

The most pressing financial challenge for today’s consumer is managing their current and future financial health… if you solve that for them, you’ll get access to a huge market share.”Brett King, Founder of Moven, Futurist, and FinTech Expert

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Financial Health Research Page

Consumer Financial Health Study

Eight Ways to Measure Financial Health

The Journey to Financial Health: Your Company’s Roadmap

Webinar: Measuring Financial Health: 8 Key Indicators

The Big Idea: Financial Health, JenniferTescher Keynote EMERGE 2016

Executive Summary: 8 Ways to Measure Financial Health

Measure what Matters: Financial Health Strategies Video

Announcing 7 Companies Measuring Financial Health

1,270downloads May 2016

Mar. 2017

May 2016

Aug. 2016

Apr. 2016

Jan. 2016

Jun. 2016

811downloads

560views &attendees

470views

257 views

265 downloads

200 downloads

13,498page views

Launched Jan. 2015

12,100page views

Mar. 2015

Creating Original Thought LeadershipFunding from MetLife Foundation has enabled CFSI to do what it does best: conduct original research, distribute our best-in-class analysis, and leverage our thinking to encourage productive discussion and action on topics that pertain to financial health. Over the past three years, CFSI has published dozens of briefs and opinion pieces, showcasing the progression of our view of financial health. Through this work, we have also gained access to conference stages and engagements around the globe.

70sponsored papers, briefs, and blog posts

12webinars and speaking engagements

2,000downloads of MetLife Foundation-funded research on CFSI’s site

Dozens of CitationsOther brands have funded work applying our original research in various areas, citing CFSI’s research widely throughout the papers

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Building A Business Case for Financial HealthThe “Financial Health Leaders” program is an aspirational status in the Financial Health Network for organizations that are seriously committed to measuring the financial health of their members, customers or clients. With our “Financial Health Journey” how-to series, we’re consciously moving the rest of our network members through the lifecycle to encourage them to get ever-closer to measuring financial health.

Organizations in the Financial Health Leaders ProgramSponsored by MetLife Foundation

View a short video of financial services executives talking about how wellness benefits at work are vital to improving employee financial health.

The 8 Indicators of Financial HealthRepresenting more than a year’s worth of research, interviews, and testing, we released indicators that providers can use to measure their customers’, members’ and clients’ financial health.

Spend less than income

7531

8642

Have a sustainable debt load

Pay bills on time and in full

Have a prime credit score

Have sufficient living expenses in liquid savings

Have appropriate insurance

Have sufficient long-term savings or assets

Plan ahead for expenses

Click here to read the full report.

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Broadcasting Advice and ExamplesBy leveraging CFSI’s traditional channels, cultivating new ones, and growing our audiences, CFSI has been able to broadcast examples of organizations that improve consumer financial health far beyond its own reach.

Rick Love co-hosted a popular webinar in April 2016 on the key indicators of financial health with radio personality Brett King, University of Wisconsin-Madison Professor J. Michael Collins, and CFSI’s Sarah Parker.

At EMERGE 2016, Claire Burns, Senior Vice President and Global Head of Marketing Strategy, MetLife, delivered a mainstage “Big Idea” to over 700 audience members.

At EMERGE 2017, Evelyn Stark facilitated a panel breakout: “New Markets, New Neighborhoods, New Opportunities.”

“Multipliers of Prosperity”, a MetLife Foundation partnership with Wall Street Journal, also ran an article, “A Better Measure of Financial Health,” in mid-2016.

MetLife Foundation has been an top-level sponsor of EMERGE for 3 years, over which time:

• Received sponsorship packages valuing over $100,000 each year. Click here for a short video showing the sponsorship benefits.

• Received additional visibility in pre- and post-conference content distribution, by sponsoring post-production for keynotes and other major speeches. Click here to view the video series.

• Participated on mainstage and panel breakouts in front of hundreds of attendees.

• Infused and promoted sponsored research into dozens of sessions, reaching over 2100 attendees over three years.

Sponsored by MetLife Foundation, the Working Group and FinHealth Leaders programs are designed to get a small group of dedicated organizations to test our ideas around measuring financial health. These groups convene digitally and in-person a number of times throughout the year, hearing from MetLife Foundation and peers, and sharing back what’s working and what’s not.

There’s a business incentive for us to improve the financial health of our customers beyond the fact that it’s the right thing to do. For us, the healthier our customers are, the healthier our business is.” — Jerry Nemorin, LendStreet Founder & CEO

Financial Health Working Group & Leaders Programs

Our Partnership in Action

EMERGE: Consumer Financial Health Forum

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In 2016 and 2017, we invested in a new idea to galvanize the more than 1,000 personal finance bloggers and podcasters in the United States talking about issues of financial wellness — but not yet using the term “financial health.” #FinHealthMatters Day was founded to engage this community and create a “thunderclap” of noise around financial health. In powerful unison, partners like JPMorgan Chase, Bank of America, and Wells Fargo all tweeted together about why #FinHealthMatters to their respective brands.

Startups and FinTech Companies Are Learning from Our WorkThrough the Financial Solutions Lab, CFSI actively works with entrepreneurs that seek to improve consumer welfare. The Financial Solutions Lab, established in 2014 in partnership between CFSI and JPMorgan Chase & Co. FinLab is a 5-year endeavor, which has as its very mission to “identify, test and bring to scale solutions that can improve the financial health of all Americans. Lab applicants have been working to solve specific consumer financial challenges, from income volatility to financial shocks, to the broader umbrella of financial health for underserved populations. Lab applicants rely on our research, events, and news stories as they design and build their products. Our research, webinars, and events—much of it sponsored by MetLife Foundation—serve as a guidepost throughout the industry and “the place to go” to understand consumer need.

#FinHealthMatters Day

19 Million+impressions on social media

170+blogs posted on financial health

1,800individual influencers participated

Two Years of #FinHealthMatters Day Impact

Our Work Is Changing How Others Do ResearchMetLife Foundation-funded research has been downloaded thousands of times and has spurred a new set of papers to analyze whether financial health indicators could be applicable for other populations, including

Beyond Financial Inclusion: Financial Health as a Global Framework

Financial Health and Community College Students

Employee Financial Health: How Companies Can Invest in Workplace Wellness

Financial Health: A New Vision for Serving America’s Small Businesses

MetLife Foundation has substantively improved the lives of millions of Americans, increased awareness of financial health in financial institutions, and changed how the country talks about financial inclusion.

With its 3-year, $2.5 million commitment to fund CFSI’s financial health work, MetLife Foundation’s grant goes from idea to action.

The Center for Financial Services Innovation (CFSI) is the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services. Through its Compass Principles and lineup of proprietary research, insights and events, CFSI informs, advises, and connects members of its network to seed the innovation that will transform the financial services landscape.

MetLife Foundation and CFSI About CFSI

Http://cfsinnovation.org

ACCION AARPAmerican Family InsuranceBank of AmericaBoys & Girls Club of AmericaCapital OneCharles Schwab BankCiti Community DevelopmentCitizens BankCommon Cents LabCommonwealthCore Innovation CapitalDiscoverExperianFICOFifth Third BankFISFiserv Inc.Green Dot Corporation

Goldman Sachs & Co.GoogleIntuitJP Morgan ChaseKeyBankMasterCard WorldwideMetLife FoundationMission Economic Development AgencyMyPath (formally Mission SF)National League of Cities NerdWalletPayPal, Inc.Prudential Financial, Inc.TaxACTTIAA directU.S. BankVisa, Inc.Wells FargoYodlee

To view the full list, visit http://cfsinnovation.org/our-network/members/

Financial Health Network Members Include