Addressing the Emergency Savings Challenge

Addressing the Emergency Savings Challenge

In June 2017, Commonwealth and The Federal Reserve Bank of Boston (“the Boston Fed”) hosted a convening, “The Emergency Savings Innovation Challenge,” to invite banks, credit unions and key regulators in the region to discuss the financial insecurity crisis and approaches to addressing this $400 savings challenge in their communities. The event sparked an open conversation about this challenge, the internal and external barriers financial institutions face as they seek to address it, and a variety of practical solutions. Most importantly, participants identified concrete next steps they will take toward bringing savings innovation to their institutions, including: 1) learning more about their customer base and its savings needs, 2) exploring prize-linked savings as a promising savings solution, and 3) continuing to work together on this $400 emergency savings challenge. 

Key insights and discussion from the convening are highlighted in this brief.

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