Financial systems must be designed to enable both the financial context and non-financial factors required to build a prosperous and equitable economy.

Changing the landscape of financial security and opportunity for people living on low to moderate incomes (LMI) requires a deep understanding of the elements of the financial system—the products, services, experiences, distribution channels, and policies—that support individuals’ ability to achieve financial security. Becoming financially secure requires both believing that financial security is attainable for yourself and your community, and having a positive balance sheet.

With the support of MetLife Foundation, Commonwealth conducted a national survey and interviewed individuals living on LMI to identify non-financial factors affecting individuals’ perceptions about being able to attain financial security. This research found four nonfinancial factors relevant to reaching financial security: a journey mindset, aspiration- and value-centered motivations, social networks, and inclusive messaging. Our research found that race, gender, and household income were not significant factors in predicting which individuals had this mindset. These non-financial factors result, in large part, from the financial and social systems in which people live.

Download our report, A New Framework for Positive Financial Futures, to learn more.