What is Financial Wellness?

With a staggering 78 percent of consumers living paycheck-to-paycheck and 33 percent with no money in their retirement accounts, it’s clear many people in the U.S. struggle with basic financial literacy.

As consumer debt rises and savings rates decline, consumers and financial institutions are facing the problem of how to address consumer financial wellness. Consumers who lack basic money management skills can often lead to increased financial stress and higher overall costs for healthcare.

On the flipside, when consumers have a stronger foundation in financial literacy, they tend to be less stressed in their lives and more productive in general. Offered through a consumer’s financial institution or fintech provider, personal financial wellness solutions help consumers achieve better financial outcomes by providing proactive suggestions, tips, and tools on how to manage cash flow, save for emergencies, make monthly budgets, cut wasteful spending, pay down debt and save for their future.

Because so many people in the U.S. are deficient in their financial literacy, organisations such as the Center for Financial Services Innovation (CFSI) are on a mission to increase awareness of financial products and services that benefit the financial health of all Americans – especially the underserved. The CFSI set out to work with some of the leaders in the financial services industry, like Envestnet | Yodlee to develop financial tools that improve financial lives.

As a leading CSFI partner, Envestnet | Yodlee develops solutions that provide financial coaching and empowers consumers to reach their financial goals. The Envestnet | Yodlee Financial Wellness Solution is powered by state-of-the-art data intelligence that helps users manage and improve their financial fitness. The Financial Wellness Solution is flexible and can be deployed across a variety of platforms and devices, helping financial service providers make deep, meaningful connections with their customers, while enabling them to increase customer engagement.

Explore more of our financial wellness products: