Jul 08 2020
FinTech Catalyst Incubator: Finhabits
Through a partnership with CMFG Ventures, Filene Research Institute continues the work of the FinTech Catalyst Incubator to test promising concepts that could make a difference in the credit union marketplace. In this report we analyze the desirability and feasibility of Finhabits and if it can help members’ save for retirement, meet other financial needs, and build confidence in their knowledge of investing.
1 out of 4 Americans have no retirement savings and more than 50% of Americans say they are not prepared for retirement. 39% of Hispanics have no retirement savings and only 23% believe they are on track for retirement. In addition, 42% of young people (18–29) have no retirement savings.
Finhabits focuses on providing an easy savings solution for all consumers while increasing access for underrepresented groups such as Hispanics and low-income households through bi-lingual services, specialized outreach, and low investment amounts to get started.
With 114 credit union members, Filene tested Finhabits, an online, or app-based, investment platform that provides consumers with a tool that simplifies saving for retirement and investing in stocks and bonds.
Filene's FinTech Catalyst Incubator is generously funded by: