Executive Summary
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 thanks TruStage Ventures for making this research possible.
