In 1952, the consumer debt to GDP ratio in America was less than one-third of what it is today. Home prices have increased by more than 2 ½ times relative to wages in the Denver area and much of the West. Credit card debt has nearly tripled since 1989. Education, health care, and a subscription-based economy are all stripping away the ability for most Americans to make financial progress.
It was refreshing to read an article in Employee Benefit News on how a benefits company is teaming-up with an innovative banking platform to help meet some immediate needs to deal with a financial system that incentivizes and traps consumers in perpetual debt cycles. What is encouraging about this is that it seems the world may be awakening to the fact that if we cannot provide an alternative to the current system, it will be difficult for most people to make meaningful, lasting progress.
Education, advice, and organizational tech are all helpful, but a financial wellness programs that fails to address the systemic issues rotting our financial system is doomed to fail. Instead of providing a wellness program that attempts to assist people in the broken system, it is time to provide an alternative environment that makes financial progress accessible for everyone.
Contact us today to learn how we are going far beyond a banking app and creating a new financial ecosystem to help your team, organization, and community make real financial progress.