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Financial Freedom: Reflections from Money20/20

The final keynote of Money20/20 closed the 4-day conference with #RealMoneyTalk: a transparent dialogue between award-winning actress Chrissy Metz, Gregory Johnson of Intuit, and Scarlett Sieber of Catalyst Consulting Group. On the topic of “Financial Freedom,” they discussed the current realities of millions of Americans today– and how financial leaders can make a difference.

Financial freedom is an ambition for everyone. However, the weights of crippling debt, struggles to save, and poor spending habits can suppress people. More than 35 percent of Americans have collections on their credit report. Additionally, it is estimated 2.3 million Americans are evicted each year, including children. It doesn’t help that talking about money is taboo in our social settings, so the average person typically is unaware of how to seek support.

Chrissy shared intimate details of her childhood growing up in poverty. Especially throughout adolescence, financial issues can take a toll on one’s self-esteem. Chrissy described the troubling anxiety she felt as a middle schooler who could not afford what her peers could. At impressionable ages, those experiences can create a “scarcity mindset” for years to come. Pervasive fears surrounding money have the potential of further inhibiting people from achieving prosperity. If we don’t talk about it, how can we ask for help?

The first step forward is acknowledging that the problem is getting worse, Gregory posed. From there, institutions can accurately understand the scope of the issue, and create services that effectively address those challenges. Without fully grasping the realities for millions of Americans today, organizations run the risk of misinterpreting solutions– or worse, being perceived as tone-deaf.

Photo courtesy of Money20/20

Institutions can effectively support their customers in building wealth by focusing on financial advocacy, rather than just literacy, Jane Barratt of MX explained on Tuesday. “‘Literacy’ stops after definitions. It doesn’t change the outcomes,” said Barratt. Translating financial jargon is a start to educating consumers, but organizations need to show audiences how to apply that knowledge into action.

Currently, 50 percent of Americans have no investments in the stock market. It’s something our team talks about and works to solve every day. Barratt encourages institutions to do the same and ask themselves, “What can we do right now to change behavior?” By empowering the world to be financially strong, organizations can be true advocates for the average person to achieve economic freedom.

Photo courtesy of Money20/20

The Bumped platform is inherently structured to enable the average person to start investing sooner. It is now easier than ever for users to begin receiving stock rewards, automatically equipping them with the education, tools, and support they need to begin their journey as investors.

Banks are now supporting customers in achieving financial freedom by incorporating Bumped’s technology into their user journeys. When consumers spend using their bank’s card, they are rewarded with fractional shares of stock from their favorite stores. Now, the average American can build their stock portfolio simply and easily– without many of the barriers that intimidated or obstructed them otherwise.

Learn how your organization can empower the next generation of investors with Bumped by connecting with our team. Together, we can build a future of financial freedom for all.

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