HOPE CEO Bill Bynum recently joined a panel of experts in Washington, D.C. to discuss the U.S. Financial Diaries project, a first-of-its-kind study on how working Americans make ends meet. The study, conducted by New York University Wagner’s Financial Access Initiative and The Center for Financial Services Innovation, collected detailed financial data from more than 200 low- and moderate-income households over the course of a year and found that fluctuating income and expenses present serious financial challenges for many households from month to month. Several HOPE members participated in the study.
Bynum addressed the need for policies that increase access to responsible financial tools, and the implications of widening wealth and income gaps. During his remarks, Bynum linked the research to the everyday experiences of HOPE members, 36% of who were unbanked prior to joining HOPE and 81% of whom are minority. Read more here.