Bankrate’s January Financial Security Index survey revealed that just 40% of U.S. adults can cover the cost of a $1,000 car repair or emergency room visit using their savings. The survey is similar to other shocking studies by The Federal Reserve and the Pew Charitable Trusts over the past few years.
Financial Health Check
Luckily, Hydrogen’s Financial Health Check tool can be plugged into any website or application. It dynamically calculates the financial health of your users, from real personal financial management (PFM) data.
Above, we have inserted the average savings rates and debt of Americans, and not surprisingly, our tool provides the average American with a financial health rating of F!
37% of Americans that Bankrate surveyed said they would try to borrow money to pay for the unexpected bill, but as our Health Check shows, that number is likely much higher. There is a savings crisis in America, and Hydrogen is here to help.
Creating an Emergency Savings Fund
Hydrogen has amazing tools in our Proton library to help your users create the necessary savings plan, so they aren’t one of the 40% of Americans that can’t cover the $1,000 expense. It’s not enough to throw out arbitrary numbers and surveys. To solve the financial health crisis in America and the globe, we need to provide actionable tools that are personalized for the end user.
The Hydrogen Emergency Savings Calculator (as shown above) can dynamically create a savings plan for your users, and this plan can then be tracked using other tools on the Hydrogen platform. Hydrogen is bringing financial wellness into the 21st century through smart, dynamic, and actionable tools!