Why finfor?
“By moving individuals from the shadow economy into the formal financial system, greater opportunities emerge for introducing underserved populations to a broad suite of formal financial services, and ensuring those services are accompanied by suitable consumer protections. Thus, financial inclusion, financial integrity, and financial stability can act as complementary objectives.” - Brookings Institute
Financial Inclusion for multigenerational impact
A significant portion of women, particularly those from low-income communities, lack fair, equitable, and affordable access to credit.
This hinders building credit history and perpetuates cycles of financial instability. It also limits their ability to build credit histories, access loans, or achieve financial stability in an equitable and affordable manner.
financial health impacts mental health
Financial stress and instability can take a toll on mental health, leading to anxiety, depression, and other mental health issues. Poor mental health impairs financial decision-making and further exacerbates financial struggles. A healthy money-mental health relationship is crucial for overall health and well-being.
Financial Decisions Determine Financial Stability
Many individuals with thin/low credit or no credit may not have the knowledge necessary to make prudent and informed financial decisions.
An enhanced understanding of credit utilization and the importance of maintaining a good credit score can enable them to make better choices, effectively utilize available credit, and ultimately achieve greater financial stability and security.
