FinLab Challenge

Workplace Financial Health Challenge

Applications are now closed. New cohort members will be announced in January, 2019.

The Challenge

The 2019 Challenge is focused on innovative workplace financial health solutions that can measure the impact and performance of these services within diverse work environments, including underserved populations.

Employers are interested in adopting workplace financial health and wellness programs, but widespread adoption of these services has been limited due to a lack of clarity both about their effectiveness in improving the financial health of their users and the impact they will have on an employer’s bottom line.

New solutions are needed because:

• Nearly half of all U.S. workers report being financially stressed. A CFSI report on Employee Financial Health found that employees’ personal financial stress led to increased absences from work, decreased on-the-job morale, higher rates of turnover and negative consequences related to their physical health.

• Employees would benefit from more robust workplace financial health services that go beyond traditional retirement benefits including short-term savings programs, income smoothing and insta-pay tools, small dollar loans, student loan repayment assistance, and more.

Meeting the Needs of the Underserved

A core objective of the Financial Solutions Lab (FinLab) is to identify, test, and bring to scale financial innovations that substantially improve the lives of the United States’ underserved population. Accordingly, one main criterion for this Challenge will be the degree to which an applicant directly serves low-to-middle-income (LMI) workers. Over time and with support from the FinLab, winning solutions could allow LMI employees to better focus on their short and long-term financial goals, including higher participation in 401Ks, long-term saving plans, and education savings plans.

Timeline

October 10, 2018: Application period opens

November 9, 2018: Application period closes

Mid-January, 2019: New cohort members announced

January 22, 2019 – June 22, 2019: Cohort program runs

May 14, 2019 – May 16, 2019: Acknowledgment and preliminary findings presented at EMERGE Financial Health Forum 2019

June 22, 2019 – July 22, 2020: Continue to measure impact and share findings

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