The Problem
Modern finance is built to profit off the slack already in the system
The financial services industry generates trillions in revenue, yet managing money still feels broken for most people. That is no accident. The slack in your financial life is someone else's revenue line.
of customers feel pressured to accept products that serve the bank more than them
Nearly three-quarters of banking customers now hold accounts at competing institutions, and nearly half feel pressured into products that serve the bank more than themselves. Confidence in banks remains near record lows for the fourth consecutive year.
to process a standard ACH transfer, while 40+ countries offer instant settlement
The core ACH payment system still processes transactions in batches. Japan had real-time payments in 1972. The UK built theirs in 2008. Americans would have saved over $100 billion if the U.S. had adopted real-time payments when the UK did.
collected by banks in overdraft fees alone in a single year
The average overdraft fee is $29, and affected customers pay it an average of 10 times per year. 80% of all overdraft fees are paid by households earning under $50,000. The system profits from confusion, not clarity.
of Americans can correctly answer basic personal finance questions
U.S. financial literacy has hovered around 50% for eight consecutive years. Only 27% of Americans are confident they can create an investment plan. Adults with very low financial literacy are 3x more likely to be financially fragile.
of Americans say they are "just getting by" financially
The Federal Reserve's 2024 SHED survey found that only 73% of adults report doing okay financially, down from 78% in 2021. Nearly one in three households now borrow money for daily expenses, up from 27% in 2019.
average financial literacy score for Gen Z, the lowest of any generation
Gen Z averaged only 38% correct answers on the P-Fin Index, the lowest of any generation studied. They lag behind every other generation across all eight personal finance areas. Nobody is teaching the next generation, and the scores show it.