Updates2022-09-13T14:16:56-04:00

Updates & Insights

Updates

Read our 2021 Annual Report

When looking at workers’ financial health, what stands out is the sheer volume and ubiquity of debt. Low-income workers are forced to rely on debt to get by because our labor market and financial system are not designed with their [...]

March 15th, 2022|

Read our 2020 Annual Report

Throughout this pandemic, we have been financial first responders, helping working families navigate these extraordinarily difficult times. We’re drawing on the lessons we learned last year alongside our partners and customers across the country. Together we strive to create [...]

March 16th, 2021|

Insights

White Paper: The Student Loan Crisis

The Student Loan Crisis: A High Leverage Moment for Designing and Facilitating Employer Engagement in Student Loan Debt Assistance

The student debt crisis is “a significant—perhaps the most significant—consumer finance issue threatening our nation at this time,” says former Consumer Financial Protection Bureau student loan ombudsman Seth Frotman, including “breakdowns and harmful practices that we would simply never permit in other markets.”

Read the white paper

Work and Debt Report

Workers’ Reliance on Debt and the Role of the ‘Nature of Work’

The majority of American workers rely on debt to make ends meet. This debt is often “bad debt,” defined broadly as that which borrowers are unable to pay back at an affordable cost or within a reasonable time frame (e.g. payday loans).

Read the full report

TRUSTPLUS AS A FEATURE OF WORKER-FOCUSED FINTECHS

Cultivating a fintech marketplace that contributes to worker prosperity

Today financial services firms are recognizing the need to shift from digital-only approaches back to a focus on human interaction. Fintechs especially have seen that real human guidance builds trust with customers and drives both product engagement and smart product usage.

TrustPlus is offered as a much-needed human trust factor, as a product feature integrated into select fintechs that aim to solve worker financial insecurity.

TrustPlus Fintech Brief

Read Neighborhood Trust’s White Paper: Solving the Human Touch Deficit in Fintech

Direct Cash Relief

Human Stories of the Coronavirus Pandemic

Neighborhood Trust recently partnered with SaverLife to distribute $1,000 checks generously funded by Humanity Forward to Bronx residents financially impacted by the coronavirus.

Our clients are among the hardest hit financially by the coronavirus pandemic, the hardest to reach, and most likely to be unsupported by the government’s relief efforts. They are small business owners, gig workers, and healthcare workers. They are immigrants, documented and undocumented. They are working parents who unexpectedly have to pay for childcare now that school is closed. They are children who now have to support parents who are out of work. They are overloaded by credit card and student loan debt and wondering how they’re going to pay their rent. They are weary of a financial system that has taken advantage of them far too many times.

The $1,000 our clients received has been a lifeline for so many, a sign of hope when things were bleak.

Read their stories

Direct Cash Relief

The Role of Human Touch in Emergency Cash Relief

In March 2020, as the U.S. realized the severity of the coronavirus pandemic and prepared for an economic shut down, Neighborhood Trust Financial Partners and SaverLife—two nonprofit fintechs dedicated to financial security and inclusion for working families typically left out of the financial system—anticipated the devastating impact the financing crisis would have on low-to-moderate income families.

Given our existing partnership and a shared belief in combining mission with technology, Neighborhood Trust and SaverLife brought together our complementary strengths. Neighborhood Trust utilized its TrustPlus financial coaching to help workers navigate financial shocks and link them to smart financial tools and products. SaverLife leveraged its tech infrastructure to turn a savings platform into a cash distribution platform, deploying this same technology to send money straight to those who need it. Together, we launched an emergency cash relief and coaching effort to disburse money quickly and to help recipients build and pursue a financial plan.

The resulting collaboration on program and user experience design, recruitment of vulnerable families, onboarding support, cash disbursement, and financial coaching to help cash recipients make a financial plan was an extensive effort that came together in just a few weeks.

Read about the effort and results

RE-IMAGINING THE WORKPLACE AS A HUB FOR FINANCIAL WELLNESS

A New Vision to Leverage HR Processes to Improve Employees’ Financial Health

Financial concerns are Americans’ number one source of stress. Employers have woken up to this reality in recent years, and more companies are investing in HR benefits that aim to improve employees’ financial wellness.

Neighborhood Trust in the News

badcredit.org  Neighborhood Trust’s TrustPlus Helps Low-Income Workers Manage Debt and Finances

The Wall Street Journal  Refunds Can Be Tricky in a Pandemic—Here’s How to Get Your Money Back

MONEY  7 Missed Bills and What They Do To Your Credit Score

The Economist  Universal basic income gains momentum in America

Mother Jones  The GOP Plan to Slash Unemployment Benefits Puts the Whole Economic Recovery at Risk

U.S. News & World Report  Should You Use a Credit Card Loan?

Al Jazeera  UBI: Is recession pushing the US towards permanent cash payments?

Bankrate.com  Survey: Nearly half of U.S. households have had incomes cut during coronavirus pandemic

Reviewed.com  Here’s why you don’t need to pay off your credit card every month

NYN Media  Leader to Leader: The post-COVID nonprofit

NYN Media  Leader to Leader: Responding to race and COVID-19 | NYN

CityLab  Stockton Extends its Universal Basic Income Pilot

News 12 The Bronx  Nonprofits team up to give $1,000 to Bronx families

Forbes  Fintech Apps Offer Financial First Aid For Hardest-Hit Consumers

Inside Philanthropy  Banks Started Giving Early on in Response to COVID-19

San Francisco Business Journal  Here are resources nonprofits and private companies are offering amid COVID-19

Hunts Point Express  ANDREW YANG PLEDGES $1 MILLION IN CORONAVIRUS RELIEF TO THE BRONX

El Diario  Andrew Yang ofrece $1 millón de dólares a familias afectadas en El Bronx, reafirmando rumores de que quiere ser alcalde

The Breakfast Club  Andrew Yang Announces He’s Giving $1M To The People Of NYC

am New York  The Humanity Forward Coronavirus Relief Fund dedicates $1,000 to 1,000 Bronx households

Fox News  Yang nonprofit giving out $1,000 payments to Bronx households amid coronavirus outbreak

NBC New York  Yang Announces $1M Coronavirus Relief for Service Workers, Low-Income New Yorkers

Yahoo News  Trump, RNC Outstrip Democrats in Fundraising: Campaign Update

CNBC Make It  Andrew Yang’s nonprofit giving out $1 million amid COVID-19 crisis, including $250-$500 checks via social media

CBS News  Andrew Yang’s nonprofit to donate $1 million to families impacted by coronavirus

Breitbart  Andrew Yang’s nonprofit to spend $1 million to help jobless families

CNN   Andrew Yang’s non-profit to spend more than $1 million to aid working families impacted by coronavirus

New York Daily News  Try universal basic income now, NYC: Andrew Yang says coronavirus makes the city an ideal testing ground for a bold idea

Los Angeles Times  El miedo a los dólares contaminados con coronavirus abre un nuevo frente de guerra contra el dinero en efectivo

Los Angeles Times  Fear of coronavirus-tainted dollars opens a new front in the war on cash

Harvard Business School Digital Initiative  A smarter app could make working families richer. Here’s how to build it.

CU Management  Loan Zone: Education Program Boosts Member Financial Health And Revenue

Baltimore Business Journal  T. Rowe Price commits $2.7 million to support programs across Baltimore

Forbes  Even Adds One-On-One Counseling To Platform

Associated Press  As cashless stores grow, so does the backlash

Benzinga  It’s Time For Fintech To Stop Serving The Financial Mainstream And Start Serving Those Who Really Need It

The Edwardsville Intelligencer  Middlesex United Way: ALICE Saves helps asset-limited families build nest egg

The Middletown Press  Middlesex United Way: ALICE Saves helps asset-limited families build nest egg

The Day  New United Way program allows families to make money by saving

El Diario  Alternativas a los préstamos más caros

Danbury’s Hamlet Hub  United Way Launches ALICE® Saves Program

NY1  New Rules Take On For-Profit Schools Accused of Misleading Students

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