Many of us find it challenging to manage our money and today’s financial marketplace can be overwhelming. That’s why we’re testing innovative strategies to help overcome common financial challenges that many people may face on a regular basis.
For example, many people want to save — for emergencies, college, retirement, or other goals. But they may be overwhelmed by the range of savings products and choices available, and not start saving at all. When people have the option to make savings automatic, more of them succeed in meeting their savings goals.
We’ve been taking a close look at situations like failing to save, where consumers’ actions seem out of step with their goals. We’re investigating what might be swaying the decisions and what solutions or tools might work well. Now we’re ready to test a few ideas and see how helpful they are for consumers.
We’re seeking educational organizations, businesses, and other innovators to work with us to research approaches for helping consumers overcome common decision-making challenges around their finances. Then, we’ll evaluate how well they work and share the results with financial educators, policymakers, and the public.
If your organization is interested in working with us to test a new approach to helping consumers address some key financial challenges, check out the criteria and let us know by November 8, 2013 that you’re interested.
Through a public procurement, we’ve contracted with an independent third party to help us carry out this project. Their site has more information on the program and the criteria.
We look forward to hearing from you!