Banking Services Resources

Fintech Can Be a Safe Way to Access Financial Services during the Pandemic, but How Well-Suited Is It for People with Low Incomes?

By Kassie Scott and Jorge González-Hermoso, Urban Institute. Released August 3, 2020. COVID-19 is increasing Americans’ reliance on financial technology (fintech), such as online and mobile banking. Stimulus payments alone doubled mobile banking registration. With banks closed or operating at reduced capacity, fintech provides some Americans with a safer alternative to traditional banking. But the pandemic has made the digital divide—or the gap between people who have access to computers and the internet—even more apparent, especially for people with low incomes. Pew Research Center estimates more than 4 in 10 Americans with incomes below $30,000 a year do not have access to home broadband services or a traditional computer and instead rely on smartphones for internet access.

 

State Treasurer Goldberg Publishes Statewide Report on Financial Literacy in Massachusetts

11/05/2021 — The State Treasurer’s Office of Economic Empowerment (OEE) announces its publication of its report detailing the state of personal financial literacy (PFL) education provided in the Massachusetts public school system. This report found that while personal financial education courses may be available in many Massachusetts high schools (around 85% offer them), their content and scope are highly inconsistent. And furthermore, only a small minority of middle and elementary schools offer any kind of a comprehensive curriculum.

 

 

Reducing Racial Wealth Inequalities in Greater Boston: Building a Shared Agenda

By David Bryant, Ginger Haggerty, Cynthia Parker, Mimi Turchinetz, and Esther Schlorholtz. Released by Federal Reserve Bank of Boston. In 2015, the Federal Reserve Bank of Boston released The Color of Wealth in Boston, which found strikingly high racial wealth disparities in the Boston metropolitan area. Although the report sparked dynamic conversations about the importance of focusing on wealth, the large disparities along racial lines, and the crucial role public policy plays in creating or amplifying inequality, we were convinced that simply releasing research was not enough to incite change. Accordingly, a working group was formed to provide independent recommendations to address racial wealth disparities. Read their report and recommendations here.

 

Basic Banking for Massachusetts Survey Results 2012
A 2012 survey of banks and consumers about the Basic Banking for Massachusetts program.

 

Working Together to Build Wealth in Lower-Income Communities

A 2008 MCBC report on Strategies for Financial Institutions, Community-Based Organizations and Public Programs to Expand Access to Financial Services, Financial Education and Asset Development

 

Helping the Unbanked and Underbanked: Toolbox Report for Financial Institutions

This report was produced by the Boston Alliance for Economic Inclusion (BAEI), a public-private partnership whose mission is to enhance the economic well-being of the unbanked/underserved in metropolitan Boston by improving their access to the U.S. banking system, developing and marketing more responsive and affordable financial products and services, promoting financial education, and addressing technical or regulatory issues surrounding these developments.