Is there really a link between affordable housing and financial health?
As a follow-up to our December 11th post on “Affordable Housing Benefits Financial Health”, the report ‘Housing as a Platform for Improving Financial Capability’ states that an alarming percentage -- 57% of American adults are struggling financially.
More than 35% of households are not happy about their financial situation and 26% suggest this is a major cause of stress. Credit scores are also coming into play when consumers are filling out rental applications, applying for an auto loan, opening a bank account or trying to setup a mobile phone account. A poor credit score can negatively affect the outcome.
Affordable housing providers are finding that mobile phones are a channel to interact with residents. Although this group with low to moderate incomes is presumably under banked or unbanked, out of the 90% of them with mobile phones, 49% have used mobile banking.
The report supports the essential basis of linking financial health to affordable housing. The use of technology by affordable housing providers can help increase the overall effectiveness of the financial capability programs already in place.