“Bridging the Gap: Financial Inclusion Efforts for Underserved Americans”

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Financial Inclusion: Where We Are Now

Financial inclusion is becoming a reality for more Americans. While there’s still a long way to go to ensure everyone has access to financial services that meet their needs, many organizations have made it a priority in 2023 and beyond to focus on this vital issue.

The Color of Financial Exclusion

The ability to build wealth is crucial for financial health and stability, not only for individuals but for entire communities. Unfortunately, financial exclusion impacts communities of color more severely. Data consistently shows that Black and Hispanic households are more likely to be unbanked or underbanked compared to their white counterparts.

Looking Forward: Financial Inclusion in 2023 and Beyond

While there’s much still to be done in the financial inclusion space, the overall direction is positive. Experts agree that moving the needle in the right direction requires a nuanced and multifaceted approach, driven by public policies and investments from both public and private sectors.

Tools and Resources Bringing Financial Inclusion to More Americans

As awareness around financial inclusion grows, the variety of resources has increased to help individuals build stronger economic foundations and achieve their goals. Here are some key tools and resources:

Banking

Ready, Set, Bank provides educational videos to build online banking confidence. Neobanks and online banks like Current, Varo, Chime, and Ally offer low or no-fee banking options. Credit unions and Community Development Financial Institutions also provide affordable financial products and services.

Credit

Experian Go helps people with no credit history establish a credit report. Experian Boost® allows consumers to get credit for bills they already pay. FinEQUITY helps formerly incarcerated individuals rebuild their credit. Nova Credit assists immigrants in accessing financial services without a U.S.-based credit history.

Saving, Budgeting, and Investing

Stackwell aims to close the wealth gap by helping more Black people leverage the stock market. SaverLife encourages savings and budgeting through prizes and rewards. Digit helps users save money and track spending patterns.

Financial Literacy

World of Money empowers youth with financial education through online videos. MoneySmart, sponsored by the FDIC, offers educational resources for all ages. Experian Credit Course provides a complete guide for beginners to learn about credit and how to use it responsibly.

Planning for the Future

Financial inclusion initiatives have already significantly impacted the financial landscape, and 2023 will likely continue that trend. As digital and mobile technologies drive innovation, there will be opportunities to create new approaches and safeguards that benefit even more Americans.

At O1ne Mortgage, we are committed to helping you achieve your financial goals. For any mortgage service needs, call us at 213-732-3074. Our team is here to assist you every step of the way.

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