Low-income American families spend the same share of their yearly income on interest and fees as the average American household spends yearly on food. Worse still, low-income households face financial literacy and infrastructure challenges at a much higher rate than the average American household. Full participation in the global economy depends on numerous variables, starting with access to financial products, services, and information.

JPMorgan Chase launched The Financial Solutions Lab, in partnership with the Center for Financial Services Innovation (CFSI) to specifically address this problem and expand the accessibility of innovations that can help Americans increase their savings, improve their credit, and build assets. There will be a set of challenges, aimed at creating solutions to specific obstacles that individuals and households face when handling their finances. The first challenge, Managing Household Budgets, will kick off the five-year, $30 million initiative.

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