Prosperity Now: Addressing Debt in Black/African American Communities
In 2019 and 2020, Prosperity Now worked in partnership with Black/African American-led, community-based organizations, using a human-centered design and insights approach to analyze debt as a feature of racial economic inequity. It provided an important lens through which to explore the effectiveness of programs, products, and services in addressing the socioeconomic status of Black/African American clients. Funded by MetLife Foundation, the research, which concluded its analyses into three reports, looked at debt through all project components—financial coaching, fintech, and debt consolidation—while seeking to understand how the causes and consequences of disproportionate debt can be navigated or negotiated to protect people. These findings were used by financial coaching practitioners and organizations to improve financial services and products to better address debt in Black/African American communities. Applying an equity lens, the project used data to drive focus on the Black/African American demographic, given how they are more adversely affected by debt than any other group because of systemic racial, economic, and wealth inequity.
Change Rougo Survey: MetLife Japan Underlines Mindset Shift Among Seniors
MetLife Japan’s 2020 Change Rougo 47 Prefecture Survey focused on “change in attitude and preparation for rougo” (or post-retirement life), as well as a “shift in values and mindset in the wake of the coronavirus pandemic.” The third annual survey questioned 14,100 men and women aged 20 to 79, in all 47 prefectures, about “rougo.” Over 83.5% of the respondents revealed that they were uncertain about retirement, with money, health, and dementia being cited as primary causes of uncertainty. Over 61% said they regularly save, but not systematically. Given these findings, we continue to work closely with central and municipal governments, academia, and private-sector partners across Japan to increase financial literacy and drive better understanding of health issues to support building a more confident future for Japanese society.