#2228: Finhabits Provides Savings Trends During COVID-19 -- the Pandemic Effect...

finhabits_rogeliopier.mp3
File Size:	14205 kb
File Type:	mp3

Download File

---

As many of us know, prior to the pandemic, savings accounts were running on the low side -- to put it conservatively. Since then, consumers savings accounts have generally blossomed at a healthy rate. I remember vividly one of the main topics at conferences in late 2019/early 2020 was how do we get deposits to increase now that we have all these loans.

Now, thanks to a pandemic, the pendulum has swung the other way toward deposits, equating to a rise savings. What gives here?

To answer this question and more, Finhabits COO Rogelio Pier joins us on the show to share his thoughts on savings during COVID-19: the pandemic effect. Here's what we asked him:

• Before the pandemic, we couldn’t get anybody to save money with many savings accounts running on empty nationwide. Post pandemic, savings, for the most part, are through the roof. What happened?
• How do we keep this savings trend alive in a post-COVID world?
• Why is this trend significant right now?
• What is the credit union’s role in all of this?
• What are some smart things credit union members can do with all this saved money?
• Before I let you go, tell us a bit about Finhabits — because this app falls in line with what to do with these saved funds?
• Tell us about your work with Filene Research Institute?

Finhabits is a really cool investment advisor site/app, as well. It's a bit like Robinhood and Acorns, but Finhabits allows consumers to invest any amount they like with plenty of help from the experts on hand. They have a strong focus on the Hispanic market but cater to anybody who would like to venture into the world of investing.

Check it out and let us know your thoughts.