Implementing Financial Health: Creating Mutual Success for Financial Service Providers and Clients

The e-MFP "From Research to Practice and Back Again" Action Group (AG) has worked on building a bridge between financial education and financial health and engaged with different stakeholders worldwide to understand this relationship. In this process, it identified an opportunity to make financial health a business proposition for financial service providers (FSPs) that can adopt and implement strategies to improve the financial health of their clients, become more resilient and profitable, and develop more robust internal and external relationships. This research question – how to frame the approach to develop and work on business strategies that address clients’ financial health and provide FSPs with a way for growth, organizational resilience, and profitability – is the common thread of this effort.

This report presents the business case for financial health at the level of the financial service providers (FSPs) offering a comprehensive theoretical framework and actionable steps to assist FSPs in adopting a proactive approach to support their clients’ financial health while becoming more resilient and profitable and developing more robust internal and external relationships.