A recent survey on financial literacy found that 42 percent of respondents are worried about being able to afford their everyday living expenses. Financial stress drives other woes: Not only can it lead to psychological distress, but it also has the potential to negatively impact interpersonal relationships with family members, friends, and coworkers. In many cases, the problem stems not from scarcity, but from financial decisions.
The Think Forward Initiative (TFI)—a collaboration led by financial services international ING, Deloitte, Amazon Web Services (AWS), and others—was created to help. TFI has a broad portfolio of activities. One of them is using advanced cloud capabilities to help incubate startup companies that have designed financial health solutions, often via mobile apps. These solutions can help educate people on money management and buying habits, improve their decision-making, and find motivation to take steps that are smart but not always easy. But like some other startups, these innovators typically have limited resources to invest and lack experience in some fields to take their solutions to the next level.