The American Dream, once a beacon of hope for countless individuals, is increasingly elusive. A poll conducted by the Wall Street Journal/NORC in June of 2024 illustrates that key components of this dream, such as financial security and a comfortable retirement, are becoming increasingly difficult to attain. This stark reality is a testament to the growing economic disparities and challenges facing many Americans today.
The Financial Landscape: A Complex Puzzle
The poll highlights a significant disconnect between Americans' aspirations and their perceived ability to achieve them. While the majority of respondents prioritize these goals, they express a profound skepticism about their attainability. This sentiment is rooted in a complex interplay of factors.
- Rising Costs: The surging cost of living, encompassing housing, education, healthcare, and everyday expenses, has made it difficult for many to break the cycle of living paycheck to paycheck of relying on high interest rate credit products.
- Limited Access to Financial Services: With the closure of many traditional banking locations in lower income communities, Americans are left searching for access to affordable and reliable services. These same communities often lack access to digital financial integration services, leaving business owners and consumers unable to manage their finances effectively.
How Financial Technology Can Make a Difference
In the face of these challenges, fintech offers a promising solution. By leveraging innovative technologies and data-driven insights, fintech companies can unlock access to affordable and personalized financial services that empower individuals to take control of their financial futures.
Marqeta’s Role in Unlocking Purchasing Power
As a card program manager specializing in issuing and processing, our company is committed to unlocking purchasing power for all. Our offerings, including earned wage access, buy now, pay later (BNPL), credit, and debit programs, which are designed to address the financial needs of diverse consumer and business segments.
- Earned Wage Access: By providing access to a portion of their earned wages before payday, we help individuals avoid costly payday loans and bridge financial gaps.
- BNPL: Our BNPL solutions offer flexible payment options, enabling customers to make purchases without reliance on high interest rate credit.
- Credit and Debit: Our comprehensive credit and debit card programs provide convenient and secure payment solutions for everyday transactions, often embedded directly into the apps and services used daily.
By offering these products and services, we aim to empower individuals to make informed financial decisions, manage their expenses effectively, and build a stronger financial foundation.
The American Dream may seem increasingly distant, but it is not out of reach. By leveraging the power of financial technology, we can help individuals overcome the challenges they face and achieve their financial goals. Our company is dedicated to playing a pivotal role in this transformation, unlocking purchasing power for all and creating a more equitable and prosperous future.
* The American Dream Feels Out of Reach for Most, Wall Street Journal, August 28, 2024
