For many consumers, 2024 was filled with financial challenges, and according to our predictions, 2025 will present much of the same: prices will be high and many people will struggle to make ends meet. As consumer data and stories show, there are some financial areas where people will feel more stretched in 2025 and ways that financial health resources can help meet those needs.

Transportation costs will put employment, education, and financial health at risk

With the cost of transportation, including car expenses, transit tickets, and ridesharing services, on the rise in 2025, following a demand for transportation financial health resources up 24% from Q2 2024 to Q3 2024, transportation health resources will be key next year.

Banks and financial institutions will be on point for disaster relief support

Daily expenses such as transportation may be where much of people’s expenses will go in 2025, but unexpected bills can hamstring consumers’ financial health for months or years. Hurricanes, tornadoes, and wildfires leave waves of destruction, upturned lives, and companies scrambling to support their customers and employees with financial relief. 

As natural disasters become more frequent and more severe in 2025 and beyond, companies can no longer wait for disasters to destroy their communities to organize resources; they must proactively plan for how to support consumers through difficult times.

As Gorey recently shared in American Banker, “Banks have an obligation to plan ahead for natural disaster relief.” Supporting customers means creating a centralized space for disaster relief resources, which SpringFour partners saw value in as they have been working diligently with consumers after Hurricanes Helene and Milton. SpringFour saw demand for resources rise by nearly 38% in Q3 2024 over Q2 2024, and a 144% increase year-over-year in Q3 2024 over Q3 2023.

Financial health and mental health will remain intertwined

Financial health challenges not only hit bank accounts, they can also take a toll on physical and mental health. A survey by MarketWatch found that 41% of respondents agreed that finances were destroying their mental health.

Student loan payments will continue to challenge consumers, second only to mortgage debt

Student loan debt is one bill that consumers may dread opening, and is now the second-largest consumer debt balance in the country second only to home mortgages, with nearly 42.8 million borrowers strapped with federal student loan debt.

While periods of forbearance put federal student loan payments on hold, payments will resume in February 2025 and organizations will need to prepare to support borrowers to avoid default.

Income-driven repayment plans, such as the SAVE plan, and other support for student loan borrowers will be crucial to helping them maintain their financial health in 2025, as loan forgiveness changes loom.

Financial coaches, agents, and counselors will be central to the solution

Accessing financial resources digitally truly helps consumers improve their financial health, but there’s no denying the need for human support in hand with digital tools. While data points are crucial to understanding where consumers will need the most support in 2025, stories from financial coaches, collection agents, and counselors, add to the picture to see how resources are part of the winning solution.

Learn more about how partnering with SpringFour can help your organization support consumers as they face financial challenges in 2025 by emailing us at impact@springfour.com.

Morgan Pierce

Impact and Communications Manager, SpringFour

As Thanksgiving approaches, we want to acknowledge how thankful we are to make a difference in people’s lives every single day.

While we talk about our impact with numerical data — and that matters — there’s nothing like real-life stories to show what our financial health solutions truly mean to people. 

See three of our recent favorites below from contact center agents, counselors, and coaches who use SpringFour to deliver real value to individuals facing financial challenges.

We wish you a happy Thanksgiving and, as always, our team at SpringFour wishes to thank you for your support and partnership. Together, we are proud to be part of the solution and grateful to work with you.

Responding to Hurricane and Natural Disaster Relief

Finding Employment

Getting Back on Track with Mortgage Payments

Rochelle Nawrocki Gorey, Founder & CEO, SpringFour

We are proud to announce the release of SpringFour’s Q3 2024 Impact Report!

The third quarter was like no other because SpringFour was acquired by C&R Software, a CORA Group company and subsidiary of Constellation Software, Inc., the 23rd largest software company in the world with an $80B market cap! 

Since 2005, we have connected millions of consumers with financial health resources via the banks, lenders, credit unions, employers, nonprofits, and other organizations that serve them. Most of all, we’ve put the win-win importance of financial health on the map. With this acquisition by C&R Software, we can confidently say that financial health is here to stay. 

Read more about our Q3 impact and how SpringFour is delivering much-needed support — when and where it’s needed.

​What’s Inside SpringFour’s Q3 Impact Report?

→ Impact metrics at a glance (page 3)

→ C&R Software acquisition details (page 4)

→ Natural disaster response and recovery (page 5)

→ Health insurance resources available for open enrollment (page 6)

→ One year of delivering transportation savings resources (page 7)

→ Supporting military families and accessing affordable childcare (page 8)

→ Self Financial and SpringFour Partnership Overview (page 9)

→ Panel at Financial Wellbeing Symposium and Top Women in Tech Award (page 10)

Why More Companies Are Creating Impact with SpringFour

More and more organizations are working with SpringFour to incorporate financial health into their bottom lines, driving valuable impact for consumers, employees, and organizations alike. We couldn’t be prouder of this work.

As Nicole Casperson wrote in a Fintech Is Femme feature on SpringFour: 

Here’s What You Can Do With This Report

Morgan Pierce

Impact & Communications Manager, SpringFour

Expanding health insurance resources to ease the open enrollment puzzle and access affordable healthcare

• Healthcare costs are burdensome for half of American adults.
• For seven percent of Americans, the price of insurance alone is so prohibitive that they live uninsured and skip routine healthcare visits.
• Millions of people enroll in health insurance through the Open Marketplace each year; open enrollment can be confusing and people don’t know where to turn. SpringFour’s resources bring clarity and relief to people navigating the complex health insurance marketplace.
• Millions of people who were enrolled in Medicaid during the pandemic have now lost access to that coverage due to ineligibility and need to apply for insurance coverage on the Affordable Care Marketplace.

Our newly-added Health Insurance resources and brand new SpringFour-authored Financial Health Resource Guide offer information and tips for navigating government programs and open enrollment. These enhancements were developed in response to a 125% increase in demand for health insurance referrals year-over-year from consumers through SpringFour products.

How we help organizations regain a sense of stability after hurricanes and other natural disasters

• Creating disaster relief landing pages and comprehensive evergreen support centers
• Prioritizing long-term recovery in tandem with short-term relief efforts
• Elevating vulnerable communities and increasing their access to financial health resources
• Connecting people with vetted financial health resources that are up-to-date, accurate, and helpful

We continuously monitor for new, relevant, trusted nonprofit and government natural disaster recovery resources that support consumers.

Delivering homeowners much-needed assistance as HAF shutters

SpringFour provided almost half a million referrals to HAF programs during the pandemic. In response to the closure of HAF, we’ve expanded our mortgage relief resources to include more than 300 non-profit, government, and other programs (outside of the HAF programs) for homeowners having difficulty making their mortgage payments and facing foreclosure.

Whatever your organization’s needs are to support consumers, now is the time to leverage a partnership with SpringFour to drive financial health and business impact! Email impact@springfour.com to learn how you can begin using SpringFour in three weeks or less.

Morgan Pierce

Impact & Communications Manager, SpringFour

The financial wellness fintech’s increased health insurance resources deliver critical assistance to Americans during the open enrollment period, starting Nov. 1.

CHICAGO, October 30, 2024 – SpringFour, the first-of-its-kind, leading financial health fintech, today announced the expansion of its health insurance resources, at a pivotal time when many Americans are weighing their insurance options. By expanding its solutions to include nonprofit local Health Insurance Navigators, SpringFour offers a lifeline to the uninsured during the crucial open enrollment period starting November 1.

Healthcare costs are burdensome for half of American adults. For seven percent of Americans, the price of insurance alone is so prohibitive that they live uninsured and skip routine healthcare visits, despite the risk of facing hefty medical bills. Millions of people who were enrolled in Medicaid during the pandemic have now lost access to that coverage due to ineligibility and need to apply for insurance coverage on the Affordable Care Marketplace. To address these challenges, SpringFour’s expanded health insurance resources will ease the strain on people worried about how they’ll pay for unexpected or routine medical care. 

Building on SpringFour’s existing resources of government-backed insurance assistance, it has now added non-profit Health Insurance Navigators that help individuals with insurance program research and enrollment. By widening its reach in health insurance, SpringFour now offers access to hundreds of vetted local and state programs dedicated to closing the uninsured gap. In response to a 125% increase in demand from consumers for SpringFour’s health insurance referrals year-over-year, SpringFour added to its health insurance resources and authored a brand new Financial Health Resource Guide on Health Insurance which provides information on navigating government programs and open enrollment as well as obtaining Health Insurance through the Health Insurance Marketplace, including health insurance options and a link to the exchange for each state health insurance marketplace. 

Giving people access to the support they need to pay for necessities such as healthcare and housing improves their overall financial health. This is at the heart of why Rochelle Nawrocki Gorey founded SpringFour in 2005. 

“People shouldn’t have to worry about how they’re going to pay for their insurance or medical bills — but healthcare costs have become a much greater piece of the household budget. By expanding SpringFour’s health insurance resources we’re giving people more options to reduce their costs and improve their financial standing. We’re proud to deliver these resources in partnership with leading organizations, and connecting people who are struggling financially with vetted nonprofit organizations now, during open enrollment, has the greatest impact,” said Nawrocki Gorey. 

Since its launch in 2005, SpringFour has connected millions of Americans to resources that improve their financial health. In the second quarter of 2024, SpringFour delivered more than 2 million financial health referrals to consumers in need, 13% more than the previous quarter and more in one quarter than ever before.

Learn more about SpringFour here: https://springfour.com/

About SpringFour

Founded in 2005, SpringFour is the first-of-its-kind, leading social impact fintech that empowers banks, credit unions, fintech lenders, employers, loan servicers, mortgage insurers, nonprofits, and organizations across all industries to connect consumers with vetted, local nonprofit and government financial health resources. Trusted by leading organizations including Capital One, BMO, Fifth Third Bank, MSUFCU, M&T Bank, OppFi, KeyBank, Patelco Credit Union, Avant, Enova, Oportun, Mission Lane, and more, SpringFour’s product suite includes an innovative contact center tool, digital self-service products, and APIs that increase payment performance, add brand value, strengthen customer relationships, drive ESG and social impact, support consumer financial health, and improve bottom lines. SpringFour has received many prestigious awards including American Banker’s Most Influential Women in Fintech, Inc. Magazine’s Female Founders 250, Real Leaders’ Top Impact Companies, Fast Company’s Brands that Matter, Finovate’s Innovator of the Year, and more. SpringFour was recently acquired by C&R Software, a CORA Group company and subsidiary of Constellation Software, Inc., the 23rd largest software company in the world with an $80B market cap.