GreenPath and Pocketnest have a shared vision of supporting people who face challenges in their financial wellness journey.
GreenPath Financial Wellness, a Michigan-based nonprofit focused on financial counselling, has partnered with financial wellness platform Pocketnest, which guides users through various aspects of financial wellness, such as budgeting, saving, investing, and retirement planning, through tailored advice based on individual goals and circumstances.
Pocketnest offers a user-friendly digital platform to facilitate financial planning. It features the curricula of the Certified Financial Planning Board (CFP) and Certified Private Wealth Advisor program (CPWA) and leverages the power of generative artificial intelligence (AI) to provide customised, actionable insights to its customers. With the help of AI and behavioural science, the innovative platform can deliver hyper-personalised financial education, helping users identify and address gaps in their budgeting routines and financial goals.
The fintech provides white-label solutions, licensing its platform to financial institutions and employers, who can then offer branded financial wellness tools to the communities they serve. By partnering with GreenPath Financial Wellness, the firm can make comprehensive financial wellness resources more accessible to the general public.
“We’re longtime fans of GreenPath and are combining efforts to make deep impacts for those who need financial wellness the most,” said Jessica Willis, CEO and founder of Pocketnest.
As a nonprofit, GreenPath employs a team of NFCC-certified counsellors providing compassionate, confidential support to individuals nationwide who need help to get back on their feet, struggling with challenging economic conditions and harsh financial realities. These professional advisors help individuals understand their credit reports, and guide students through the intricacies of student loans toward achieving financial well-being.
The organisation has been helping people manage debt, improve credit, and make informed financial decisions for decades. It provides individual financial counselling for free to help indebted people understand their financial situation, explore options for getting out of the debt trap, and develop personalised action plans. Additionally, the institution offers free resources, including articles, webinars, and online tools, to enhance national financial literacy.
Besides advice, GreenPath provides debt management programs for those struggling with high-interest credit card debt. It may help lower interest rates and consolidate payments, enabling borrowers to pay off debt faster while also saving money. As for housing-related services, the nonprofit offers assistance with foreclosure prevention, homebuyer counselling, rental counselling, and reverse mortgage counselling.
As of the fourth quarter of 2024, American households collectively hold approximately $18.04 trillion in debt, averaging around $105,056 per household. The majority of it (70%) is attributed to mortgages. Aggregate credit card debt reached $1.211 trillion, averaging $6,380 per household.
A growing share of American consumers are facing challenges in meeting repayment obligations on time. In Q4 2024, 3.6% of outstanding household debt was in some stage of delinquency, marking a 0.1 percentage point increase from the previous quarter. The delinquency rate on credit card loans was 2.76%, increasing from 2.64% in Q3, which in turn also illustrated a gradual rise over the year.
