Family Finances

Two Birds, One Stone: Using Hybrid Financial Products to Manage Income Volatility

April 12, 2017  • Katherine Lucas McKay

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EPIC has identified hybrid financial products as an emerging opportunity to help families that experience income volatility manage it successfully. Hybrid products combine the functions of two or more consumer financial products that are generally offered separately, integrated for the purpose of improving peoples’ capacity to effectively manage their money. This brief reviews the current research on how families cope with income volatility, identifies existing hybrid products that have demonstrated capacity to help, discusses the roles of the institutions best positioned to act – financial institutions, employers, and government – and recommends principles for further action.