The Widespread Problem of Financial Insecurity
In Teetering, Ken Rees confronts all of us with a reality most of us would rather ignore. Although we don’t hear this in the daily news, nearly half of American adults walk a financial tightrope. Certainly, they live paycheck to paycheck. By all means, they worry constantly about losing their job or unexpected expenses. Unfortunately, they have become the new normal.
For decades, we witnessed the rise of income instability and falling savings. More recently, we lived through the twin economic upheavals of the Great Recession and the COVID-19 pandemic. To be clear, we should not treat “Tightropers” as victims or blame them for their financial decisions. Author Ken Rees lets them tell their own stories of setbacks, sacrifice, and perseverance. Further, he provides original research into their unique pressures and needs.
Tightropers deserve support at all stages of their lives to build savings for both daily emergencies and long-term retirement. Who better than Ken Rees, founder and CEO of Covered, to speak for Tightropers and to their plight.
The Shared Solution for Tightropers
Because policies and laws affect Tightropers, Rees also speaks to legislators and regulators. Insightfully, he shows them how they can make a difference without unintended consequences. Likewise, he demonstrates how financial technology innovation can help Tightropers manage their money in uncertain times. My all means, this situation calls for urgent action across the board. Financial institutions, investors, regulators, policymakers, employers, and influencers, all have a stake in the outcome.
Clearly, this book identifies the financial forces that have pushed the American dream out of reach for so many. On a practical level, it proposes common ground solutions that work regardless of political leaning. In conclusion, it provides a roadmap for how innovators can serve this growing need. Convincingly, it calls banks and others to start saying “yes” to their customers again.