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5 Greatest Tweets Of All Time About Instant Same Day Payday Loans Online
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Paying bills can be a grind for 43 percent of Americans, CFPB Finds
By Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on debt, credit and loans. She has written about financial issues for more than 20 years, and has also worked with Fortune as well as Money magazines.
Published on September 27, 2017 at 2:26 PM PDT
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More than 40 percent of U.S. adults struggle to get by according to a new report by the Consumer Financial Protection Bureau.
It discovered that the financial health of U.S. adults varies widely, with savings being the best indicator of wellness in addition to earnings or education. The people who were able to deal with emergency situations were in top health.
The agency conducted a huge national survey to gauge the state of financial well-being. A concept it defined as:
feeling confident about finances
being able to absorb the financial shocks
being on track toward financial goals, and
feeling free to make choices that allow enjoyment of life
Monitor your spending categories
See what you've spent across your accounts, the bills you're likely to pay, and how much you're close to saving.
The survey, which was conducted in late 2016, was conducted in the latter half of 2016, and asked Americans about their incomes, savings and views on money. The results, according to the Financial Well-Being in America report revealed that 43 percent of respondents struggled pay their bills, and 34% had experienced money problems in the past year, including having food shortages or being unable to afford medical care.
A score for the financial health of consumers
The survey respondents also received the "financial health score" between 0 and 100. The average rating was 53.
The report noted that around one-third of respondents scored between 51 and 60, another third scored higher than the range, and the rest were less than that.
Scores of 50 or less had a higher chance of having a difficult time, whereas those with scores of over 61 are more likely to be able to make ends meet.
Age-related disparities have been found. Seniors aged 65 and over were the top performers approximately 10 points more than young adults in the 18-to-34 group, who scored the worst.
>>MORE:
The safety net of a security system is vital.
The CFPB conclusions show that having a safety net of savings has a powerful impact on the stability of financial markets. Adults with less than $250 of savings had average scores of 41. However, those who had savings of more than $5,000 scored well above average.
The amount of the respondent's financial cushion, the CFPB said is the best measure of wellbeing, more than education or income.
For most people, the cushion for financial security begins with these basic elements:
Even as little as $250 at the bank could prevent you from entering the debt of each unexpected expense.
It'll be easier to fuel your emergency fund if you know the amount of money coming in and you have an idea of where it'll go.
Select a plan of action that can assist you in making a dent in the amount you owe. As you pay less to creditors, you will be able to put more of your money towards building an investment plan for your future financial security.
After you've completed those three steps, you'll be in a position to establish more long-term goals like saving for retirement.
Factors affecting financial well-being
Here are some of the factors which significantly enhanced the financial health for individuals, the CFPB discovered:
Having a savings cushion
Having financial know-how
You feel confident in your finances
Regularly saving money
In contrast, these events have strong negative implications for financial health:
Having been denied credit
Have you ever used payday loans, pawn loans or auto title loans
After being approached by the debt collector
The study did not find any differences in financial wellbeing due to gender or location. There were only slight differences due to belonging to a certain racial or ethnic group, with whites who are not Hispanic reporting greater financial health over the other groups.
More information from NerdWallet
About the author: Jeanne Lee is former personal finance writer for NerdWallet. She previously wrote in Fortune and Money magazines.
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