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Paying Bills Is a Grind for 43 percent of Americans, CFPB Finds
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Paying Bills Is a Grind for 43% of Americans, CFPB Finds
by Jeanne Lee Jeanne is a former NerdWallet writer focusing on debt, credit and loans. She has covered financial topics for more than 20 years, and has also worked at Fortune as well as Money magazines.
Published Sep 27, 2017 2:26PM PDT
Written by Des Toups Lead Assigning Editor | Student loans, repaying college debt, and paying for college Des Toups is a former lead assigning editor who supported both the auto loans and automobile loans teams. He has years of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing and side hustles.
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More than 40 percent of U.S. adults struggle to survive According to a recent report by the Consumer Financial Protection Bureau.
It discovered that the financial wellbeing that of U.S. adults varies widely in the form of savings, which is the best indicator of wellness, even more than education or income. People who had the ability to manage emergencies were in good health.
The agency used a large national survey to measure the financial health of its citizens, which that it defines as
feeling in control over finances
being capable of taking the financial shocks
getting on track to meet financial goals,
having the freedom to make choices that make life enjoyable
Keep track of your spending categories
Check out what you've put into your accounts, upcoming bills and see how much you're on track to save.
The survey, which was conducted in the latter half of 2016, was conducted in the latter half of 2016, and asked Americans about their earnings, savings and attitudes toward money. The results, according to the Financial Well-Being in America report which shows that 43 percent of respondents struggled to pay bills and 34% have experienced issues with money in the past year, including being unable to eat or not being able to pay for medical care.
A score for the financial health of consumers
The survey respondents also received the "financial wellbeing score" between 0 and 100. The median scores was 55.
The report noted that around 1/3 of those were between 51 and sixty, another third scored higher than that range, and the rest were lower than it.
Scores of 50 or less were more likely to be being in financial hardship, whereas those with scores of over 61 are more likely to be able to meet their financial needs.
Age-related disparities have been found. Seniors ages 65 and older had the highest scores approximately 10 points better than the young adults of the 18-34 age range which scored the lowest.
>>MORE:
A safety net is vital.
The CFPB findings highlight the fact that a safety net made of savings has a strong impact on the stability of financial markets. Adults with less than $250 savings had average scores of 41. Those with savings of at least $5,000 scored well above average.
The amount of the respondent's financial cushion, as the CFPB noted was the most reliable indicator of well-being, even more than education or income.
For the majority of people, the cushion for financial security begins by establishing these fundamentals:
Even as little as $250 at the bank could prevent you from entering in debt for each unexpected cost.
It's easier to fill your emergency fund if are aware of how much money is coming in and you have an idea of where it'll go.
Pick a strategy that will assist you in making a dent in the amount you owe. When you pay less creditors, you will be able to put more money into creating an investment plan for your future financial security.
After you've completed those three tasks, you'll be capable of setting long-term goals, like saving for retirement.
Factors that affect financial wellbeing
Here are a few factors which significantly enhanced the financial health for the general population The CFPB found:
Having a savings cushion
Knowing the financial aspects
Confident about your money
Saving money regularly
(image: https://i.pinimg.com/736x/bb/1e/20/bb1e2091ee132cfe941c72e5ef417a14--payday-advance-loans-cash-advance-online.jpg)However, these experiences had strong negative associations for financial health:
Having been denied credit
Having used payday loans, pawn loans or auto title loans
Being contacted by an unidentified debt collector
The survey found no differences in financial wellbeing due to gender or location. There were minor differences due to belonging to a certain racial or ethnic group, with non-Hispanic whites reporting greater levels of financial well-being than the other groups.
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The author's bio: Jeanne Lee is former personal finance writer for NerdWallet. She has also written for Fortune and Money magazines.
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