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In their first national survey on financial well-being, the Consumer Financial Protection Bureau (CFPB) has found that over 40 percent of U.S. adults have a hard time making ends meet. Utilizing a 10-question survey, the National Financial Well-Being Survey provides the “first-ever national data directly measuring the financial well-being of U.S. consumers.”
Report Findings
- 43 percent of consumers struggle to pay the bills
- 34 percent of consumers experienced material hardships in the past year
- Out of 100, the average financial well-being score for U.S. adults is 54
- Adults 34 and younger had the lowest financial well-being, with an average score of 51; adults 65 and over had an average score of 61
- The average financial well-being of adults with less than $250 in savings was 41, compared to adults with liquid savings of $75,000 or more at 68
Nearly half of U.S. adults struggle to make ends meet, and over a third experienced financial hardships during the past year; that’s startling. The case of financial struggle is even worse for minorities and women: 20 percent of Black or African American alone households live below the poverty level, as do 18.6 percent of Hispanic or Latino origin households and 27.3 percent of female householders without a husband present, according to U.S. Census Bureau 2016 ACS 1-year estimates.
The demand for resources that allow Americans to increase their financial well-being is paramount. From solid banking relationships to financial literacy, there are factors that are simply necessary in order to build a solid economic foundation.
The CFPB also developed an interactive financial well-being tool that helps you evaluate your own financial well-being and discover strategies to manage your finances. To view the full report, please, click here.