Quoting from the CFPB's press release issued yesterday:
The Consumer Financial Protection Bureau released the results of a first-of-its-kind national survey on the financial well-being of U.S. consumers that showed that more than 40 percent of U.S. adults struggle to make ends meet. The survey provides measurements and insights on the financial well-being of specific groups of consumers as well as the population as a whole. … “These survey results are beginning to measure and examine the financial well-being of consumers,” said CFPB Director Richard Cordray. “And the new tool we are releasing allows consumers to measure their own financial well-being and helps them take better control of their financial futures.” [The new tool is here.]
The full report includes a range of findings, most prominently that
- More than 40 percent of adults report struggling to make ends meet: Of the nationally representative sample of consumers surveyed, 43 percent of consumers report struggling to pay bills. Additionally, over one third—34 percent—of all consumers surveyed reported experiencing material hardships in the past year. For the survey, examples of material hardships include running out of food, not being able to afford a place to live, or lacking the money to seek medical treatment.
- Certain financial and demographic characteristics are associated with financial well-being: Educational attainment, income, and employment status all appear to have a strong relationship with financial well-being. Additionally, the survey showed that financial well-being is higher for older adults, especially those aged 65 and older, whose average score was 61. On the other end of the spectrum, younger adults, those 34 and younger, tended to have the lowest financial well-being score with an average of 51.
American Banker has a behind-a-paywall story on the report here.
