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Paying bills can be a grind for 43% of Americans, CFPB Finds
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Paying Bills Is a Grind for 43 percent of Americans, CFPB Finds
By Jeanne Lee Jeanne is a former NerdWallet writer focusing on credit, debt and loans. She has covered topics related to finance for more than 20 years, including stints with Fortune as well as Money magazines.
Sep 27 Sep 27, 2017
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More than 40% of U.S. adults struggle to get by According to a recent report by the Consumer Financial Protection Bureau.
It was found that the financial well-being for U.S. adults varies widely and savings are the most accurate indicator of wellbeing in addition to the amount of education and income. People who had the ability to handle emergencies were in good shape.
The agency used a large national survey to assess the state of financial well-being. A concept it defined as:
Feeling in control of finances
being able to absorb the financial shocks
getting on track to meet financial goals,
having the freedom to make choices that let you enjoy life
Monitor your spending categories
Check out what you’ve put into your accounts, the bills you’re likely to pay, and how much you’re in the right direction to save.
The survey, which took place in late 2016, asked Americans questions about their savings, income, and views on money. The survey’s results, as reported in the Financial Well-Being in America report revealed that 43 percent of respondents struggled pay for bills and 34% of respondents had faced issues with money in the past year, such as being unable to eat or not being able to pay for medical treatment.
A score to measure the financial health of consumers
Survey respondents also received the “financial well-being score” between 100 and 0. The average scores was 55.
The report noted that around 1/3 of those were between 51 and sixty, another third scored higher than the range, and the rest were less than that.
Individuals with scores that were 50 or lower were at a higher risk of experiencing hardship, while those who scored 61 or above were likely to to live on a budget.
Disparities by age group were observed. Seniors ages 65 and older scored the best approximately 10 points higher than younger adults in the 18-to-34 group with the lowest scores.
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Safety nets are vital.
The CFPB findings highlight that a safety net of savings has a strong influence on the financial stability. Adults with less than $250 in savings had an average score of 41, while those with savings of $5,000 or more were well above the average.
The size of a respondent’s financial cushion, as the CFPB noted, was the best indicator of well-being, even more than education or income.
For the majority of people, this financial cushion is built around these fundamentals:
As little as $250 in your bank account can keep you from going into debt over every unexpected cost.
It’s easier to fill your emergency fund when you know the amount of money coming in and you have an idea of where it will go.
Choose a plan that will help you put a dent in the amount you owe. As you pay less to creditors, you are able to contribute more of your money towards creating your financial future.
After you’ve completed those three steps, you’ll be capable of setting longer-term goals, such as saving money for retirement.
Factors that affect financial wellbeing
Here are some of the factors that significantly improved financial wellbeing for individuals according to the CFPB discovered:
A savings cushion
Being a financial expert
Feeling confident about money
Saving money regularly
In contrast, these events have strong negative connotations for the financial health of individuals:
Having been denied credit
Have you ever used payday loans, pawn loans or auto title loans
After being approached by a debt collector
The study did not find any differences in financial health due to region or gender. There were only slight differences due to belonging to a certain racial or ethnic group, with whites who are not Hispanic reporting higher levels of financial wellness than other groups.
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The author’s bio: Jeanne Lee is former personal finance writer at NerdWallet. She has also written in Fortune and Money magazines.
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