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Paying bills can be a grind for 43% of Americans, CFPB Finds
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Paying bills can be a grind for 43% of Americans, CFPB Finds
by Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on debt, credit and loans. She has covered topics related to finance for over 20 years, with stints in Fortune as well as Money magazines.
Sep 27, 2017
Editor: Des Toups Lead Assigning Editor | Student loans and repaying college debt, financing the cost of college Des Toups leads the student loans and auto loans teams at NerdWallet Prior to that, he headed the company’s individual loans and finance for consumers. He has also managed editorial teams at CarInsurance.com, Insurance.com and MSN.com and worked as an editor and reporter at The Seattle Times, Anchorage Daily News, Albuquerque Journal, Colorado Springs Gazette-Telegraph and Biloxi Sun Herald.
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More than 40 percent of U.S. adults struggle to survive According to a new report by the Consumer Financial Protection Bureau.
It discovered that the financial well-being that of U.S. adults varies widely in the form of savings, which is the most reliable indicator of health in addition to the amount of education and income. People who had the ability to manage emergencies were in the best health.
The agency used a large national survey to assess the financial health of its citizens, which it defined as:
feeling in control over finances
being able to absorb financial shocks
getting on track to meet financial goals, and
having the freedom to make choices that let you enjoy life
Track your spending categories
See what you’ve spent across your accounts, the bills you’re likely to pay and the amount you’re in the right direction to save.
The survey, which was conducted in the latter half of 2016, was conducted in the latter half of 2016, and asked Americans to answer questions regarding their earnings, savings and attitude towards money. The survey’s results, as reported in the Financial Well-Being in America report revealed that 43% of respondents struggled to pay bills and 34% have experienced issues with money in the past year, including having food shortages or being unable to pay for medical treatment.
A score to measure the financial health of consumers
Respondents also got the “financial well-being score” between 0 and 100. The median score was 54.
The report noted that around one-third of respondents scored between 51 and 60 A third of them scored higher than that range while the remainder scored lower than it.
Scores that were 50 or lower were more likely to be being in financial hardship, whereas those with scores of over 61 are more likely to be able to make ends meet.
Disparities based on age were found. Seniors over 65 had the highest scores approximately 10 points more than younger adults in the 18-to-34 age group which scored the lowest.
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A safety net is crucial
The CFPB conclusions show the fact that having a safety net of savings has a powerful influence on the financial stability. Adults who have less than $250 savings had an average score of 41. Those with savings of $5,000 or more were well above the average.
The amount of a person’s financial cushion, the CFPB noted is the best measure of wellbeing, higher than income or education.
For most people, that financial cushion is built around these basic elements:
As little as $250 in the bank can stop you from falling into in debt for every unexpected expense.
It will be much easier to fund your emergency fund when you are aware of how much money is coming in and you have a plan for where it will go.
Pick a strategy that will aid you in reducing the amount in what you owe. As you pay less to creditors, you are able to contribute more of your money towards the development of your financial future.
Once you’ve tackled those three steps, you’ll be capable of setting more long-term goals like investing in retirement savings.
Factors that affect financial wellbeing
Here are some of the factors which significantly enhanced the financial health for the general population according to the CFPB found:
Savings cushion
Being a financial expert
Feeling confident about money
Regularly saving money
However, these experiences had strong negative associations for financial health:
Having been denied credit
Have you ever previously used payday loans, pawn loans or auto title loans
After being contact by a debt collector
The study did not find any differences in financial well-being because of gender or region. There were only minor differences due to belonging to an ethnic or racial group, with non-Hispanic whites having higher levels of financial health over the other groups.
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About the author: Jeanne Lee is former personal finance writer for NerdWallet. She has also written for Fortune and Money magazines.
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