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Paying Bills Is a Grind for 43 percent of Americans, CFPB Finds

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The process of paying bills is a grind for 43% of Americans, CFPB Finds

Jeanne Lee Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on debt, credit and loans. She has covered topics related to finance for more than 20 years, and has also worked at Fortune and Money magazines.

Sep 27 September 27, 2017

Written by Des Toups Lead Assigning Editor | Student loans and repaying college debt, and paying for the cost of college Des Toups leads the student loans and auto loans teams at NerdWallet Prior to that, he led the company’s private loans and finance for consumers. He also managed the editorial teams at CarInsurance.com, Insurance.com and MSN.com and worked as an editor and reporter for The Seattle Times, Anchorage Daily News, Albuquerque Journal, Colorado Springs Gazette-Telegraph and Biloxi Sun Herald.

A majority of the products we feature are provided by our partners who compensate us. This influences which products we write about and the location and manner in which the product is featured on a page. However, this doesn’t influence our evaluations. Our opinions are our own. Here’s a list and .

More than 40 percent of U.S. adults struggle to get by According to a recent report from the Consumer Financial Protection Bureau.

It discovered that the financial well-being for U.S. adults varies widely in the form of savings, which is the most accurate indicator of wellbeing and even more so than earnings or education. People who had the ability to manage emergency situations were in top condition.

The agency carried out a huge nationwide survey to gauge the financial health of its citizens, which they defined by:

feeling in control over finances

being capable of absorbing the financial shocks

being on track toward financial goals,

being able to make decisions that allow enjoyment of life

Track your spending categories

See what you’ve spent across your accounts, the bills you’re likely to pay, and how much you’re close to saving.

The survey, which took place in late 2016, asked Americans to provide information about their earnings, savings and attitudes toward money. The survey’s results, as reported in the Financial Well-Being in America report, shows that 43% of respondents struggled to pay bills and 34% have experienced financial difficulties in the last year, like having food shortages or not being able to pay for medical treatment.

A score to measure consumers’ financial health

Respondents also received an «financial health score» between 100 and 0. The average rating was 53.

The report stated that about a third of people were between 51 and sixty and another third scored higher than the range while the remainder scored below it.

Scores that were 50 or lower were at a higher risk of being in financial hardship, whereas those who scored over 61 are more likely to to meet their financial needs.

Age-related disparities were observed. Seniors aged 65 and over had the highest scores — about 10 points better than young adults in the 18-to-34 age group with the lowest scores.

>>MORE:

The safety net of a security system is vital.

The CFPB findings highlight the fact that having a safety net of savings has a strong influence on the financial stability. Adults with less than $250 savings had average scores of 41, while those who had savings of more than $5,000 scored well above average.

The size of a 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, that financial cushion starts with these basics:

Just $250 in your bank account can keep you from going into in debt for each unexpected cost.

It’s easier to fill your emergency fund if know the amount of money coming in and you have a plan for where it will be used.

Select a strategy that can help you put a dent in your debt. When you pay less creditors, you are able to contribute more money into creating your financial future.

Once you’ve tackled those three tasks, you’ll be capable of setting more long-term goals like saving for retirement.

Financial well-being is influenced by a variety of factors

Here are a few factors which significantly enhanced the financial health for people according to the CFPB found:

Having a savings cushion

Having financial know-how

Confident about your money

Regularly saving money

By contrast, these experiences were strongly associated with negative effects on financial health:

Having been denied credit

Have you ever previously used payday loans, pawn loans or auto title loans

Having been contacted by the debt collector

The study did not find any differences in financial health because of gender or region. There were only minor variations due to being part of a certain racial or ethnic group, with non-Hispanic whites having higher levels of financial health over the other groups.