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The process of paying bills is a grind for 43 percent 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 for NerdWallet, focusing on credit, debt and loans. She has covered topics related to finance for over 20 years, with stints at Fortune and Money magazines.

Sep 27 September 27, 2017

Written by Des Toups Lead Assigning Editor | Student loans repayment of college debt, paying for college Des Toups leads the student loans and auto loans teams at NerdWallet and, prior to that, he headed the personal loans and finance for consumers. He has also led editorial teams at CarInsurance.com, Insurance.com and MSN.com and was 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 recent report from the Consumer Financial Protection Bureau.

It discovered that the financial health that of U.S. adults varies widely in the form of savings, which is the most accurate indicator of wellbeing and even more so than education or income. People who had the ability to handle emergency situations were in top shape.

The agency carried out a huge national survey to measure the financial health of its citizens, which it defined as:

feeling in control over finances

being capable of taking 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

Find out how much you’ve spent on your accounts, the bills you’re likely to pay and see how much you’re close to saving.

The survey, which was conducted in the latter half of 2016, asked Americans to provide information about their savings, income, and attitude towards money. The findings, as per the Financial Well-Being in America report, shows that 43% of respondents struggled to pay for bills and 34% had experienced financial difficulties in the last year, including being unable to eat or being unable to afford medical expenses.

A score for the financial health of consumers

Survey respondents also got the «financial health score» between 100 and 0. The average score was 54.

The report noted that around one-third of respondents were between 51 and sixty, another third scored higher than that range, and the rest were below it.

Individuals with scores of 50 or less were more likely to be being in financial hardship, whereas those with scores of over 61 are more likely to to live on a budget.

Age-related disparities were found. Seniors ages 65 and older were the top performers 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 powerful influence on the financial stability. Adults who have less than $250 in savings scored an average score of 41. Those who had savings of $5,000 or more were well above the average.

The size of a respondent’s financial cushion, as the CFPB stated was the most reliable indicator of well-being, and was more than education or income.

For most people, that financial cushion is built around these fundamentals:

Even as little as $250 at the bank could keep you from going into in debt for every unexpected cost.

It’ll be easier to fuel your emergency fund when you are aware of how much money is coming in and have a plan for the place it’ll be used.

Select a strategy that can assist you in making a dent in the amount you owe. As you pay less to creditors, you are able to contribute more money into creating the financial foundation.

Once you’ve completed these three steps, you’ll be in a position to establish more long-term goals like investing in retirement savings.

Factors affecting financial well-being

Here are a few factors that significantly improved financial wellbeing for the general population, the CFPB discovered:

Having a savings cushion

Being a financial expert

Confident about your money

Saving money regularly

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

Having been denied credit

Having previously used payday loans, pawn loans or auto title loans

Having been contact by the debt collector

The survey found no differences in financial health due to region or gender. There were minor variations due to being part of an ethnic or racial group, with whites who are not Hispanic reporting higher levels of financial health than the other groups.