The Center for Financial Services Innovation is using social media to educate Americans about their financial health today, which is FinHealthMatters Day.
The 2016 edition of FinHealthMatters Day featured more than 100 blog posts and 2,000-plus tweets which cumulatively produced more than nine million impressions on financial health.
CFSI marked FinHealthMatters Day by releasing the results of its latest study. Highlights include:
- Nearly half (48 per cent) of Americans say their expenses are equal to or greater than their income.
- 38 per cent of those that spend more than their income have volatile incomes, meaning their income varies month to month.
- More than one quarter (26 per cent) of Americans say they have volatile incomes, with 86 per cent of that group indicating that their financial situation causes them stress.
- 25 per cent of Americans say they have too much debt, with 96 per cent of those reporting that they are financially stressed.
- Only 46 per cent of those living in rural areas spend less than their income, while a larger portion (53 per cent) of city dwellers spend less than their income.
- 25 per cent of those ages 18-25 have less than one month of readily available savings.
- 54 per cent of those 18-25 have expenses that are equal to or more than their income.
- 48 per cent of 18-25 year olds are only slightly or not at all confident they’re taking the steps for have enough money for the long term.
“It is clear that income volatility and mounting debt are two of the biggest stressors that work against the financial health of many Americans,” said Jennifer Tescher, founder and CEO of CFSI. “Their financial health depends on climbing out of debt, planning for the future and living within their means when possible. There’s an opportunity for banks, fintech companies, credit unions and other providers to provide meaningful solutions and guidance that supports increased financial stability nationwide.”