Paying bills can be 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 NerdWallet writer focusing on credit, debt and loans. She has written about financial issues for more than 20 years, with stints with Fortune as well as Money magazines.





Sep 27 September 27, 2017


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More than 40% of U.S. adults struggle to make ends meet According to a new report from the Consumer Financial Protection Bureau.
It found that the financial well-being that of U.S. adults varies widely, with savings being the most reliable indicator of health, even more than the amount of education and income. Those who had means to deal with emergency situations were in top shape.
The agency conducted a massive national survey to measure financial well-being, a concept it defined as:
Feeling in control of finances
being capable of absorbing the financial shocks
staying on track towards financial goals,
being able to make decisions that make life enjoyable

Keep track of your spending categories
Check out what you've put into your accounts, the bills you're likely to pay and the amount you're close to saving.






The survey, which was conducted in late 2016, included Americans to answer questions regarding their earnings, savings and views on money. The survey's results, as reported in the Financial Well-Being in America report, shows that 43 percent of respondents struggled to pay bills and 34% have experienced financial difficulties in the last year, such as running out of food or being unable to afford medical expenses.
A score for the financial health of consumers
Respondents also got a "financial wellbeing score" between 0 and 100. The mean score was 54.
The report said about 1/3 of those scored between 51 and 60 A third of them scored higher than that range and the remainder were lower than it.
Individuals with scores of 50 or less were more likely to be having a difficult time, whereas those who scored more than 61 were more likely to to meet their financial needs.
Age-related disparities were observed. Seniors over 65 had the highest scores -- about 10 points better than the young adults of the 18-to-34 group which scored the lowest.
>>MORE:
The safety net of a security system is crucial
The CFPB conclusions show the fact that having a safety net of savings has a strong influence on the financial stability. Adults who have less than $250 in savings had average scores of 41, while those with savings of at least $5,000 had scores that were significantly higher than average.
The size of the respondent's financial cushion, as the CFPB noted was the most reliable indicator of wellbeing, more than income or education.
For the majority of people, this financial cushion starts with these fundamentals:
Even as little as $250 at the bank could prevent you from entering in debt for each unexpected cost.
It's easier to fill your emergency fund when you know how much money's coming in and you have an idea of where it'll be used.
Choose a plan that will assist you in making a dent in the amount you owe. When you pay less creditors, you can put more toward the development of your financial future.

Once you've tackled those three tasks, you'll then be able to set longer-term goals, such as saving money for retirement.
Factors that affect financial wellbeing
Here are a few factors that significantly improved financial wellbeing for individuals according to the CFPB discovered:
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
Having previously used payday loans, pawn loans or auto title loans
After being contacted by a debt collector

The study did not find any differences in financial health due to gender or location. There were only slight variations due to being part of one particular ethnic or racial group, with whites who are not Hispanic having higher levels of financial wellness than other groups.
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About the author: Jeanne Lee is former personal finance journalist for NerdWallet. She has also written in Fortune and Money magazines.







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