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CFPB survey: 2-in-5 adults struggling to make ends meet
A new survey released yesterday by the CFPB found that 43 percent of U.S. adults struggle to pay bills, and one-third of consumers have faced financial hardship in the past year. The national survey, conducted in 2016, is the first of its kind to directly measure American consumers' financial well-being.
The survey used 10 questions to determine a respondent's financial well-being score on a scale of 0-100; the average consumer score was 54. Adults 65 and older averaged a financial well-being score that was 10 points higher than the average score of adults 34 and younger.
In addition to the questions related to overall financial well-being, survey respondents answered questions about individual, household and family characteristics; income and employment; savings and safety nets; financial experiences; and financial behaviors, skills and attitudes.
The CFPB has also released an interactive online tool that allows people to determine their own well-being score and see how they compare to others. The tool provides additional financial resources to help people be in control of their finances.
NAFCU has attended meetings at the CFPB during which trends and themes related to consumers' financial well-being were discussed.
Results from a past NAFCU Economic & CU Monitor survey showed that nearly every credit union offers financial literacy training to its members (84.6 percent) and credit unions' financial literacy efforts reach an average of 20,800 members per institution.
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