Study Finds Only 29 Percent of Americans Report Being ‘Financially Strong’

Despite a strong, growing economy, the second annual U.S. Financial Health Pulse Trends report, issued by the Financial Health Network, revealed that the majority of Americans—roughly seven in ten adults—do not claim to be financially healthy. The report covers four aspects of financial stability: saving, spending, borrowing, and planning.

This year’s report shows that while 29 percent of those surveyed say they are “financially strong,” 54 percent say they are “coping” or “struggling” with some aspects of their finances and 17 percent are “financially vulnerable.” The latter consider themselves to be struggling with nearly all parts of their financial livelihood.

Compared to the results in 2018, Americans are saving less money and 12 percent said they do not have a week’s worth of living secured. Nearly 20 percent of those earning $30,000-$100,000 per year also reported that they spent more than they earned throughout the year. However, more people have confidence that they can pay off their debt in five years and have paid their bills on time in 2019.

In a press release accompanying the report’s release, Jennifer Tescher, founder and CEO of the Financial Health Network, said, “Financial health is fluid. Measuring year-to-year change can give us perspective on what types of factors influence financial health over time, while seeing nuanced data can give us critical insight into how people are faring beyond the aggregate.”

“Identifying areas where Americans are struggling can help stakeholders such as policymakers, employers and insurers hone in on ways to help these groups create more financial resilience,” Tescher continued.