According to The Federal Reserve, 47% of Americans do not have financial security and cannot access $400 in a financial emergency without going into debt or selling something. This means that nearly half of U.S. households do not have sufficient savings to withstand a financial emergency without difficulty or acquiring debt.
The Report on the Economic Well-Being of U.S. Households in 2017 is a survey of 12,000 people who reported on their income, employment, unexpected expenses, banking and credit, housing, education, and retirement planning in late 2017. The report does show some encouraging news. In fact 74% of adults report that they feel at least “okay” financially. This is an increase of 10% from the survey in 2014. Still, the fact remains that many individuals and families continue to struggle financially.
Two significant things help achieve financial security:
- Savings that can be used in unexpected hardship situations
- Eliminating debt to allow for a healthy budget with sufficient savings
Our financial security super powers infographic highlights how anyone can get started developing these important factors of financial security.
Are you ready to get your finances back on track? You can unlock a healthy future with two financial security superpowers – Eliminating Debt & Building Savings!
Be The Hero of Your Own Debt Relief Story!
If you are experiencing financial difficulty and are looking for a solution, non-profit credit counseling can help you make sense of all your options. Contact us today for a free financial assessment with one of our certified credit counselors.
