Today is Financial Health Matters Day, designated by the Center for Financial Services Innovation to create awareness about the state of individual "financial health." Research shows that most Americans are struggling to meet some of the basic indicators of financial health. How's your financial health?
Did you know:
57% of Americans – approximately 138 million adults – are struggling financially1
14% of Americans don’t know their credit score, or that they even have a credit score2
Why Financial Health Matters
Your financial health has a real impact on your life, on your ability to weather life’s inevitable ups and downs, and on your chances to pursue your dreams.
The Center for Financial Services Innovation (CFSI), a leading authority on consumer financial health, has defined four components of financial health: Spend, Save, Borrow, Plan. For each component, CFSI has identified two indicators of financial health. Ask yourself these questions to get an accurate picture of the state of your financial health:
Do you pay your bills on time and in full?
Do you spend less than your income?
Do you have sufficient living expenses in liquid savings?
Do you have sufficient long-term savings or assets?
Do you have a sustainable debt load?
Do you have a prime credit score?
Do you have appropriate insurance, such as life, auto, home, health, etc.?
Do you plan ahead for emergency expenses?
Look to Your Banker for Financial Guidance
If your financial health isn’t as robust as you’d like, you can turn to your banker for advice and assistance. Banks are more than just a place to deposit your paycheck or borrow money for a new car; we’re financial professionals who can assist you with all sorts of money matters. Chances are, we have an answer to whatever your money questions may be: we can help you start saving on a regular basis; we can show you some options for getting out of debt faster; we can help point you towards a healthy financial future.
1 Source: CFSI’s Consumer Financial Health Study
2 Source: CFSI: Consumers & Credit Scores: Understanding Consumer Confusion to Target Solution