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What's the state of your financial health?

April 25, 2019
Jennifer Dier
Jennifer Dier

April is Financial Education Month

Are you in tip-top shape or could your financial condition use some attention? April is Financial Education Month, so it's a great time to take stock of your financial health.

Components of Financial Health

 

Americans Are Struggling With Financial Health

Research shows that many Americans are struggling to meet some of the basic indicators of financial health. Did you know:

  • 47% of Americans are spending more than or equal to their income.
  • 45% of Americans do not have enough savings to cover three months of living expenses.
  • 40% of Americans do not plan ahead financially.

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 Financial Health Network (formerly the Center for Financial Services Innovation - CFSI), a leading authority on consumer financial health, has defined four components of financial health: Spend, Save, Borrow, and 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:

Spend:

  • Do you pay your bills on time and in full?
  • Do you spend less than your income?

Save:

  • Do you have sufficient living expenses in liquid savings?
  • Do you have sufficient long-term savings or assets?

Borrow:

  • Do you have a sustainable debt load?
  • Do you have a prime credit score?

Plan:

  • Do you have appropriate insurance, such as life, auto, home, health, etc.?
  • Do you plan 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; bankers are 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 regularly; we can show you some options for getting out of debt faster; we can help point you towards a healthy financial future.

Did you know that we offer a self-guided, online learning tool that provides quick lessons on key financial concepts at no cost? Learn more about Hancock Whitney Financial Cents, and see how this complimentary service can help boost your financial IQ.

We’re here to help, whatever condition your financial health is in. Talk with a banker at a financial center near you, or call 1-800-448-8812.

 

This information is provided for educational and informational purposes only. We provide links to external websites for convenience. Hancock Whitney Bank does not endorse and is not responsible for external content, links, privacy, or security policies.

Related Topics:

News, Texas, Mississippi, Louisiana, Personal Finances, Alabama, Florida, Financial Education
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