Many Americans find themselves in a serious financial situation even as the economy continues to bite. A survey by the Financial Health Network, an organization that delivers free financial services revealed a lot about the debt situation in America. The survey showed that 7 out of 10 Americans say they are grappling with financial instability, including settling bills, credit card debt, consumer debt or student loans. One American in every 5 middle-class workers say they spend more money their income while 20% of women in America say they are stressed because of loans compared to 13 percent of men who reported a similar challenge. The report aimed at assessing the financial health of American citizens by inquiring about their ability to save, pay bills and invest.
Despite the country’s solid financial and economic growth, the number of Americans struggling with their finances remains high, says a report by the Financial Health Network. This study confirms numerous other studies that say millions of Americans struggle with making ends meet long after a decade of economic recession. The rate of unemployment has skyrocketed to an all-time high in the last decade.
The Urban Institute has established that 4o percent of Americans struggle to meet their basic needs such as housing, clothing, and groceries. A recent report by Zillow revealed that about a quarter of renters say they were having difficulties meeting their monthly rent obligations. It is no longer the preserve of the poor to suffer financial pressure, new surveys report. Approximately 20 percent of Americans earning between $30,000 and $100,000 spent more than their potential earnings, being a 4 percent increase compared to the same time the previous year.
This means a lot of pressure is on people in the middle class, which makes it difficult for people to keep pace with the daily obligations, say economic experts. The reports further say that women are shouldering the most burden than their male counterparts.
Financial Factors Responsible for Financial Struggle
Overall, surveys show that only 3 in every 10 Americans are financially healthy. What this means is that these groups of Americans aren’t struggling with any of their obligations such as borrowing, saving, investing. On the other hand, 17 percent of the Population is financially vulnerable. The implication of this situation is that they struggle to meet their financial goals, a study revealed. Roughly 54 percent are considered as “coping” a scenario that means the inability to manage at least one of the financial factors.
Studies have found that 31% of American adults, or approximately 76 million people, are struggling to get along are barely meeting their daily needs, the Federal Reserve Bank’s latest survey indicates. While this figure could appear shocking, the good news is that it is an improvement from the previous figure of 38%. However, almost a decade after the Great Recession still millions of people are struggling to find a financial bearing, which is the reason economic matters remain on top of the nation’s agenda today.
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