March 25--Four out of 10 Americans describe themselves as struggling to pay their bills, according to a new survey by the Center for Financial Services Innovation.
The report, "Understanding and Improving Consumer Financial Health in America," aims to shed light on the financial challenges facing Americans, according to Jennifer Tescher, the Chicago-based center's president and CEO.
The study, released Wednesday, also found that 57 percent of American adults are struggling financially. For example, the survey reports that more than one-fifth of Americans are so worried about bills that they have no idea how long they could make ends meet if they lose their jobs. More than 7,000 people over the age of 18 were surveyed for the report.
While 74 percent of consumers say they have a savings account, more than half do not have a planned savings habit, according to the survey.
Also, the survey found that while 43 percent of the total population does not budget, over half of the people surveyed use prepaid debit cards that allow them to set a predetermined amount of money to spend. And of those prepaid debit card users, 77 percent of those said they do so because they can only spend what they have, the survey found.
"This study reveals significant opportunities for policymakers, nonprofit organizations, and financial service providers to create real solutions and empower millions of Americans to live healthy financial lives," said Tescher.
The report was financed by American Express, MetLife Foundation and the Ford Foundation.
crshropshire@tribune.com
