What is the state of financial wellness in the U.S.?
Per the latest data, it’s not good.
According to research conducted by the Consumer Financial Protection Bureau (CFPB), more families had difficulty paying all their bills in 2022 than in 2021, and more than one in three households could not cover their expenses for more than one month if they lost their primary source of income.
Co-op’s CU Growth Outlook research, done with EY and Mastercard, finds that 57% of respondents have experienced a negative impact to their lifestyle due to current economic conditions. And just 45% of Americans have access to $1,000 to cover an emergency, without taking out a loan or using their credit card.
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