Financial Prosperity Eludes Many Americans Despite Growing Economy and Declining Unemployment
June 25, 2019 by Business Wire
June 20, 2019 — WASHINGTON–(BUSINESS WIRE)–As the gap between the Haves and the Have-nots continues to widen, cash-strapped Americans are failing to save money, struggling with student loan debt and facing decreasing financial literacy, despite economic growth and declining unemployment over the past 10 years, according to new research from the FINRA Investor Education Foundation (FINRA Foundation). The study, “The State of U.S. Financial Capability,” finds that key indicators of financial capability are no longer improving in step with the economy.
“This year marks a decade since one of the most significant financial downturns brought financial crisis and loss to millions of Americans,” said Gerri Walsh, President of the FINRA Foundation. “While we’ve seen improvements in key measures of financial capability over the years, the 2018 findings suggest we have hit a plateau — and that not all Americans have recovered at the same rate.”
The nationwide survey of more than 27,000 respondents is conducted every three years and is one of the largest and most comprehensive financial capability studies in the U.S. Originally developed in 2009, it measures key indicators of financial capability and evaluates how these indicators vary with underlying demographic, behavioral, attitudinal and financial literacy characteristics — both nationwide and state-by-state. Some of the key findings from the study include:
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