As Financial Literacy Month begins, the National Foundation for Credit Counseling® (NFCC®) today released the results of the 2017
"It is concerning that so many Americans remain in such a fragile financial position after the Great Recession," said
Credit Card Debt on The Rise
Compared to last year, significantly more
Americans Spending Less
Reversing a trend that has been consistent since 2009, more
Saving and Retirement Pressure
A little over half of adults (54%) say they are saving the same as last year, slightly down by 4 percentage points from 2016. Those who say they are saving "more" remains unchanged since 2016 (26%). The proportion that has non-retirement savings has decreased slightly in the past year (68% vs. 69% in 2016).
Additionally, more than 1 in 4 U.S. adults (27%) do not save any portion of their household's annual income for retirement, which holds steady compared to 2016 (26%) – continuing the trend of a large percentage of adults not funding this important life event. When asked what areas of personal finance are most worrisome, retiring without having enough money set aside was the top response, up significantly more than the previous two years (18% vs. 15% in both 2016 and 2015).
"The financial health of an individual can have large impacts on their community and beyond, both positive and negative, now and in the future. Ultimately, healthier individuals drive healthier communities long-term," said
Student Loan Repayment
Although the percentage who said they would not recommend student loans as a way to finance college education remains the same as last year (11%), the percentage who said their student loan was a good investment has actually increased since 2015 and 2016 (now 9% vs. 6% in 2016 and 2015). A person's confidence in their ability to repay a student loan is one possible factor in determining if borrowing is a good investment. More options for affordable repayment of student loan debt and the availability of nonprofit student loan counseling services may be among the factors influencing this positive trend. Last January, the NFCC launched the nation's largest network of comprehensively certified student loan counselors to help those who struggle with repayment.
Seeking Financial Advice
It remains encouraging that a majority of
Click here to view the 2017
About the Survey
Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation's first and largest nonprofit dedicated to improving people's financial well-being. With nearly 600 member offices serving 50 states and
BECU is a not-for-profit credit union owned by its members. Members receive the benefits of ownership through better rates and fewer fees. With more than 1 million members and over
[i] Calculation based on
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