Highlights from EY’s Financial Wellness Assessment Analysis
17 February 2016
EY’s Financial Wellness Assessment Analysis helps working US adults better understand how financially healthy they are based on their confidence and self-described behavior. The following data reflects assessments of over 2000 respondents taken between November 2015 and January 2016.
- When asked to think about assets, debts, savings and how satisfied respondents were with their personal financial situation overall, 37% were satisfied, yet 20% were dissatisfied.
- Almost 73% agreed their debt was manageable, with 11% stating they had no debt at all.
- When asked how many times over the past 12 months they had paid a bill passed its due date, 20% said they submitted late payments once or twice.
- Of the employees who consistently use credit cards, 66% said they pay the balance in full each month; a quarter (25%) pay more than the minimum due; the remaining 9% of working credit card users only pay the minimum.
- Forty percent believed they could maintain their minimum standard of living in the event of a 6- month absence from the workforce due to medical issues; 87% were confident they would be able to come up with $2,000 if an unexpected need arose within the next month.
- When asked about the last time they tried to determine how much they would need for retirement, 42% reported estimating their needs within the last 12 months, yet 35% said they had never tried.
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