New report paints a bleak picture on the state of financial health

By Peter Renton

The Financial Health Network?released its annual Trends report today and it paints a bleak picture of the state of financial health in this country.?

Most of the gains made during the pandemic have been undone and financial health is declining once again. It is declining across multiple measures including spending, saving, borrowing and planning.

As Isabelle Castro?reports 43 million people are officially listed as "financially vulnerable" today meaning they have little or no emergency savings, have burdensome levels of debt, and struggle to meet expenses.

Access to a bank account appears to be important as 47% of Americans without a bank account were financially vulnerable compared to just 11% of those with a bank account.

The 69-page report is a comprehensive look at the current state of financial health in this country. Over 8,600 people responded to the survey taken between April and June of this year.

It shows that fintech and financial services generally still have a lot of work to do to make a real difference in everyday American's financial lives.

FEATURED

Report reveals disproportionate financial health decline over location and ethnicity

By Isabelle Castro Margaroli ?

SPONSORED

93% of fintechs report compliance challenges

By Alloy ?

Navigating the increasingly complex regulatory compliance landscape has become?challenging?for fintechs of all sizes. How much so? Alloy surveyed 200 decision-makers to find out.

FROM FINTECH NEXUS

AI ‘fit for the fraud fight’

By Craig Ellingson ?

SPONSORED

PODCAST

Manu Smadja, Co-Founder & CEO of MPOWER Financing on International Student Loans

Listen Now

WEBINAR

How managing global fund flows makes international expansion much simpler

Sep 21, 11am EDT

Register Now

ALSO MAKING NEWS

• USA: Affirm Shares Drop After Company Points to Cost HeadwindsAffirm Holdings Inc. said funding costs will be a headwind for the buy-now, pay-later company’s margins in coming months.
• USA: BNY Mellon using open banking to cut friction from B2B paymentsThe bank aims to use new tech to make account-to-account transfers for merchants an easier option than credit cards.
• USA: A 3% Mortgage Rate in a 7% World? This Startup Says It Can Do ThatLoan assumptions, which let a home buyer essentially take over a seller’s mortgage, are hard to find and hard to pull off.
• USA: Why U.S. Bank created its own font, and how digital design is changingRecent Arizent research shows that having appealing digital spaces is one of the most important factors for customer experience at banks.
• Global: Visa launches global cross-border money movement packageVisa has leveraged its acquisition of Currencycloud to launch a new global cross-border money movement service for banks, fintechs, FX brokers, corporates, and other payment institutions.
• USA: 'Almost All Loans Are Bad'---Why Banks Aren't LendingRising deposit costs and capital needs are making lenders pickier, at the cost of growth
• Asia: Why Southeast Asia Will Never Have An Alipay Or TenpaySome results were better than others, but Sea Group, Grab and GoTo all continue to struggle with the fundamentals.