72% of Americans are not considered financially healthy due to:
Residents living in financial deserts spend an average of 10% of their income on interests and fees – the same amount American families spend on food each year.
Living in a financial desert can prevent individuals and families from achieving financial health and has lasting impacts on future generations. Without easy access to banks and other traditional financial services, residents may have to rely on alternatives such as check cashers and payday lenders. The result is a perpetual cycle of financial instability and limited economic opportunities.
The Truth About Financial Health in America
of Americans are considered financially healthy today
of U.S. households are unable to manage a $400 emergency expense
of adults have borrowed money from somewhere like a pawn shop or a payday lender
90% of Americans born in the 1940s have surpassed their parents' income
50% of Americans born in the 1980s have surpassed their parents' income
This is the amount of household income spent on interest and fees associated with alternative financial service providers like check cashers and payday lenders