Most Americans aren't financially healthy despite booming economy, survey finds

http://www.latimes.com/business/la-fi-financial-pulse-20181101-story.html


The economy is growing, unemployment is low and, lately, workers are starting to see some wage gains.

But a new survey from USC and the nonprofit Center for Financial Services Innovation makes the case that, despite an overall healthy-looking economy, many Americans are struggling to save, pay bills and remain on firm financial footing.

The survey, called the Financial Health Pulse, found that only 28% of American households are financially healthy, meaning they are in control of their spending, are saving money, don’t have too much debt and are planning for the unforeseen.

An additional 55% are financially coping — struggling in a few areas, but doing OK in others — while 17% are classified as financially vulnerable, meaning they are struggling with most aspects of their financial lives.

Among the survey’s roughly 5,000 respondents, nearly half — 47% — said they spend as much or more than they earn and 36% said they cannot pay all of their bills on time. The survey also found:

45% of Americans said they don’t have enough savings to cover three months of expenses and 26% said they don’t have enough for a single month.
30% said they have more debt than they can manage.
16% said they have delayed seeking medical care because of debt.
17% said they don’t plan ahead financially.