September 25

Press Release: Financial Health Pulse 2023: Share of Financially Vulnerable Americans Grows to 17% of Population, Climbing to Pre-Pandemic Levels

The Financial Health Pulse 2023 U.S. Trends Report, released today by the Financial Health Network, the leading voice on financial health, documents a notable 17% of Americans are now considered Financially Vulnerable, representing levels not seen since before the pandemic. Financially Vulnerable consumers typically struggle to meet expenses, have little to no emergency savings, and burdensome levels of debt.

This year’s Trend Report marks the most extensive collection of Pulse data to date. New findings document financial health gaps across specific demographics and socioeconomic groups, including geographic regions, for renters relative to homeowners, by overall health, and for entrepreneurs and small business employees. This year’s Pulse Trends Report was released with support from Citi Foundation and Principal Foundation.

“The transient nature of the improvements in financial health observed during the pandemic and the declining financial health of historically marginalized groups is a stark reminder of how crucial it is to maintain a focus on equity when developing products and policies to support financial health,” said Jennifer Tescher, founder and CEO of the Financial Health Network.

Photo courtesy of sallyjermain.

Source: Financial Health Network (link opens in a new window)

Finance, Technology
data, financial health, financial inclusion, MSMEs, research