Carnegie Investment Counsel Blog

 

10 Alarming Facts that Prove Financial Stress is Soaring: And 3 Ways to Fight Back Today

Posted by Carnegie Investment Counsel on Jul 22, 2019 9:46:00 AM
1 - 10 Financial Stress Stats
  • 78% of American workers live paycheck to paycheck according to a 2017 report by employment website CareerBuilder.
  • $6,741 is the average revolving credit card balance for U.S. households, according to a NerdWallet 2019 Survey.
  • 42% of workers with adult children over 21 provide them with financial support and more than half are willing to sacrifice their own financial well-being to do so, according to a 2018 (PwC) PricewaterhouseCoopers survey.

2 - 10 Financial Stress Stats

3 - 10 Financial Stress Stats-1

  • 85% of Americans report they are anxious about their financial situation and that it interferes with work, according to a Financial Health Network paper in 2017.
  • There is a direct correlation between financial stress and accidents among drivers in the trucking industry, according to a four-year research study conducted by Dr. Carrie Leana at The University of Pittsburgh.

3 Ways to Fight Back Today

  1. Create a personal budget to understand where you spend money.
  2. On a monthly basis, seek to spend less than you make and set aside the difference for paying down debt. 
  3. For employers, learn more about adopting a financial wellness program that will enable and empower employees to improve their financial health.

The Full Infographic

Infographic 10 Shocking Financial Stress Stats Carnegie Investment Counsel

References

Living Paycheck to Paycheck is a Way of Life for Majority of U.S. Workers, According to New CareerBuilder Survey

http://press.careerbuilder.com/2017-08-24-Living-Paycheck-to-Paycheck-is-a-Way-of-Life-for-Majority-of-U-S-Workers-According-to-New-CareerBuilder-Survey

U.S. employees aren’t confident about reaching financial goals, according to PwC 

https://www.pwc.com/us/en/press-releases/2018/pwc-us-2018-employee-financial-wellness-survey.html

More than one in 10 U.S. parents are also caring for an adult

https://www.pewresearch.org/fact-tank/2018/11/29/more-than-one-in-ten-u-s-parents-are-also-caring-for-an-adult/

Poll: Two-thirds of U.S. would struggle to cover $1,000 crisis

http://www.apnorc.org/news-media/Pages/News+Media/Poll-Two-thirds-of-US-would-struggle-to-cover-$1,000-crisis.aspx

In the U.S., 46% of individuals lack a rainy day fund.

https://www.usfinancialcapability.org/results.php?region=US

NEFE: Only 24% of millennials demonstrate basic financial literacy 

https://www.nefe.org/press-room/news/default.aspx

NerdWallet: 2018 American Household Credit Card Debt Study by NerdWallet

https://www.nerdwallet.com/blog/average-credit-card-debt-household/     

HR Drive: One in three workers say their personal finances are distracting at work

https://www.hrdive.com/news/1-in-3-workers-say-their-personal-finances-are-distracting-at-work/444265/

CCJ: Research leads Pitt Ohio to create emergency savings plan for drivers, employees

https://www.ccjdigital.com/research-leads-pitt-ohio-to-create-emergency-savings-fund-for-drivers-employees/

Topics: Financial Planning, Investment Management, Corporate Retirement Plan

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