A 2023 report from the Financial Health Network found that Americans’ well-documented struggle with financial health may be worse than previously thought. Financial health is defined as one’s ability to manage expenses, prepare for and recover from financial shocks, have minimal debt, and build wealth.

The research uses The Financial Health Network’s Financial Health Pulse® probability-based panel survey to compare individuals’ financial health over a five-year period. The report shows that more than four out of five (84%) Americans were not financially healthy at some point between 2018 and 2022, suggesting that being financially vulnerable or coping is more common for Americans than annual estimates previously showed.

The study also notes important differences in chronically financially unhealthy consumers (47% of U.S. adults) — those who experience long-term, persistent financial strain — compared to consumers who experience intermittent periods of financial struggles in some years and not others (36% of U.S. adults).

We believe Direct Express® can contribute to cardholders’ prospects for living healthier financial lives by helping them manage and access their federal benefits more efficiently. Direct Express® offers convenience, safety, and money management advantages (including fee-free usage or low fees for optional features), as well as the Direct Express® Financial Education Center, which is squarely aimed at improving cardholders’ financial health.

To access the Financial Health Network’s survey report, click HERE.

SOURCE: Financial Health Network