Experian survey highlights financial stress
among U.S. adults and supports need for increased financial
education and planning
A staggering 68% of U.S. adults feel they have suffered from, or
are currently suffering from, financial trauma according to new
research released today by Experian®. The research sheds light on
the prevalence of negative feelings and angst related to financial
matters, with approximately 65% of adults admitting to experiencing
negative thoughts, flashbacks and anxiety when dealing with
financial issues.
Financial stress among younger generations
Younger generations, namely Gen Z adults and millennials, stand
out regarding their reported levels of stress and financial
anxiety, with 73% of Gen Zers and 77% of millennials experiencing
negative thoughts, flashbacks and/or anxiety about money.
Contributing factors
The survey revealed a lack of discussion about money growing up
and limited access to trustworthy information about finances as
possible contributing factors to financial stress:
- More than half (51%) stated their family rarely or never spoke
about finances.
- This lack of discussion left 43% of those who rarely or never
spoke about finances growing up feeling like they never learned
about financial planning and 42% stating they never learned to use
credit or build their credit scores.
- A concerning 37% of adults are unaware of where to access
trustworthy information about financial literacy.
“Small steps can make a big difference in helping consumers feel
less financially stressed and live more financially empowered
lives,” said Christina Roman, Consumer Education and Advocacy
Manager at Experian. “Our goal is to normalize conversations about
money and financial stress and connect consumers with the financial
education and resources necessary to help bring financial power to
all.”
Education and planning key to reducing financial
stress
Experian’s research underscores adults’ eagerness to improve
their financial well-being. More than half (55%) expressed that
access to more financial education would help alleviate their
financial stressors, and 45% believe establishing a more concrete
financial plan for their future would reduce their financial
anxieties.
These sentiments were particularly strong for America’s youngest
consumers, with 74% of Gen Zers and 75% of millennials stating that
more financial education would reduce financial stress.
Free credit education resources and tools
Experian is committed to partnering with organizations dedicated
to helping consumers navigate and overcome financial challenges,
including the National Foundation for Credit Counseling (NFCC).
“We recognize many consumers are feeling the effects of
financial trauma and stress,” said Bruce McClary, Senior Vice
President, NFCC. “Whether a consumer is struggling with debt or
recovering from a financial setback, financial knowledge can help
consumers confidently manage their current situation and prepare
for their future. We can help consumers make informed decisions
about the solutions that may be best for their unique
situation.”
Consumers can receive one-on-one support from one of over 1,200
certified financial counselors at 250 locations across the U.S. to
establish debt relief plans through the NFCC by visiting
https://www.nfcc.org/.
Those looking to reduce their financial stress and improve their
financial well-being are also encouraged to take advantage of
Experian’s free tools and resources, including:
- Signing up for credit monitoring and receiving a free copy of
your Experian credit report and FICO Score®1 monthly at
www.experian.com or via Experian’s mobile app. Experian’s mobile
app also offers access to personal finance and credit building
tools such as:
‒ Experian Boost®: Consumers can add
positive telecom, utility, video streaming service and qualifying
rent payments to their Experian credit file for an opportunity to
improve their credit scores by visiting
www.experian.com/boost.2 ‒ Experian Go™:
Consumers without an established credit history can download
Experian’s mobile app and enroll in a free Experian membership to
establish, use and build credit responsibly with Experian Go. ‒
Experian Smart Money™: Earlier this month, Experian released
the Experian Smart Money™ Digital Checking Account and Debit Card3,
which embeds Experian Boost. Now it is even more convenient for
consumers to use Experian’s feature and improve their credit
profile, while also benefiting from an industry-leading suite of
financial tools all in one place. ‒ Experian’s official credit
advice blog, Ask Experian, has answers to common questions, advice
and education about credit. Consumers can find additional credit
education resources at
http://www.experian.com/consumereducation.
Get your personal finance and credit questions
answered
For additional support, watch this video to learn more about
credit and personal finance. Education experts from Experian and
NFCC recap these survey findings, address common consumer
questions, and share tips to improve your financial health and
overcome financial stress.
For more information on Experian’s financial trauma research,
visit:
https://www.experian.com/blogs/news/2023/10/20/breaking-the-chains-of-financial-stress/
_________
1 Credit score is calculated based on FICO
Score 8 model, unless otherwise noted. In addition to the FICO®
Score 8, we may offer and provide other base or industry-specific
FICO® Scores (such as FICO® Auto Scores and FICO® Bankcard Scores).
Your lender or insurer may use a different FICO® Score than FICO®
Score 8 or such other base or industry-specific FICO® Score (if
available), or another type of credit score altogether. Learn
more.
2 Results will vary. Not all payments are
boost-eligible. Some users may not receive an improved score or
approval odds. Not all lenders use Experian credit files, and not
all lenders use scores impacted by Experian Boost. Learn more.
3 The Experian Smart Money Debit Card™ is
issued by Community Federal Savings Bank (CFSB), pursuant to a
license from Mastercard International. Banking services provided by
CFSB, Member FDIC. Experian is a Program Manager, not a bank.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximise every opportunity. With
corporate headquarters in Dublin, Ireland, we are listed on the
London Stock Exchange (EXPN) and are a constituent of the FTSE 100
Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
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version on businesswire.com: https://www.businesswire.com/news/home/20231025509471/en/
Amanda Garofalo Experian Public Relations 1 714 460 3739
amanda.garofalo@experian.com
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