ST. LOUIS, MO. – In this week’s Contact 2 Consumer Confidential, we explore the financial health of Americans. New data out from J.D. Power shows more than 75-percent of those surveyed said they felt stress over their current financial situation. Many respondents reported not being able to cover a $500 emergency.
To help us break down the key elements of this data, Fox 2’s Mike Colombo interviewed Bob Neuhaus of J.D. Power.
The results stand out in sharp contrast to the rosy picture painted by topline economic data and the President’s State of the Union comments. The vast majority of those surveyed (75.5%) said they felt stress over their current financial situation, and many respondents reported not being able to cover a $500 emergency.
Following are some of the key findings:
Stressed-Out: 75.5% of Americans are experiencing some level of stress over their current financial situation, with 53.6% saying they are somewhat stressed and 21.8% say they are very stressed.
Unhappy with Current Financial Situation: When asked to rank on a scale of 1-to-10 (1 being not at all satisfied, 10 being extremely satisfied) how content they were with the current personal financial situation, 55% of respondents answered with a ranking of 5 or less, and 16.2% of respondents answered with a 1.
Little to no Savings: When asked to include all cash, bank accounts, investments, and retirement accounts at their disposal, 35.5% of Americans said they have less than $1,000 in savings; 22.4% say they have less than $200. In fact, just 39% of Americans said they could cover a $500 emergency using cash or a withdrawal from a checking or savings account.
Student Loans: 25.2% say they have $10,000 or more in student loan debt. That includes 8.8% of those who have $50,000 or more in student loan debt.
Credit Card Debt: Nearly one-fourth (23.1%) say they have $5,000 or more in credit card debt, and another 14% say they have $1,000-$4,999 of credit card debt
To see the full report, click here.