Financial Well-being in America

by Consumer Financial Protection Bureau

In late 2016, the CFPB fielded for the first time the financial well-being scale in a nationwide survey of adults in the United States. In addition to measuring individuals’ financial well-being, the survey collected a host of other measures, including items related (1) individual characteristics; (2) household and family characteristics; (3) income and employment characteristics; (4) savings and safety nets; (5) financial experiences; and (6) financial behaviors, skills, and attitudes. This report presents the survey’s findings on the distribution of financial well-being scores for the U.S. adult population overall and for selected subgroups defined by these additional measures. These descriptive findings provide insight into which subgroups are faring relatively well and which ones are facing greater financial challenges. At the same time, the report raises important questions about what may drive variations in financial well-being within subgroups and how these factors may work together to determine an individual’s level of financial well-being.This report provides a first-of-its-kind view into the state of financial well-being in America. By showing whether and how a wide range of characteristics, opportunities, experiences, behaviors, skills, and attitudes are associated with financial well-being, we hope this report will catalyze researchers, policymakers, and practitioners to further explore these relationships to determine the factors that drive an individual’s financial well-being and opportunities to help improve people’s financial lives through financial education and related supports.

111 pages, Paperback

Published September 3, 2019