How is the financial health of Americans changing over time?

If you are facing challenging financial stress due to the coronavirus, you are not alone. Even in 2019, before the virus, most Americans were not financially healthy according to research by the Financial Health Network https://finhealthnetwork.org/research/u-s-financial-health-pulse-2019-trends-report/?utm_source=nyt-paid-post&utm_medium=pulse-button&utm_campaign=nyt-paid-pulse
"In a year-over-year analysis, the second annual U.S. Financial Health Pulse report reveals that the majority of Americans are still not financially healthy, despite an economy that has continued to grow" based on 2019 data before the virus.

"The 2019 Trends Report presents findings from the second annual U.S. Financial Health Pulse consumer survey, including:
1. Only 29% of Americans are financially healthy, despite a booming economy.
2. Financial health disparities based on income, age, gender, and race have persisted since 2018.
3. Financial health changed for millions of Americans from 2018 to 2019, often dramatically.
4. People who had changes in their employment and physical health saw the largest year-over-year shifts in their financial health."
Keep in mind that these data and conclusions are from 2019 before coronavirus.

Taking the Nation's Financial Pulse in Uncertain Times

"Millions of Americans were struggling financially, even before the Covid-19 crisis." 

"The U.S. Financial Health Pulse shows that only 29 percent of Americans were financially healthy in 2019. Just over 70 percent of Americans were not financially healthy and may be unprepared for changes in their income, financial shocks or an economic downturn. These figures were roughly the same as 2018, but likely to change as the coronavirus outbreak takes its toll on the economy."

https://www.nytimes.com/paidpost/financial-health-network/taking-the-nations-financial-pulse.html?cpv_ap_id=50043239&sr_source=lift_morein&tbs_nyt=2020-March-nytnative_morein

"The U.S. Financial Health Pulse led by the Financial Health Network, is a landmark study designed to capture a more holistic picture of the financial health of Americans. The Pulse follows a large group of the same respondents year over year. It also combines survey data on spending, saving, borrowing and planning to devise a FinHealth Score™ that gives a detailed and realistic picture of how Americans are doing financially. Respondents fall into three categories: financially healthy, financially coping and financially vulnerable."

While the Financial Health Network is primarily geared to professionals in pubic policy, finance, and social networks, the knowledge that you are not alone if you are experiencing financial problems is key to taking action rather than blaming yourself. This blog is designed to for self-help and awareness of how to change one's behavior and resources for improving financial well-being.

A ONE-OF-A-KIND CONTINUING STUDY
SHOWS THAT MILLIONS OF PEOPLE
ARE LIVING ON THE EDGE

A ONE-OF-A-KIND CONTINUING STUDY
SHOWS THAT MILLIONS OF PEOPLE
ARE LIVING O 

A ONE-OF-A-KIND CONTINUING STUDY
SHOWS THAT MILLIONS OF PEOPLE
ARE LIVING ON THE EDGE

Financial hardship and stress due to Coronavirus?

Which bills to pay during the coronavirus pandemic

Government help may be weeks in coming; in the meantime your bills are due...

The coronavirus pandemic has led to layoffs and financial hardships for some consumers and those who feel like they can't pay their bills should call their bank directly, said Consumer Bankers Association spokesman Nick Simpson. "Once you do that, there are a variety of options available on a bank-by-bank basis, ranging from grace periods, delaying payments, forbearance and making late payments" without credit penalty, Simpson said.

Whether you are concerned about rent, mortgage, vehicle, credit card, student loan or other bills this article provides guidance on how to deal with lost income:
https://www.cnbc.com/2020/03/31/in-the-pandemic-some-of-your-bills-can-wait-and-some-cant.html

Trump shutdown over for 3 weeks: What to do without paycheck?

FINRA offers tips on what to do when you can't make ends meet due to job loss or being forced to work without pay (what used to be considered illegal).

Job Interrupted—A To-Do List for Tough Times

"Many of us can identify with the plight of the furloughed federal worker. That's because we have experienced economically stressful times at one or more points in our working life—and may again.
At its most disruptive, your job is lost—and so is your income. Less extreme, but anxiety-laden all the same, is when hours are cut, salary reduced, business opportunities curtailed or paychecks withheld. The situation is the same in all cases: You must live with less.
Here is a short to-do list to get you through situations in which employment is interrupted and income curtailed."

1. Take control of your finances.

2. Manage bills and debt wisely.

3. Borrow with care.

4. Find out quickly if you qualify for unemployment insurance (UI) benefits.

5. Protect yourself from financial fraud and job-search scams.

Read full details at: http://www.finra.org/investors/highlights/job-interrupted-to-do-list-tough-times?utm_source=MM&utm_medium=email&utm_campaign=S%5FAI%5F012219%5FFINAL

 

 

Empoyee or independent contractor? Make the so-called "sharing economy" work for all workers.

How is the sharing economy working for workers? Think twice or 3 times before choosing to work as an independent contractor? What must be done? Watch a short video to find out. https://www.facebook.com/moveon/posts/10153124665965493

Survival Strategies for Tough $ Times

What do the experts "suggest if you're in the middle of a torrential downpour, just at the point your funds have virtually run out and the roof is leaking?" Read: "5 Things to Remember When Your Finances Are Falling Apart: How to put up a financial umbrella if that rainy day is today" by Geoff Williams. The author provides advice from he experts on how to cope with financial crisis and overwhelming debt. Some of the advice may be contrary to what you've learned about financial problems. http://money.usnews.com/money/personal-finance/articles/2013/02/01/5-things-to-remember-when-your-finances-are-falling-apart