Financial setbacks common, and we expect to pay with credit
Data whiz and visual storyteller
An unexpected car repair, the sudden need for a new roof, the inability to keep up with mounting bills and debt – almost two-thirds of Americans report they suffered a financial setback in 2017.
In its latest annual survey, the National Endowment for Financial Education found 63 percent of U.S. adults took at least one financial hit in 2017. Transportation problems such as expensive car repairs, having to replace a vehicle or increased commuting expenses were cited by 23 percent of respondents.
Unexpected home repairs and maintenance – such as replacing a furnace, water heater or roof – ranked second, striking a financial blow to 1 in 5 Americans.
Rearing its head in third place was debt and mounting bills. Sixteen percent of respondents said their 2017 financial picture was negatively impacted by an inability to keep up with debt or falling behind on bills. Medical care for an injury or illness also tied for third place at 16 percent.
When asked how they would pay for any setbacks they might encounter in 2018, more than a third of Americans (36 percent) said they would pull out the plastic. That made credit cards a more popular option than emergency savings (31 percent), cash (28 percent) or a loan from either a bank or credit union (22 percent) or a friend or family member (19 percent).
NEFE’s annual survey on consumer expectations was fielded by Harris Poll in December 2017 among 2,165 U.S. adults age 18 and older. With responses weighted to mirror national U.S. Census Bureau demographics, the findings were released Jan. 4, 2018.
To use the graphic on your site, use the following code:
- American Express credit card mobile app leads in satisfaction – The survey measures mobile apps on ease of navigation, appearance, clarity of information, range of services, and availability of key information ...
- Americans are more focused on their waistlines than their bottom line – Americans are more focused on their waistlines than their bottom lines, a TD Bank survey finds. Millennials, though, buck the trend. They put financial goals ahead of health goals ...
- Millennials redeem card rewards for travel the most; silent generation the least – Millennials are the biggest travel rewards redeemers, a Discover survey finds. The silent generation redeems rewards for travel the least ...