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Staggering Statistics: Americans are Failing Financially

January 4, 2019

VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Jan 4, 2019--FinFit, a FinTech company that provides over 125,000 employers with a unique financial wellness benefit platform, reports staggering statistics from their proprietary financial assessment tool. These are real numbers, reported by real people.

In a data assessment based on more than 20,000 FinFit members:

71% do not have enough money on hand to cover 6 month’s living expenses 46% do not pay their bills on time 48% spend as much as they make or more each month 12% do not contribute monthly to a savings account, or any type of retirement account 11% have credit card debt in excess of $5,000 12% have student loan debt in excess of $20,000

Everyone has access to industry statistics. Seventy-five percent of Americans live paycheck to paycheck. 1  The average American doesn’t have more than $400 in savings. 2

What isn’t available is the level of detail as to how Americans are affected by their financial challenges. As one of the nation’s largest financial wellness platforms, FinFit’s holistic approach aims to solve individual’s current financial challenges before asking them to plan for their future.

The concept of saving money is difficult if you can’t see past today’s challenge. FinFit provides financial education and resources to help employees set themselves up for success and solve current financial challenges, putting them in a position to better prepare for a positive financial future.

The top five goals as reported by FinFit members:

Go on vacation File my own taxes Set up an emergency fund Pay down or consolidate credit card debt Save for a down payment on a house

People need a financial wellness program that can provide the education to help them be more responsible financially, give them an immediate path to solve today’s challenges, and get them on a course to achieve their goals.

FinFit’s offering, which is provided to millions of employees nationwide, includes personalized financial assessments for each employee, online education tools and credit resources, student loan assistance, a wage accelerator program, and access to short-term employee loans, a smarter alternative to payday loans and payroll advances to assist those who do not have enough savings to afford an emergency cost.

If you are interested in reviewing the full data report, please contact Kim Miller at kmiller@finfit.com.

For more information about FinFit, please visit www.FinFit.com.

About FinFit

Founded in 2008, FinFit has grown to be one of the nation’s largest financial wellness benefit servicing over 125,000 clients. FinFit provides a self-directed online experience that lets employees measure their financial fitness and provides fun, education resources and tools to increase their financial knowledge and drive results. FinFit helps to eliminate stress in the workplace by providing real-time solutions that offer real-world help when it is needed most. FinFit is a powerful way for employers to attract and retain talent by helping employees get focused, get healthy and become more productive.

1   http://press.careerbuilder.com/2017-08-24-Living-Paycheck-to-Paycheck-is-a-Way-of-Life-for-Majority-of-U-S-Workers-According-to-New-CareerBuilder-Survey

2   https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf

View source version on businesswire.com:https://www.businesswire.com/news/home/20190104005313/en/

CONTACT: FinFit

Press Contact:

Kim Miller, 757-578-1184

kmiller@finfit.com

KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA

INDUSTRY KEYWORD: SENIORS WOMEN OTHER CONSUMER TECHNOLOGY INTERNET SOFTWARE OTHER TECHNOLOGY PROFESSIONAL SERVICES ACCOUNTING CONSULTING FINANCE CONSUMER FAMILY MEN

SOURCE: FinFit

Copyright Business Wire 2019.

PUB: 01/04/2019 09:39 AM/DISC: 01/04/2019 09:39 AM

http://www.businesswire.com/news/home/20190104005313/en

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