By the Numbers
What a difference six years makes.
The percentage of people who said they’re satisfied with their finances jumped to 31% in 2015, from just 16% in 2009 when the country was mired in a deep recession, according to the FINRA (Financial Industry Regulatory Authority) Investor Education Foundation’s “National Financial Capability” survey for 2016.
The stat underscores the slow and steady rebound of the country’s economic conditions in recent years. Rising home values, a strong stock market and an improving employment landscape have lifted the finances of millions of Americans.
The FINRA Foundation study, based on a survey of more than 25,000 U.S. adults, pointed to multiple signs that Americans are on stronger financial footing than they were in the dark days of 2009, the first year data was collected.
The percentage of people who said they had no trouble covering monthly expenses and bills improved from just over a third in 2009 (36%) to close to half in 2015 (48%). The percentage of survey respondents who said they had emergency funds rose to 46% in 2015 from 35% in 2009.
But while improving economic conditions have lifted the fortunes of many Americans, certain groups have been left out in the cold: 45% of survey respondents with a high school education or lower said they wouldn’t be able to come up with $2000 in 30 days in the event of an emergency, while 39% of African-Americans said they took out high-cost loans vs. 21% of whites.
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