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Understanding and Improving Consumer Financial Health in America

Aliza Gutman
Thea Garon
Jeanne Hogarth
Rachel Schneider

This research explores the state of financial health in America in a groundbreaking examination of consumer behaviors, attitudes, and preferences. In it, we define seven consumer financial health segments based on a combination of behaviors and attitudes, offering an analysis that goes beyond income, age, education, or credit score. Tweet: New @CFSInnovation research goes beyond age, education, income, etc. & defines 7 consumer #FinHealth segments

What are those seven segments and how can you improve the design and delivery of your products to better serve your customers? 

About the Survey

The Consumer Financial Health Study’s survey was fielded from June through August 2014. More than 7,000 individuals over the age of 18 responded to the survey, and the data has been weighted to ensure it is representative of the US population.  The Consumer Financial Health Study benefited from guidance and generous financial support from Ford Foundation and MetLife Foundation. The Consumer Financial Health Study also benefited from generous financial support from American Express.

This report, first published in March 2015, has been updated to include revised calculation methodologies for two debt ratios: non-mortgage debt-to-income ratio and financial obligation ratio. The figures that were updated are noted throughout the paper.  

AMEX-Logo.jpeg FordFoundation_Logo_Transparent-(1).jpgMetLife_Foundation_Stk_RGB.jpg

Experian® and LexisNexis® Risk Solutions provided in-kind support to facilitate inclusion of objective measures of creditworthiness (VantageScore® credit score and RiskViewTM score, respectively) into this study.