Regions Next Step Survey Finds 81% of Americans Do Not Feel “Financially Fit”
A new survey from Regions Next Step, Regions Bank’s financial
education program, finds that the majority of Americans surveyed
(81%) do not consider themselves to be “very financially fit.”
Additionally, more than two-thirds (69%) of those who do not
consider themselves financially fit say they do not have a formal
budget and 61% are feeling stressed about their household’s
financial situation over the next year.
The survey, conducted in April, provides insight to American
sentiment about their current financial fitness and situation.
Findings show that having a formal financial budget contributes to
feeling more financially fit, which may reduce stress and increase
confidence in the ability to withstand a fiscal emergency. Other
key findings include:
- 60% of respondents do not have a formal financial budget.
- Respondents who say they have a formal financial budget are two
times as likely to say they are “very financially fit” compared to
those who do not (21% vs. 10%).
- Respondents who consider themselves financially fit are half as
likely to say they are stressed about their finances (31% vs.
“The COVID-19 pandemic has quickly upended daily life for
families across America, resulting in uncertainties and pressures
on our household finances,” said Joye Hehn, Community Financial
Education Manager for Regions. “Developing a budget can provide a
sense of control over your money, rather than letting money have
control over you.”
In exploring American sentiment regarding fiscal setbacks, the
survey finds that approximately three-quarters (76%) of Americans
are not “very confident” they can withstand an unexpected financial
emergency. Additionally, if their household experienced a
significant financial setback, one-quarter (25%) of Americans
believe their savings would last less than one month and close to
half of respondents (47%) say it would last three months or less.
Additional findings include:
- Those who do not consider themselves financially fit are much
more likely to say the money they have saved will last less than
one month (44% vs. 14%).
- Even some respondents that consider themselves financially fit
are not confident they can withstand an unexpected financial
- When asked to describe their current financial situation, only
21% of Americans describe themselves as being able to save for
However, the survey also finds that having a formal financial
budget can lead to increased confidence in facing an unexpected
financial emergency. Of those who have a formal budget, nearly
two-thirds (65%) feel at least somewhat confident they can
withstand a financial setback. Of respondents without a formal
budget, 44% say they are not confident they can withstand an
“Unexpected financial hardships can be stressful. Building up an
emergency fund is just one actionable step we can take to help
provide financial security when life throws us a curveball,”
continued Hehn. “Taking the time to rethink or create a budget with
a deeper emergency savings cushion can help us navigate financial
challenges when they arise, and it’s never too late to get
Regions continues its commitment to providing financial
education and guidance to customers, associates and people in the
communities it serves during the COVID-19 pandemic and beyond.
Through Next Step, Regions offers a large collection of resources
to help people navigate financial challenges, stay on track and
safeguard their future.
No matter where you are in your financial wellness journey,
Regions is here to provide advice and guidance. Visit
Regions.com/NextStepFamilyBudget to explore budgeting and savings
tips and tools for you and your family. A wide variety of resources
are also available to help navigate any changes to a financial
situation at Regions.com/NextStep.
The “Financially Fit Family” survey questions were part of a
national online survey that took place between April 1-5, 2020. The
survey reached 2,000 US adults. The results are weighted and are
representative of all US adults (aged 18+).
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $133 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,400
banking offices and 2,000 ATMs. Regions Bank is an Equal Housing
Lender and Member FDIC. Additional information about Regions and
its full line of products and services can be found at
version on businesswire.com: https://www.businesswire.com/news/home/20200603005148/en/
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