My FICO logo $$$$$$$$$$$ 9876 5432 1234 5678 CREDIT CARD KELLY SMITH 11/26 My FICO logo
SCORE
Skip Navigation
  • Why FICO
  • How It Works
  • Pricing
  • Education
  • Community
  • Support
  • Member Dashboard
  • Log In Log Out
  • Start Plan
 
  • Why FICO
  • How It Works
  • Pricing
  •  
  • Education
    • Credit Education
    • Credit Scores
    • What Is a FICO Score?
    • FICO Scores vs Credit Scores
    • FICO Scores Versions
    • New FICO Scores
    • How Scores Are Calculated
    • Payment History
    • Amount of Debt
    • Length of Credit History
    • Credit Mix
    • New Credit
    • How to Improve Your Score
    • How to Build Credit
    • Credit and Financial Counseling
    • Credit Reports
    • What's in Your Report
    • Credit Bureaus
    • Inquiries
    • Errors on Your Report?
    • Blog
    • Calculators
    • Loan Savings
    • Vehicle Payments
    • How Much Can I Borrow?
    • Should I Consolidate My Credit Cards?
    • Know Your Rights
    • Identity Theft
    • FAQ
    • Glossary
  • Community
  • Support
  • Member Dashboard
  • Log In Log Out
  • Our Products
    • Ongoing Credit Monitoring Track your FICO® Score & identity
    • One-time Credit Reports Be prepared for important transactions
  • How Can We Help
    • Monitor Credit & Identity
    • Mortgages
    • Credit Cards
    • Auto Loans
  • Credit Education
  • Community
  • Support
  • Our Products
    • Ongoing Credit Monitoring Track your FICO® Score & identity
    • One-time Credit Reports Be prepared for important transactions
  • Credit Education
  • Credit Scores
    • What Is a FICO Score?
    • FICO Scores vs Credit Scores
    • FICO Score Versions
    • New FICO Scores
    • How Scores Are Calculated
    • Payment History
    • Amount of Debt
    • Length of Credit History
    • Credit Mix
    • New Credit
    • How to Improve Your Score
    • How to Build Credit
    • Credit and Financial Counseling
  • Credit Reports
    • What's in Your Report
    • Credit Bureaus
    • Inquiries
    • Errors on Your Report?
  • Blog
  • Calculators
    • Loan Savings
    • Vehicle Payments
    • How Much Can I Borrow?
    • Should I Consolidate My Credit Cards?
  • Know Your Rights
  • Identity Theft
  • FAQ
  • Glossary

Estimate your FICO® Score range

Answer 10 easy questions to get a free estimate of your FICO® Score range

Estimate for Free

Get your FICO® Score for free

90% of top lenders use FICO® Scores

Get Access Now
No credit card required
View all Credit News & Current Events articles

5 Things To Know About the Finances of Americans.

October 15, 2019, by Rob Kaufman

Most of us go to work every day with the hope that what we do will pay off in the end: a paycheck that lets us keep up with our financial obligations and hopefully enables us to save some money for the future. Unfortunately, there are some challenges holding us back from achieving these goals.

Top 5 challenges to financial security.

So, what seems to be the problem? Why are some of us in America unable to make our finances work for us? Take a look at the top 5 challenges holding us back from reaching our financial goals... and note if any of these apply to you.

  1. Debt. Many American workers carry some sort of debt. The most common forms are credit cards, mortgages and car loans. And then there are the Millennials, GenXers and even Baby Boomers who are saddled with student loan debt.  

Having debt can make you feel like you're running on a hamster wheel. You work, pay your bills (including your debt) and then go back to work. The trick here is trying to lower your debt to the point where you can start saving money for the future.

  1. Caregiving. According to a TransAmerica survey, 28% of workers have served as a caregiver. Surprisingly, the percentage of workers across the generations who are, or who have been caregivers is very consistent: Millennials - 27%; GenXers - 28%; Baby Boomers - 29%

Caregivers have had to make changes to their work life, such as: using vacation days, missing workdays, reducing their hours, adjusting their schedule and so on. This has affected their income and, subsequently, their financial status. If you know you're going to become a caregiver, it's best to create a budget that matches any adjustments you'll have to make.

  1. The Great Recession. The same survey mentioned above shows that two in five workers (41 percent) indicate that they either were "not impacted" (21 percent) or have "fully recovered" (20 percent) from the Great Recession. Thirty-seven percent have "somewhat recovered," 14 percent have "not yet begun to recover," and eight percent feel they may "never recover."

This means a great number of Americans still have a ways to go before they can become financially solvent and/or start to save money. It's just another challenge faced by every generation - Baby Boomer to Millennial.

  1. Low Emergency Savings. Due to some of the reasons already alluded to, most American's don't have enough money to pay for unexpected financial setbacks, such as unemployment, medical bills, home repairs, auto repairs and other situations. This causes them to dip into their retirement savings and make things harder in the future.

One-third of Americans have less than $5,000 in emergency savings, yet those savings increase with age: Millennial workers have saved $2,000, Generation X has saved $5,000 and Baby Boomers have saved $10,000 (medians).

  1. Spouse/Partner Savings. Among workers who are married or living with a partner, the TransAmerica survey reports that 57 percent say their spouse or partner is saving in a retirement plan and 67 percent are familiar with their spouse's or partner's savings, yet only 30 percent are "very familiar."

Level of familiarity of their spouse or partner's plan increases with age, with Baby Boomers (70 percent) being the most familiar, followed by Generation X (67 percent) and Millennials (62 percent).

Do any of these top 5 challenges pertain to you? If they do, the TransAmerica Survey also offers recommendations that might help. Check out page 31 of the survey. It could be your first step toward making financial stability a reality.

If you want to know your FICO Score range for FREE, check this out.

https://transamericacenter.org/docs/default-source/retirement-survey-of workers/tcrs2019_sr_what_is_retirement_by_generation.pdf

Image of Rob Kaufman, writer with financial investment and credit marketing experience.

Rob Kaufman

Rob is a writer... of blogs, books and business. His financial investment experience combined with a long background in marketing credit protection services provides a source of information that helps fill the gaps on one's journey toward financial well-being. His goal is simple: The more people he can help, the better.

Estimate your FICO® Score range

Answer 10 easy questions to get a free estimate of your FICO® Score range

Estimate for Free

Get your FICO® Score for free

90% of top lenders use FICO® Scores

Get Access Now
No credit card required

Page footer

Products

  • Home
  • Why FICO
  • How It Works
  • Pricing

Learn

  • Education
  • Community
  • Support
  • Blog

Company

  • About Us
  • Terms of Use
  • Cookie Preferences
  • Privacy Policy
  • Affiliate Program
  • Accessibility

Get Our App

  • Download iOS app on the App Store
  • fil_get
    Get Android app on the Google Play Store

Follow Us

  • Twitter
  • Facebook
  • Instagram

Credit Education

  • Credit scores
  • What is a FICO Score?
  • FICO Score versions
  • How scores are calculated
  • Payment history
  • Amount of debt
  • Length of credit history
  • Credit mix
  • New credit
  • Credit reports
  • What's in your report
  • Bureaus
  • Inquiries
  • Errors on your report?
  • Calculators
  • Know your rights
  • Identity theft
  • FAQ
  • Glossary

Copyright ©2001- Fair Isaac Corporation. All rights reserved.

IMPORTANT INFORMATION:

All FICO® Score products made available on myFICO.com include a FICO® Score 8, and may include additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.