Highlights from EY's Financial Wellness Assessment Analysis

17 Feb, 2016, 09:30 ET from EY

NEW YORK, Feb. 17, 2016 /PRNewswire/ -- EY's Financial Wellness Assessment Analysis helps working US adults better understand how financially healthy they are based on their confidence and self-described behavior. The following data reflects assessments of over 2000 respondents taken between November 2015 and January 2016.

  • When asked to think about assets, debts, savings and how satisfied respondents were with their personal financial situation overall, 37% were satisfied, yet 20% were dissatisfied.
  • Almost 73% agreed their debt was manageable, with 11% stating they had no debt at all.
  • When asked how many times over the past 12 months they had paid a bill passed its due date, 20% said they submitted late payments once or twice.
  • Of the employees who consistently use credit cards, 66% said they pay the balance in full each month; a quarter (25%) pay more than the minimum due; the remaining 9% of working credit card users only pay the minimum.
  • Forty percent believed they could maintain their minimum standard of living in the event of a 6- month absence from the workforce due to medical issues; 87% were confident they would be able to come up with $2,000 if an unexpected need arose within the next month.
  • When asked about the last time they tried to determine how much they would need for retirement, 42% reported estimating their needs within the last 12 months, yet 35% said they had never tried.

About Ernst & Young LLP's Employee Financial Services practice

Ernst & Young LLP's Employee Financial Services practice (EFS) is a trusted provider for independent, objective employee financial education and counseling. Our multi-channel approach integrates benefits programs to help employees meet their personal financial goals across career and life stages. To learn how we can help you manage fiduciary risk, deliver positive ROI on your benefits programs, and improve employee confidence and financial well-being, visit www.ey.com/efs.

Any investment services provided by Ernst & Young LLP personnel are performed under the supervision of Ernst & Young Investment Advisers LLP ("EYIA"). Additional information about

EYIA is available on the SEC's website at: http://www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.

 

 

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