With the COVID-19 pandemic, high inflation and other issues continuing to put a strain on many Americans’ wallets, it’s more important now than ever for people to improve their financial health. Unfortunately, 62% of people feel that they currently don’t get holistic financial advice, according to a recent WalletHub survey. As a result, many Americans are unprepared for financial emergencies, and are not on track for retirement.
To put a finger on the pulse of America’s financial health, WalletHub conducted a nationally representative survey that examined Americans’ thoughts on the financial advice they currently receive and would like to receive, as well as their current financial situation.
Key Stats
- Young people want more in-depth financial advice. Young people are nearly 3 times more likely than those over 59 to say a complete look at their financial health would be very helpful.
- A credit score is one piece of the puzzle. 55% of people think a credit score alone is not sufficient for managing their finances.
- There is demand for a free WalletScore. 52% of people would like to get their WalletScore for free.
- Emergency preparedness is lacking. 30% of people say they are not prepared for a financial emergency.
- Retirement plans are in trouble. More than half (53%) of people say they are not on track for retirement.
- A complete financial picture is much needed. 40% of people think a complete look at their financial health would be very helpful.
Survey Methodology
This report reflects the results of a nationally representative online survey of over 350 respondents.
After we collected all responses, we normalized the data by age, gender, and income so the sample would reflect U.S. demographics.
Full Details Overall
| How helpful would a complete assessment of your financial health be? | |
|---|---|
| Somewhat helpful | 47% |
| Very helpful | 40% |
| Not helpful at all | 13% |
| Is your credit score alone sufficient for managing your overall finances? | |
| No | 55% |
| Yes | 45% |
| Do you feel that you currently get holistic financial advice? | |
| No | 62% |
| Yes | 38% |
| What component of your financial health do you most need advice on? | |
| Investing | 24% |
| Retirement | 20% |
| None | 16% |
| Spending | 12% |
| Debt | 11% |
| Emergency preparedness | 9% |
| Credit score | 8% |
| Would you like to get your WalletScore for free? | |
| Yes | 52% |
| No | 48% |
| Which do you think is better: a credit score or a WalletScore? | |
| Credit Score | 80% |
| WalletScore | 20% |
| Do you trust credit scores? | |
| Yes | 68% |
| No | 32% |
| Are you prepared for a financial emergency? | |
| Yes | 49% |
| No | 30% |
| Don’t Know | 21% |
| Are you on track for retirement? | |
| Yes | 47% |
| No | 33% |
| Don’t Know | 20% |
Note: Percentages may not total 100% due to rounding.
