CFPB conducted the National Financial Well-Being Survey in 2016 using a 10-question scale. The scale measures financial security in the present and future, as well as financial freedom of choice in the present and future.
The survey discovered 43 percent of consumers struggle to pay bills. In addition, more than a third of consumers said they faced financial hardship in the past year, including inability to pay for medical treatment.
Factors showing a strong relationship with financial well-being include education, income and employment status. Adults aged 65 and older saw greater financial well-being, according to the report.
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