Financial Invisibles Report
The Financial Invisibles Report™, a Unifund collaboration, examines how the general population uses credit and pays bills. It aims to shed light on financial invisibles by diving into several issues, including how they handle bill payments and use credit products, and the impact traumatic events have on their financial stability.
To compile the report, PYMNTS surveyed more than 2,000 Americans and asked them about their financial habits and circumstances. Overall, our sample demographically mirrors the U.S. population with one important exception: We sought relatively low-income Americans to help deepen our insights into the use of credit by those who are financially challenged.
KEY FINDINGS FROM THE REPORT INCLUDE:
- 67.6 percent: Share of consumers who were able to pay all their bills on time in Q3 2018
- $60.4K: Average annual income of consumers who got a loan from their family or friends to pay off debt in Q3 2018
- 20.8 percent: Share of consumers who were either “very” or “extremely” interested in financial education in Q3 2018
FINANCIAL INVISIBLES – November 2018
- 81 percent of consumers say their financial situation has remained stable or improved since last year
- 41 percent of consumers were contacted about credit card debt in Q2 2018
- 34 percent of consumers do not have bank accounts because they do not trust banks