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 about their financial habits and circumstances. Our sample demographically mirrors the U.S. population, subdividing it into four financial consumer categories: No Worries, On The Edge, Second Chances and Shut Outs. This categorization allows us to delve deeper into the financial stressors afflicting various segments of the country’s population.
Financial Invisibles - July 2018
Key Findings Include:
Financial invisibles largely live paycheck to paycheck, with 30 percent of No Worries, 79 percent of Second Chances, 43 percent of On The Edge consumers and 86 percent of Shut Outs reporting they do so.
61 percent of Second Chances used a pawnshop loan in the last year.
27 percent of Shut Outs cited a household disability as a source of financial stress.