Highlights From the FINRA Foundation National Financial Capability Study
Financial Capability in the United States
Younger respondents and those with lower incomes are more likely to engage in behaviors indicative
of financial stress, such as late mortgage payments or hardship withdrawals from retirement accounts.
Among respondents ages 18 to 34, 26 percent reported taking a hardship withdrawal in the last 12 months,
and 38 percent reported being late with mortgage payments, compared to only 5 percent and 6 percent
respectively among those 55 and older. Incidence of hardship withdrawals and late mortgage payments
among respondents with incomes of less than $25,000 is more than double that of those with incomes of
$75,000 or more.
Behavioral signs of financial stress
By age
Have taken a hardship
withdrawal from their
retirement account
18-34
26%
35-54
13%
(among respondents
with defined contribution
retirement accounts)
55+
5%
By income
<$25K
29%
$25-75K
13%
$75K+
13%
Have been late with
18-34
38%
<$25K
30%
mortgage payments
(among respondents
35-54
16%
$25-75K
18%
with mortgages)
55+ 6%
$75K+
14%
These same groups are also more likely to exhibit psychological symptoms of financial stress. More than
two-thirds of respondents in the lowest age group and two-thirds in the lowest income group reported
that their personal finances are a source of anxiety, compared to fewer than half among the highest age
and income groups. Personal financial issues are a daily stressor for more than half of those in the lowest
age and income groups, while only around a third of those in the highest age and income groups reported
thinking about their finances every day.
Psychological signs of financial stress
Anxious about personal
finances
18-34
By age
69%
35-54
62%
55+
40%
By income
<$25K
66%
$25-75K
58%
$75K+
45%
Think about personal
finances at least once a day
18-34
52%
<$25K
51%
35-54
48%
$25-75K
43%
55+
30%
$75K+
34%
< 7 >
Highlights From the FINRA Foundation National Financial Capability StudyView entire presentation