Each year the Center for Financial Services Innovation promotes a Financial Health Matters Day in an effort to raise awareness and dialog with consumers about the importance of financial education. According to CFSI’s Financial Health Pulse, only 28% of Americans are financially healthy. As a CFSI network member, the NFCC has joined in the efforts to raise awareness and work towards a future where all Americans are financially healthy.
The NFCC defines financial health as the ability to make timely bill payments, having some savings (for emergencies and retirement), and being able to anticipate needs and plan ahead, not living paycheck to paycheck. Our Consumer Financial Literacy Survey reveals a steady three out of five people do not have a budget and do not keep a close track of how much they spend on such things as food, housing and entertainment. Americans are most worried about not having enough saved for retirement. Millennials are struggling with minimizing debt and 90% of millennial men who have attempted to purchase a home have faced barriers!
The current state of financial health shows we have some work to do. In the hope of inspiring those on the journey to financial health and in celebration of CFSI’s #FinHealthMatters Day, the NFCC has put together a roundup of why financial health matters to the personal and professional lives of our NFCC staff.
“There’s a clear link between mental and physical well-being. Stress related to finance can lead to problems in both areas. That’s why financial fitness is just as important for a healthy lifestyle as diet and exercise.”
– Bruce McClary, Vice President of Marketing
“Financial Health Matters to me because being financially fit means that I am able to travel and create wonderful memories, but in a responsible way that’s still living within my means. Through saving, shopping around, planning ahead, and sharing costs, I was able to spend 10 days in Hawaii this year to celebrate some close friends’ wedding without breaking the bank. It made the experience less stressful and all the better!” – Megan Stout, Manager of Partnership Programs
Financial health matters to me because I have a family who depends on me and I want to make sure I can provide for our financial needs and make sure our future is bright. Too many people have gotten into an unhealthy financial position due to extenuating circumstances and I love that NFCC is playing a role in helping these individuals get healthy, so they can live out their dreams.
-Ellen Goury, Vice President of Finance
Paying off my student loans was a huge milestone on my way to improving my personal finances. Now, financial health means meeting my day-to-day needs, saving and investing for the future, and occasionally spending on great experiences like travel!
-Rachel Peniston, Manager of Partnership Programs
“With a new baby, my family’s financial health is even more important than ever. Being able to budget for our current needs, future goals, and the unexpected provides us with a welcome sense of stability and minimizes the burden of financial stress in our lives.”
-Olivia Di Biase, Senior Director of Creditor Relations & Program Analytics
I see financial health as an enabler. Consumers that are financially healthy have more options compared to those who are not financially healthy. Everything from the type of home and neighborhood a person can live in, to the quality of healthcare and overall quality of life, are all impacted to some degree by one’s financial health. That is why working at the NFCC and playing a part in promoting and improving the financial health of those that we serve is so important to me.
-Barry Coleman, Vice President of Counseling and Education Programs
“To me, financial health means freedom from the stress of living paycheck to paycheck, not avoiding the random phone calls from bill collectors, and being able to decide where to allocate your hard-earned cash. It also means, I’m able to provide for my children and teach them what I’ve learned in hopes of them not repeating my financial mistakes. Taking the steps to be financially healthy and promoting financial health for others is a daily passion and I love being a part of the movement of getting all Americans to a place of financial health.”
– Courtney Nagle, Associate Marketing Manager
No matter the stage of life, what your financial goals are and where you are on your journey, there is peace that comes from living a financially healthy life. If you are struggling with debt, having a hard time paying your bills on time, or looking for guidance on homebuying, the NFCC has a program for that! We are here to advance the financial health of consumers no matter the situation. Our NFCC certified counselors are a safe and trusted place to turn for help getting your money on track to financial success.