OBSERVATIONS FROM THE FINTECH SNARK TANK
Americans are facing a financial health crisis.
According to research from Cornerstone Advisors, roughly one in five Americans’ financial health situation is “dire.” Nearly half of the consumers in this segment can’t pay their bills on-time and in-full all of the time, and about three-quarters can’t make their loan payments every month.
Another quarter of Americans are categorized as “struggling.” Most of the consumers in this segment are paying their bills and making their loan payments, but many fall short of acceptable levels in other aspects of financial health.
This situation is not simply due to the pandemic’s impact.
Cornerstone conducted two studies—the first in January 2020, the second in July 2020. The percentage of Americans in the “dire” category rose just three percentage points since the beginning of the