Highlights from the latest EY Financial Wellness Assessment analysis

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Jun 01, 2016, 10:00 ET

NEW YORK, June 1, 2016 /PRNewswire/ -- The EY Financial Wellness Assessment, an element of Ernst & Young LLP's Employee Financial Wellness services, can help working US adults better understand how financially healthy they are based on their confidence and self-described behavior.

The following data reflects assessments of more than 3,000 respondents ranging in age from 18 – 65+, taken between February and April 2016. Respondents are employees of primarily large corporations and large non-profit organizations covering a wide variety of industries.

When asked to think about assets, debts, savings and how satisfied respondents were with their personal financial situation overall, 44% were satisfied, while 28% were dissatisfied. More than half (51%) of those aged 50-64 stated they were satisfied with their financial situation, the most satisfied of all the age ranges.
Almost 73% agreed their debt was manageable, with 10% stating they had no debt at all. Even 64% of those just beginning their careers or just out of college (18-25 year olds) said their current debt was manageable.
When asked how many times over the past 12 months they had paid a bill past its due date, 20% said they submitted late payments once or twice. In a spike from the average, 31% of 36-49 year olds paid a bill late 1-4 times over the last year.
Of the employees who consistently use credit cards, 62% said they pay the balance in full each month; roughly a quarter (27%) pay more than the minimum due; the remaining 6% of working credit card users only pay the minimum.
Fifty six percent (up from 44% during the last assessment period from November 2015 to January 2016) believed they could maintain their minimum standard of living in the event of a 6-month absence from the workforce due to medical issues. Eighty seven percent were confident they would be able to come up with $2,000 if an unexpected need arose within the next month and of those who are 65+ almost 100% stated they could.
When asked about the last time they tried to determine how much they would need for retirement, 39% reported estimating their needs within the last 12 months, but 37% said they had never tried. Nearly 40% of 18–25 year olds have begun to think about retirement planning.

About Ernst & Young LLP's Employee Financial Services practice

Ernst & Young LLP's Employee Financial Services practice (EFS) is a trusted provider for independent, objective employee financial education and counseling. Our multi-channel approach integrates benefits programs to help employees meet their personal financial goals across career and life stages. To learn how we can help manage fiduciary risk, deliver positive ROI on your benefits programs, and improve employee confidence and financial well-being visit www.ey.com/efs.

Any investment services provided by Ernst & Young LLP employees are performed under the supervision of Ernst & Young Investment Advisers LLP ("EYIA").

Additional information about EYIA is available on the SEC's website at: http://www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.

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SOURCE EY