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Americans Remain Financially Uncertain

Credit unions can use three effective financial wellness strategies that are often overlooked.

By Lindsey Downing | September 20, 2023 at 09:00 AM
blurred image of cash as a computer program scans for illegal activity Credit/Shutterstock

While it may be tough to interpret all of today’s mixed economic signals, Americans’ feelings about their finances are more straightforward. Many still worry about inflation and its impact on their financial picture. In TransUnion’s Consumer Pulse study from Q2 2023, nearly half said their incomes weren’t keeping up with inflation, and the vast majority (79%) said inflation was still among their top concerns.

Compounding matters, American consumers recognize that they lack financial literacy: 42% of those surveyed said they had significant doubts about their own levels of financial knowledge. The majority of Americans — about two-thirds — don’t work with financial advisors to manage their money. Their banking relationships are often their most trusted source of financial information and guidance, creating an opportunity for credit unions to fill the gap.

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