CFPB Releases State-by-State Scores for Financial Well-Being

The Consumer Financial Protection Bureau today issued a report providing state-by-state scores of financial well-being among consumers. The scores are based on the CFPB’s Financial Well-Being Scale, which is composed of 10 questions based around four elements of financial well-being: having control over one’s finances, having the capacity to absorb a financial shock; being on track to meeting financial goals; and being able to make choices that allow one to “enjoy life.”

For all adults, the CFPB found that the average financial well-being score was similar across all states (ranging from 50 to 54 out of 100), but found more significant variation between states in the percentage of adults who scored in the “low” or “very” low category. Adults aged 18 to 61 scored slightly lower than the average for all adults, while those age 62 and older scored an average of 10 points higher, and 13 points higher than those aged 18-61.