CUNA Releases November Economic Update

FOR IMMEDIATE RELEASE
December 13, 2022
Washington, D.C.

CUNA Chief Economist Mike Schenk shares tools to measure consumer financial health in the November 2022 CUNA Economic Update. 

Highlights from the most recent update include:   

• Measuring financial health: Schenk shares rubrics from the CFPB, Financial Health Network, and Federal Reserve SHED survey measuring financial health. 
• Financial well-being decline: Nearly 70% of Americans are ‘financially unhealthy,’ according to the Financial Health Network pulse survey.   
• Inflation fight: Schenk also relays that the Federal Reserve will continue to raise rates aggressively and cut over 1.5 million jobs to cool inflation.   

“Roughly 30% people interviewed by the Fed say that they do not have $400 set aside for an emergency expense. A lot of folks live paycheck to paycheck, as you know. It’s a troubling statistic.”  – Mike Schenk  

Credit union member health findings:  

• Race: Strong correlation between race and ethnicity where minority groups reflect lower levels of financial health. 
• Age: People under 35 have slightly higher levels of financial health due to lack of exposure to house-related debt. 
• Income: Strong relationship between high levels of income and high levels of financial health.

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About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.