HAWAII FINANCIAL HEALTH PULSE - Overview

HAWAII FINANCIAL HEALTH PULSE overview

key findings of hawaii’s adults....

69% 54%

35%

struggling with financial health1

36%

National: 71%

spending equals or exceeds income

20%

National: 46%

do not have enough savings for 3 months of living expenses National: 47%

47%

have volatile incomes that vary month to month National: Not Available

have problems paying mortgage and rent National: Not Available

not confident insurance policies will cover them in an emergency National: 38%

strategies people in hawaii are using to manage their financial challenges

30%

23%

73%

20%

69%

25% working multiple jobs

• 23% employed survey respondents work more than one job • 30% of part time workers have multiple jobs • 20% of full-time workers work second and third jobs

using savings and credit cards

• 25% say spending exceeds their income in last 12 months • 73% use their savings to manage their financial lives • 69% use their credit card to manage their financial lives

81% 47%

26%

living in extended households

64%

relying on support from friends and family

• 26% of people are living in extended households • 81% of people living in extended households have poor financial health 2

• 47% of people report giving support to friends or family • 64% reported that giving support is a hardship for them

1

Given a state population of 1.12 million adults over the age of 18. U.S. Census Bureau. 2018

2

An extended household is defined as having people other than the respondent, their partner/spouse or their children living in the same household.

These data are part of the Hawaii Financial Health Pulse 2019 Survey, developed by the Financial Health Network. The content of this summary is solely the responsibility of the authors and does not necessarily represent the official views of the Financial Health Network.

hawaii financial health indicators compared to national levels Indicator 1: Spend Less than Income Spending is less than income Spending is equal to income Spending is more than income Indicator 2: Pay All Bills on Time Pay all bills on time Unable to pay all bills on time Indicator 3: Have Sufficient Liquid Savings Have enough savings to cover at least three months of living expenses Do not have enough savings to cover at least three months of living expenses Indicator 4: Have Sufficient Long-Term Savings Are confident they are on track to meet long-term financial goals Are not confident they are on track to meet long-term financial goals Indicator 5: Have a Manageable Debt Load Have a manageable amount of debt Have more debt than is manageable Do not have any debt Indicator 6: Have a Prime Credit Score Have a prime credit score Do not have a prime credit score Don’t know Indicator 7: Have Appropriate Insurance Are confident their insurance policies will cover them in an emergency Are not confident their insurance policies will cover them in an emergency Do not have insurance Indicator 8: Plan Ahead Financially Agree with the statement: “My household plans ahead financially.”

Do not agree with the statement: “My household plans ahead financially.”

Some columns may not add up to over 100% due to rounding

Hawaii

National

46%* 29% 25%*

54% 29% 17%

70%* 30%*

66% 34%

65%* 35%*

53% 47%

45%* 55%*

39% 61%

53% 28% 20%

52% 30% 19%

73%* 22%* 5%*

66% 28% 7%

51%* 47%* 3%*

58% 38% 4%

65%* 35%*

59% 41%

* Indicates statistical significance between Hawaii and National data

hawaii financial health pulse background • Hawaii Financial Pulse, an initiative to better understand the financial health of Hawaii’s residents, developed by Financial Health Network in partnership with the Hawaii Community Foundation. Sponsorship provided by Bank of Hawaii Foundation and the Omidyar Donor Advised Fund at the Hawaii Community Foundation.

• Data was collected through an 41-question outline and phone survey of over 1,600 Hawaii residents from June to July 2019.

• The Hawaii Pulse measured the financial health of all Hawaii residents, including those employed, retired, student, and unemployed. This study suggests a greater percentage of people in Hawaii may be facing financial challenges than estimated in other studies, such as the 48% of households identified in the ALICE® Report.

These data are part of the Hawaii Financial Health Pulse 2019 Survey, developed by the Financial Health Network. The content of this summary is solely the responsibility of the authors and does not necessarily represent the official views of the Financial Health Network.