Americans are anxious about their financial health and most are looking to their financial institutions for support, according to a July study from the nonprofit Commonwealth. Fifty-eight percent of respondents said financial institutions should be doing more to address financial insecurity, while 50% expect the government to ramp up its efforts, and 65% believe their employers should be doing more.

Commonwealth surveyed 2,000 working Americans across all income levels prior to the COVID-19 pandemic and found that “it is common to fall in and out of financial insecurity” for more than half of the respondents.

The report stated that 81% of working Americans believe financial insecurity is a major issue, while 75% say they have experienced financial insecurity themselves. Financial insecurity in the report was defined as living paycheck to paycheck, having more debt than assets, or not having enough savings for retirement. Nearly 40% of Americans were “significantly worried about saving for long-term expenses and 30% were very or extremely worried about saving for emergencies,” the report stated.

As consumers continue to worry about their financial health, digital banking startups are making their appeal to consumers living paycheck to paycheck. Dave, for example, offers paycheck advances while MoneyLion offers cash-back rewards that the startup will invest on behalf of consumers. And incumbent banks like Bank of America, TD and RBC are using digital assistants to help consumers better manage their financial lives.

With 78% of the respondents living paycheck to paycheck, the pandemic is likely to have an adverse effect on their financial insecurity. Even prior to the pandemic, nearly 40% could not muster $400 for an economic emergency, according to the report.

Seventy percent of respondents said external forces, such as the rising cost of living, stagnant wages and racial and gender pay gaps, play a role in financial insecurity, while 30% blamed personal habits of overspending and mismanaging finances.

Households of color were the hardest hit by financial insecurity. Median white household incomes were 10 times higher than those of Black households and eight times more than Latinx households, the report said.

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Respondents from households of color said external factors play more of a role in their financial insecurity, according to Commonwealth. Latinx respondents were 20% more likely to say that external factors were leading causes of financial insecurity, and Black respondents were 29% times more likely to say the same. Nearly 27% of female respondents also pointed to external factors as the leading driver of financial insecurity.

“Financial insecurity is a widespread problem demanding the attention of our nation’s largest and most influential private and public institutions,” the report reads. “It is both a responsibility and an opportunity.”

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