FINRA Investor Education Foundation: “The U.S. economy has grown slowly but steadily over the six years since the first National Financial Capability Study (NFCS) was conducted in 2009. And in the three years since the 2012 NFCS, the private sector has added jobs at an average rate of about 200,000 per month. At the time of the fielding of the current NFCS, which took place from June through October of 2015, unemployment and inflation were both low by historical standards. Meanwhile, the U.S. stock market reached new highs in mid-2015 while interest rates remained generally low. Against this relatively positive economic background, it is not surprising that the 2015 NFCS shows evidence of diminished financial stress and improved financial satisfaction among American adults in comparison to the 2012 and 2009 studies. For example, the percentage of Americans who find it difficult to make ends meet has declined, as has the number of homeowners whose home values are “underwater” (i.e., worth less thanthey owe in mortgage debt). Wealth and income inequality in the United States, however, is at an extreme not seen since before World War II. Because of this, it is necessary to look beyond the mean statistics in order to understand the complete picture of Americans’ financial status. While many Americans are benefiting from the economic recovery of recent years, real median household income is still catching up to its pre-recession level. The 2015 NFCS shows that large segments of society continue to face financial difficulties, particularly minority populations and those without a college education. Financial capability is a multi-dimensional concept that encompasses a combination of knowledge, resources, access, and habits. The NFCS is designed to understand and measure a rich, connected set of perceptions, attitudes, experiences, and behaviors across a large, diverse sample in order to provide a comprehensive analysis. As with previous waves, the 2015 NFCS has been updated to include questions on additional topics that are relevant today, such as student loans and medical costs, while maintaining key measures to enable tracking comparisons over time.”

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