There are troubling signs of a crisis brewing around financial wellness. As industry leaders look to combat consumer fears over finances, it's critical we set up education and services that center around credit and give people the keys for long-term success.Almost half of Gen X have more credit card debt than savings. The average national credit score has dropped for the first time in a decade and credit card delinquency rates continue to rise.
We recently surveyed Self Financial customers working to build credit and 44 percent said most of their financial education came from learning from their mistakes. Additionally, 72 percent said their financial education was nonexistent or insufficient. Looking to future generations, we must do better to provide guidance, inclusive of credit, to improve the chances of achieving long-term goals.The catch-22 is that you need credit to build credit.
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