CFPB survey: Consumers falling short of emergency savings goals

by NAFCU Newsroom

The CFPB released additional data from its Making Ends Meet Survey – conducted in May 2019 – related to consumers’ saving habits. The new data from the survey indicates that many consumers are falling short of the amount they think they will need in emergency savings.

As reported, half of Americans believe they need $10,000 or more in savings for an emergency, with more than half reporting that their household has $3,000 or less in their savings and checking accounts combined.

The CFPB earlier this year issued its final rule related to payday lending, which did not include a NAFCU-sought expansion of the safe harbor for credit unions’ payday alternative loans (PALs).

NAFCU continues to tout the benefits of credit unions’ PALs loans to help consumers in need of safe, affordable short-term, small-dollar loans and has urged the bureau to expand its payday lending safe harbor.

 

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