Kashable, a fintech platform that provides Socially Responsible Credit™ and financial wellness solutions as an employer-sponsored voluntary benefit, has unveiled startling insights about Americans' financial stress in its latest State of Consumer Finance Report. Survey data was collected mid-June through mid-July, which found that respondents' top financial concerns include paying off debt (81%), emergency/unplanned expenses (54%), and building savings (41%).

Over 36% of respondents cited inflation as a major factor causing stress and uncertainty, and 89% of respondents feel that inflation has impacted their finances. This could suggest that many Americans are struggling to cope with the rising costs of living expenses and may face difficulties in meeting their financial goals and obligations.

Handling Financial Expenses

• Only 19% of respondents reported having an emergency savings fund, with 81% of respondents answering 'no.'
• 81% of respondents reported paying off debt as their top financial concern, followed by handling emergency or unplanned expenses (54%), building savings (41%), retirement planning (27%), and medical expenses (21%).
• 59% of respondents feel confident in their ability to handle unexpected financial expenses, while 22% feel 'unsure' about their ability.

"This lack of a financial safety net leaves many Americans vulnerable to financial instability, especially when unexpected costs arise. Debt repayment continues to be a primary concern, overshadowing other financial priorities such as saving for the future, planning for retirement, and covering medical expenses," said Einat Steklov, Co-Founder and Co-CEO at Kashable.

Financial Stress and Overall Health and Wellness

• Over the past year, nearly two-thirds (63%) of respondents feel that their financial situation has negatively impacted their mental and/or physical health.
• Inflation (36%), lack of emergency savings (29%), and credit card debt (22%) are the top factors causing financial stress and uncertainty.

The impact of financial stress can extend beyond the wallet, and could affect an individual's mental and physical health. Over the past year, the strain of managing finances has taken a toll on overall well-being. The uncertainty and pressure from factors such as inflation and credit card debt contribute to this sentiment of financial instability.

"At Kashable, we recognize the financial challenges many Americans are facing, and we are dedicated to offering responsible and accessible credit and financial solutions," said Steklov. "Our mission is to support individuals in navigating these difficult times, fostering better financial health and a more secure future."

To view the full report, visit kashable.com/The-State-of-Consumer-Finance-Report.pdf.