Adults older than 62 in three states have higher average financial well-being scores than the average for their age group, and older adults in three states have scores that are lower than average, the federal Consumer Financial Protection Bureau said Wednesday in a newly released report.
The average financial well-being score for older adults in 2018 was 62 out of 100, which is 10 points higher than the average for all adults in the United States, the CFPB said.
States where the scores for those 62+ were higher than average:
- New Hampshire (average score was 66)
- North Dakota (65)
- Kentucky and Utah (64)
States where the scores for those 62+ were lower than average:
- Michigan (59)
- Georgia and New Jersey (58)
Statistically, these seven states are the only ones where scores are significantly different from the average of all other states, the CFPB said.
The bureau defines financial well-being as the state wherein an individual has a sense of control over day-to-day and month-to-month finances, the capacity to absorb a financial shock, being on track to meet financial goals, and having the ability to make financial choices to enjoy life. Scores were calculated from people’s responses to the 10 questions in the bureau’s Financial Well-Being Scale.
Financial well-being is likely to vary by state and neighborhood because of differences in employment opportunities and the availability of products and services at these geographic levels, the CFPB said.
