ACCC’s Q2 Financial Health Index finds mounting debt and high living costs stifling Americans’ savings goals. Consumers also want an all-in-one financial app.
Boston, MA – July 20, 2023
Mobile smartphone apps for personal finance management are surging in popularity and use among American consumers, according to the American Consumer Credit Counseling, Inc (ACCC) Financial Health Index for the Second Quarter of 2023.
The survey and analysis of household financial health and readiness by ACCC found that more than 80 percent of those polled use mobile apps for either banking, budgeting, financial planning, or credit tracking. Almost a quarter (24 percent) of those surveyed said all their financial management tasks and accounts are handled with mobile apps.
The demand for better and more comprehensive apps is growing as many Americans struggle to maintain a stable financial profile. Half of those surveyed have less than $1,000 in emergency savings, and 20 percent said they are behind on credit card payments. At the same time, nearly 80 percent of those polled for the Q2 Financial Health Index said they would be at least somewhat likely to use a mobile app that placed all their budgeting, household financial planning, credit monitoring, and debt payoff tolls in one place.
The ACCC Financial Health Index for the Second Quarter of 2023 surveyed 408 respondents across several household income categories. It was conducted during the month of June.
“Mobile smartphone banking has become fully integrated into the market for financial services. But American consumers want more comprehensive apps for household financial management,” said Allen Amadin, President and CEO of American Consumer Credit Counseling. “These findings coincide with identifiable market trends and with the nationwide launch of our industry-leading CreditU mobile app by ACCC.”
CreditU is a one-stop debt and financial management app that uses AI technology and human interaction to enable users to control their finances completely. The feature-packed app consolidates a user’s checking, savings, loan, and other accounts into a single mobile smartphone interface while delivering state-of-the-art tools for budget and expense tracking, credit monitoring, and net worth calculation.
Thousands of consumers have already enrolled at CreditU.org for the CreditU pre-order waiting list. The pre-order list is growing fast but is still open for new enrollees to sign up free for the official nationwide app launch this fall.
“Our team of expert financial counselors has been providing budget counseling, financial education, and debt management guidance for over 30 years,” said Katie Ross, Executive Vice President of American Consumer Credit Counseling, Inc. “The CreditU app is going to dramatically expand our capacity to help more people and put the most comprehensive tool for financial management right in the palm of people’s hands.”
The Q2 Financial Health Index also found that rising costs have forced more than 85 percent of respondents to cut back on daily spending. Entertainment spending has borne the brunt of these reductions, with about 45 percent of respondents reporting cutbacks in that category. But a significant number – about 40 percent – also said their food and transportation spending has been reduced.
Almost 40 percent of participants revealed they have recently fallen behind on a monthly payment: The most common: credit card payments, with 20 percent of respondents reporting they recently fell behind on a credit card payment. Reported delinquencies on car payments, personal loans and mortgages were much lower, the survey found.
About American Consumer Credit Counseling, Inc
American Consumer Credit Counseling, Inc is a non-profit 501(c)(3) credit counseling organization that is dedicated to helping consumers achieve financial management through various debt solutions, such as credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling, and financial education. With the goal of empowering consumers to reach debt relief, ACCC provides a wide range of free personal finance resources that cover topics such as budgeting, credit and debt management, student loan assistance, homeownership, identity theft, senior living, and retirement. By using ACCC’s tools, such as worksheets, videos, calculators, and blog articles, consumers can make informed decisions about their financial future. ACCC has an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). Visit ConsumerCredit.com to access free financial education resources and learn more about ACCC. Additionally, check out ACCC’s YouTube Channel @ConsumerCredit for excellent video content.