The current challenging economic landscape is having an effect with one third of US consumers feeling financially insecure. Some 43% of consumers polled by Fico say that the unstable economy is a barrier to achieving financial goals.
Managing credit can be a beacon amongst uncertainty
According to FICO, 85% of US consumers feel more secure in the rest of their lives when their credit score is healthy. Learning about the right steps to manage credit can help people feel more in control of their finances and well-being.
Understanding credit looks different across generations
One in five Gen Zers say that they only understand credit scores a little or not at all. By contrast, compared Boomers (96%) are the more likely to say they completely understand credit scores.
The FICO survey, entitled ‘Credit Scores Uncovered: Consumer Relationships with their Scores’ funds that only 37% of consumers check their scores monthly. Given the importance of consumers actively monitoring their credit to stay informed and maintain accountability, a lack of knowledge in this area could deter some people from reaching their credit goals.
“Knowing that access to credit is a key building block for achieving financial goals it’s easy to understand why credit scores would be a significant factor in overall well-being,” says Sally Taylor, vice president and general manager, FICO Scores.
“Learning how to achieve healthy credit habits can help people gain access to the credit they need to reach their financial goals, like get an education, cover medical expenses, or buy a first home. Millions of consumers rely on their FICO Score for their financial future, and we don’t take that responsibility lightly.”