Affordabilty and cost of living

Eight in ten members say their energy bills increased in the past year. Nearly half (48%) received a shutoff notice, and 16% experienced a disconnection.

While members are concerned about weather events and disasters, there’s little room in their already tight budgets to prepare for them. Only 11% of SaverLife members say they can afford all of the costs associated with preparing for a severe weather event, while 54% say they can afford none of just a few of the costs.

More than a third (34%) of members had problems making at least one housing payment in the prior year, including 41% of renters and 24% of homeowners. However, a much greater number – 63% – made financial sacrifices, such as taking on gig work or spending less on groceries, in order to make housing payments.

Even after accounting for income and other factors, fintech credit users—particularly those using Cash Advance and Earned Wage Advance (EWA)—are more likely to experience financial hardship than non-users.