On November 20, the CFPB published a report titled, “Making Ends Meet in 2024” which provided analysis of the financial stability and well-being of consumers, and revealed a decline from 2023 to 2024. As described by the Bureau, this deterioration was observed across many demographic groups and measures, with overall financial well-being, as assessed by the CFPB’s scale, falling from 51 in 2023 to 48.7 in 2024. To measure overall financial well-being, the scale combined several questions about whether people can meet current and ongoing financial obligations, feel secure in their financial future, and are able to make choices that allow them to enjoy life. The share of consumers with the lowest financial well-being increased from 16 percent to 22 percent. More households reported difficulties in paying bills or expenses, rising from 38 percent in 2023 to 43 percent in 2024, and fewer households which could only cover a month of expenses or less if they lost their main source of income also increased from 40 percent in 2023 to 42 percent in 2024.

The report placed overall financial health around where it was in 2019, and slightly worse by some measures, after a sharp improvement in financial health that began in 2020. The CFPB listed high inflation, housing costs, high interest rates, and the resumption of student loan payments as potential contributing factors to this decline. Large disparities in financial stability and health continue across income, racial and ethnic groups, with 65 percent of Black households and 55 percent of Hispanic households unable to cover expenses for more than a month, compared to 35 percent of non-Hispanic white households.

Income variability also remained a significant issue, with 31 percent of households reporting that their income varies somewhat or a lot each month, a figure unchanged from 2023, but higher than the 24 percent reported in 2019. The Bureau found that access to credit also remained difficult, with 40 percent of consumers applying for credit in 2024, slightly down from 42 percent in 2023. Of those who applied, 39 percent were turned down or did not receive the full amount requested, and 27 percent of all consumers did not apply due to fear of being turned down.

The report also highlighted how many families struggled regularly with their finances, with 44 percent of consumers stating that “my finances control my life” always or often, and 33 percent reporting that they rarely or never “have money left at the end of the month.” Additionally, 36 percent of consumers indicated that the phrase “I am just getting by financially” describes them completely or very well.

The Bureau noted that the report and these Making Ends Meet surveys are part of its continuing statutory mandate to perform research and analysis on consumer finances and indicated that ensuring timely reporting of financial health and stability measures will enable an understanding of risks to consumer finances.