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Measuring the financial health of the nation is key to understanding the current state of the consumer and predicting how they will react in the months ahead. The CivicScience Consumer Financial Health Index (CFHI) has a pulse on how U.S. consumers expect their personal financial situation to change in the next six months.
After trending downward in June, consumer financial outlook fell to a low of 62.1% in the first week of July – the lowest point recorded this year. However, outlook shot up 1.5 points the following week, representing the strongest weekly gain so far in 2024. The month rounded off at 63.9% and trending upward, a higher score than this time last year.
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As a monthly average, consumer financial health held steady in July and increased slightly from the previous month to 63.5%.
A look at the individual markers behind the collective score indicates that consumers are feeling more optimistic about the short-term (6-month) outlook on their savings, investments, and income. Savings and investment outlook had largely been in a free fall since the start of the year, but turned around in July.
Meanwhile, consumers are feeling worse about their debt and credit outlook.
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Decreased sentiment surrounding debt and credit is likely to impact how consumers spend in the months to follow. Heading into the holiday season, the CFHI can provide key insights into how that could impact holiday shopping and travel. Learn more about the CFHI here.
