JACKSONVILLE, Fla. — Residents in three major metropolitan cities in the Southeast, including Jacksonville, are struggling to make ends meet.
That’s the conclusion of the new State of Financial Stability in the Southeast report published in partnership with VyStar and TransUnion.
Four in ten survey respondents listed finances as their number one stressor.
“That’s more than double those that cited work, family or even health as a top stressor,” said Dana Karzan, VyStar’s Chief Marketing Officer.
Karzan explained that the report is intended to help guide the public and private sector.
“So that we can all lean in, work together, collaborate, hopefully help the situation and improve that,” said Karzan.
The report also found 42 percent of people are more concerned about debt than they were a year ago, and 62 percent were spending more than their income.
Only 48 percent of respondents said they can pay their bills on time, which is far fewer than the national average of 71 percent.
“That’s a problem we need to address because ultimately, as inflation goes up and things become more expensive, that number is going to increase,” said City of Jacksonville Affordable Housing Director Joshua Hicks.
Hicks argued the city is already making a concerted effort to address at least one of those major costs.
“You see it with our downpayment assistance program, our rehab and repair programs, our roof program that the housing division just started this year,” said Hicks.
The report lists some major factors driving financial hardships in the Southeast, including a heavy reliance on credit cards for basic needs and making minimum or below minimum payments on credit cards.
And those are issues Karzan argued can be addressed through education.
“Like really understanding what your budget is, understanding how much in spending you’re doing against the income, and then making small steps and changes that start to add up into big things,” said Karzan.
VyStar offers free monthly financial literacy seminars at its location in Debs Store on the Eastside.
The credit union has also kicked off a debt payoff challenge to help increase financial literacy.
You can learn more about that initiative here.
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