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The Financial Health Network - Hawaii Financial Health Pulse (2019)
B Hawaii Financial Health Pulse: 2019 Survey Results The Financial Health Network partnered with Anthology Marketing Group, a Hawaii-based market research firm, to field the study. Acknowledgements The Hawaii Financial Health Pulse, an initiative to better understand the financial health of Hawaii residents, is developed by the Financial Health Network in partnership with the Hawaii Community Foundation and the Hawaii Executive Collaborative CHANGE Initiatives. Sponsorship is provided by the Bank of Hawaii Foundation and the Omidyar Ohana Donor Advised Fund at the Hawaii Community Foundation. Authors Chandni Ohri, Director, Financial Health Network Trey Waters, Manager, Financial Health Network Rob Levy, Vice President, Financial Health Network Necati Celik, Associate, Financial Health Network This report uses national-level data for comparison from the U.S. Financial Health Pulse®, a groundbreaking research initiative designed to shed light on the financial lives of Americans. Using a combination of consumer surveys and transactional data, the Pulse provides a regularly refreshed snapshot of the country’s financial health. The Financial Health Network would also like to thank David Oyadomari, Craig Togami, and Scott Fujii from Bank of Hawaii; Momi Akimseu from Bank of Hawaii Foundation; Peter Ho from Bank of Hawaii and Hawaii Executive Collaborative CHANGE Initiatives; Michelle Kauhane and Micah Kane from Hawaii Community Foundation; Lynelle Marble from Hawaii Executive Collaborative; and Mike Mohr from Omidyar Group for their invaluable advice and support. Numerous Financial Health Network staff members contributed to this report, including Naomi Adams Bata, Dan Miller, Thea Garon, Beth Brockland, and Andrew Dunn. Most importantly, we would like to thank the over 1,600 Hawaii residents who took the time to respond to the survey and share their stories and financial lives with us. Their responses were instrumental in gaining insights into their financial health and the challenges they face. The Financial Health Network would like to thank our advisors who provided invaluable feedback and guidance throughout this research initiative. °Cindy Adams and Norm Baker, Aloha United Way °Joey Keahiolalo, Child and Family Services Hawaii °Brent Kakesako, Hawaii Alliance for Community- Based Economic Development °Nick Redding, Hawaii Data Collaborative °Jeff Gilbreath and Lahela Williams, Hawaiian Community Assets and Hawaii Community Lending °Connie Mitchell, Institute for Human Services, Hawaii °Andrew Aoki and Laurie Au, Islander Institute °James Koshiba, Hui Aloha °Laura Choi, Federal Reserve Bank of San Francisco °Jill Darling, USC Center for Economic and Social Research Contents Executive Summary 2 Introduction 5 Methodology 6 Section 1: Financial Health in Hawaii 8 °Individual Indicators of Financial Health °Obstacles to Financial Health: Income Volatility and the High Cost of Living Section 2: Strategies to Manage Financial Challenges 13 °Working Multiple Jobs °Living in Extended Households °Relying on Support from Family and Friends °Using Savings and Credit Cards Section 3: Opportunities for Action by Hawaii Stakeholders 17 °Employers °Financial Institutions °Colleges and Universities °Policymakers Conclusion 20 Appendices 21 °Appendix A: FinHealth Score™ and Methodology °Appendix B: Supplemental Tables and Charts 1 2 The Hawaii Financial Health Pulse provides a new, in-depth view of the financial struggles faced by people in Hawaii. By using the lens of “financial health” — a comprehensive framework for assessing how people spend, save, borrow, and plan — this study finds that a large majority (69%) of Hawaii residents are struggling financially. It shows the aspects of financial health which are the most difficult and includes a first-of- its-kind comparison with the national population of the United States.1 In addition to profiling the financial realities of people in Hawaii, this report sheds light on the unique coping strategies that people in Hawaii employ to make ends meet. It concludes with recommendations for how diverse stakeholders in Hawaii — employers, financial institutions, colleges and universities, and policymakers — can use these insights to design actionable solutions to improve financial health for the people of Hawaii. Key Findings The majority of people in Hawaii are struggling with one or more aspects of their financial lives: °Less than one in three people (31%) in Hawaii are Financially Healthy. The remaining 69% are facing financial challenges and are either Financially Coping (54%) or Financially Vulnerable (15%). °Financial health in Hawaii is similar to national levels, but differs at more granular levels. Compared with national data, people in Hawaii are struggling more with spending and insurance but demonstrating better financial health with regard to savings, planning, and borrowing. °These financial challenges exist across different aspects of their financial lives. More than half (54%) of people say their spending equals or exceeds their income, almost half (47%) are not confident that their insurance policies will cover them sufficiently in the event of an emergency, and more than one-third (35%) do not have enough savings to cover three months of living expenses. °People in Hawaii are facing these challenges against the backdrop of volatile incomes and high living expenses. More than one-third (36%) of people in Hawaii have volatile incomes that vary from month to month. One in five people (20%) have trouble paying their mortgage or rent. Executive Summary 1 “U.S. Financial Health Pulse: 2019 Trends Report,” The Financial Health Network, 2019. 3 To cope with these financial challenges, people in Hawaii employ a number of strategies: 2 4 1 Almost one-quarter (23%) of employed survey respondents in Hawaii work more than one job. A high percentage (30%) of part-time workers have multiple jobs, and one-fifth (20%) of full-time workers are working second and third jobs. Working Multiple Jobs More than one-quarter (26%) of people are living in extended households,2 significantly higher than the 16% of people living in extended households at the national level. While intergenerational living and supporting extended family and friends is part of the culture in Hawaii, it also seems to correlate with financial constraints. Over four-fifths (81%) of people living in extended households have poor financial health. Living in Extended Households 3 Almost half (47%) of people report giving support to friends or family. Providing for friends and family in times of need is a hallmark of a strong community, but giving such support can pose its own challenges. Of those giving financial help, 64% reported that it was a hardship for them to do so. Relying on Support from Friends and Family One-quarter (25%) of people in Hawaii say their spending exceeded their income in the last 12 months, which is significantly higher than the national level (17%). When spending exceeds income, a high percentage of people use savings (73%) and credit cards (69%) 3 to manage their financial lives. Using Savings and Credit Cards 2 An extended household is defined as having people other than the respondent, their partner/spouse, or their children living in the same household. 3 The difference between the use of savings and the use of credit cards is not statistically significant. EXECUTIVE SUMMARY 4 4 Recent research studies focused on Hawaii include: “ALICE: A Study of Financial Hardship in Hawaii,” Aloha United Way, 2017; “Hawaii Perspectives,” Pacific Resource Partnership, Spring 2019; “Community Health Needs Assessment for People and Islands of Hawaii,” Islander Institute, December 2018. 5 “ALICE: A Study of Financial Hardship in Hawaii,” Aloha United Way, 2017. This study adds to a growing body of research4 that highlights the struggles of people in Hawaii. It looks at all people in Hawaii older than 18 years (including students and retirees, as well as the employed population) and different aspects of their financial lives. The expanded lens of this study reveals that a greater percentage (69%) of people in Hawaii are facing financial challenges than estimated in other studies, such as the 48% of households identified in the ALICE® Report.5 While some of this increased percentage can be attributed to a difference in methodology, the analysis does suggest that the extent of financial challenges in Hawaii may be more widespread than previously recognized. The Hawaii Financial Health Pulse underscores the urgency for quick and bold action by multiple stakeholders in Hawaii. To improve people’s financial health, coordinated action is required to bring systemic change to the nature of jobs and employment and the high cost of living. This study provides recommendations to multiple stakeholders, including employers, financial institutions, educators, and policymakers. The respondents in this study have shared their valuable time and voices in the hope that these stakeholders will take the action needed to build a financially strong and resilient Hawaii. EXECUTIVE SUMMARY 4 5 For many people, the islands of Hawaii conjure images of tropical paradise and an escape from the struggles of everyday life. But for the 1.12 million adults who live and work there, the everyday economic reality is not always so perfect. Wages can be low, the cost of living is high, and options for economic mobility are often limited.6 This study shows that a majority (69%) of Hawaii residents are struggling with their financial health. This difficult economic reality isn’t necessarily news in Hawaii. A host of research studies in recent years have put hard data behind different components of the story — the lack of affordable housing and childcare, the financial hardships faced by specific population segments, the increasing rate of homelessness, and the significant education and health challenges faced by people in Hawaii.7 But few studies have brought these different pieces together into a cohesive whole to define the depth and breadth of the challenge, while identifying the solutions necessary for change. We believe that financial health is one lens we can use to understand and address these challenges holistically. Financial health comes about when your daily systems enable you to be resilient and pursue opportunities. It includes the ability to spend, save, borrow, and plan effectively. Most importantly, financial health is a measurable outcome that can be used to guide and evaluate new policies, products, programs, and initiatives. For the past several years, the Financial Health Network has used a financial health methodology to measure and track the financial health of the nation through the U.S. Financial Health Pulse. With this inaugural Hawaii Financial Health Pulse report, we are bringing this approach specifically to Hawaii as we hear from Hawaii residents about their financial lives, struggles, and strategies. Our findings enable a new understanding of the breadth and depth of financial stress in Hawaii, provide the first benchmark comparison between Hawaii and the overall U.S., reveal new insights into the most significant financial challenges facing Hawaii residents, identify the coping strategies that Hawaii residents are using to get by, and ultimately lead to a series of recommendations for various stakeholders in Hawaii. This study shows that residents of Hawaii are already doing what they can to meet the financial needs of their households. Stakeholders in Hawaii have an opportunity to do their part to build a more resilient and thriving Hawaii for all. Introduction 6 Bureau of Labor Statistics, 2015 in “ALICE: A Study of Financial Hardship in Hawaii,” Aloha United Way, 2017; “Cost of Living Data Series,” Missouri Economic and Research Information Center, 2019. 7 Recent research studies include: “ALICE: A Study of Financial Hardship in Hawaii,” Aloha United Way, 2017; “Hawaii Perspectives,” Pacific Resource Partnership, Spring 2019; “Community Health Needs Assessment for People and Islands of Hawaii,” Islander Institute, December 2018. 5 6 The data presented in this study were collected through a 41-question online and phone survey of over 1,600 Hawaii residents from June to July 2019. The data were weighted to be representative at the state and county level. The Hawaii Financial Health Pulse uses many of the same survey questions as the U.S. Financial Health Pulse, including the eight-question FinHealth Score.TM This allows the Hawaii Financial Health Pulse to compare state-level findings to national levels. The national data come from the “U.S. Financial Health Pulse: 2019 Trends Report,” unless otherwise cited. More details on the study methodology are available in Appendix A. A NOTE ON READING TABLES AND GRAPHS Throughout this report, we report results that are statistically significant at the 95% confidence level, unless otherwise noted. In tables, results that are statistically significant are indicated with an asterisk. All figures have been rounded to the nearest whole percent. Regression tables and data are available upon request. FINANCIAL HEALTH: A HOLISTIC, COMPOSITE FRAMEWORK Financial health is a holistic, composite framework that considers the totality of an individual’s financial life. It allows researchers to assess whether people are spending, saving, borrowing, and planning in ways that will enable them to be resilient and pursue opportunities over time. Methodology Figure 1: Eight Indicators of Financial Health Spend less than income Pay bills on time Have manageable debt Have a prime credit score Have appropriate insurance Plan ahead financially Have sufficient liquid savings Have sufficient long-term savings 1.5.3.7. 4.8.2.6. SAVE BORROW PLANSPEND 7 Financially Vulnerable Financial health scores between 0 - 39 are considered Financially Vulnerable. Individuals with scores in this range report healthy outcomes across few, or none, of the eight financial health indicators. 1009080706050403020100 Financially Healthy Financial health scores between 80 - 100 are considered Financially Healthy. Individuals with scores in this range report healthy outcomes across all eight financial health indicators. Financially Coping Financial health scores between 40 - 79 are considered Financially Coping. Individuals with scores in this range report healthy outcomes across some, but not all, of the eight financial health indicators. Figure 2: Interpreting FinHealth Scores TM THE FINHEALTH SCORETM The analysis presented in this report leverages the FinHealth Score TM framework. The FinHealth Score TM is based on eight survey questions that align with the eight indicators of financial health (Figure 1). For every individual who responds to all eight questions, one aggregate FinHealth Score and four sub-scores can be calculated for Spend, Save, Borrow, and Plan. Figure 2 shows how to interpret financial health scores. To view the full scoring instrument and learn more about how the framework was developed, please visit finhealthnetwork.org/score and reference Appendix A of this report. 8 SECTION 1: FINANCIAL HEALTH IN HAWAII Our survey found that most people in Hawaii — 69% of adults, or more than 828,0008 people — are struggling with their financial health. This means they are not spending, saving, borrowing, and planning in ways that allow them to be resilient and pursue economic opportunities over time. According to our research, only 31% of people are Financially Healthy, leaving a majority either Financially Coping (54%) or Financially Vulnerable (15%). The overall financial health picture in Hawaii is nearly identical to the 2019 U.S. Pulse study, where only 29% of Americans were found to be financially healthy (the difference between the two is not statistically significant). The expanded lens of this study suggests that a greater percentage of people in Hawaii may be facing financial challenges than estimated in other studies.9 While the difference in methodology helps to explain some of this increase, the analysis does suggest that the extent of financial challenges in Hawaii may be more widespread than previously recognized. 8 Given a state population of 1.12 million adults over the age of 18, U.S. Census Bureau, 2018. 9 Such as the 48% of households identified in the ALICE Report. “ALICE: A Study of Financial Hardship in Hawaii,” Aloha United Way, 2017. Figure 3: Financial Health Tiers in Hawaii Financially Vulnerable ~180,000 Financially Coping ~648,000 Financially Healthy ~372,000 5415 31 828,000 Total 9 Spending Less Than Income Most people in Hawaii (54%) are spending more than or equal to their income. This is significantly higher than the national level of 46% (Table 1). For people whose spending equals or exceeds their income, 44% were unable to pay their bills on time. Respondents’ high spending levels may be due to the high cost of living, which is discussed later in this section. Insurance Coverage In Hawaii, people are also less confident that they have sufficient insurance coverage to manage an emergency. A little less than half (47%) of respondents reported that they were not confident that their insurance policies would provide sufficient coverage in the event of an emergency, which is nine percentage points higher than the national figure of 38% (Table 2). Additional research is needed to understand the lack of confidence in insurance by people in Hawaii. At the national level, the 2019 U.S. Pulse report found that Americans’ confidence in the sufficiency of their insurance policies is declining alongside an overall decline in the rate of insurance ownership. Table 1. Spending and Insurance Indicators by Hawaii Respondents Compared to the National Level All eight indicators are compared to the national data as described in Appendix B. Indicator 1: Spend Less than Income Q05. Which of the following statements best describes how your household’s total spending compared to total income, over the last 12 months?Hawaii National Spending is less than income 46%*54% Spending is equal to or more than income 54%*46% Table 2: Insurance Indicators by Hawaii Respondents Compared with the National Level Indicator 7: Have Appropriate Insurance Q14. Thinking about all of the types of personal and household insurance you and others in your household have, how confident are you that those insurance policies will provide enough support in case of an emergency?Hawaii National Are confident their insurance policies will cover them in an emergency 51%*58% Are not confident their insurance policies will cover them in an emergency 47%*38% Do not have insurance 3%*4% INDIVIDUAL INDICATORS OF FINANCIAL HEALTH 10 While the aggregate levels of financial health are comparable between Hawaii and the overall U.S., differences emerge when we examine the individual components and indicators of financial health. For example, we found that Hawaii residents are struggling more than people at the national level when it comes to spending and insurance, but they are demonstrating better financial health with regard to saving, planning, and borrowing. 10 This section of the report highlights indicators that are statistically significant between Hawaii and the national figures. All eight indicators are compared to the national data in Appendix B. 10 Credit Score People in Hawaii report better credit scores than national levels — 73% have a self-reported prime credit score compared with 66% at the national level. Still, more than one-quarter (27%) of Hawaii residents either have poor credit scores or don’t know their scores. A good credit score is critical to financial health, supports access to affordable credit rates, and is often used to verify employment and provide access to other basic services. Thus, without a prime score, this population may be limited to high-cost credit or have difficulty securing jobs, housing, or utilities. Planning Ahead Finally, people in Hawaii are more likely to plan ahead for their finances compared to the national levels. Almost two-thirds (65%) of people reported that their household “plans ahead financially,” compared with the national level of 59% (Table 5). Table 3: Savings Indicator by Hawaii Respondents Compared with the National Level Indicator 3: Have Sufficient Liquid Savings Q10. At your current level of spending, how long could you and your household afford to cover expenses, if you had to live only off the money you have readily available, without withdrawing money from retirement accounts or borrowing?Hawaii National Have enough savings to cover at least three months of living expenses 65%*53% Do not have enough savings to cover at least three months of living expenses 35%*47% Table 4: Credit Scores by Hawaii Respondents Compared with the National Level Indicator 6: Have a Prime Credit Score Q13. How would you rate your credit score? Your credit score is a number that tells lenders how risky or safe you are as a borrower.Hawaii National Have a prime credit score 73%*66% Do not have a prime credit score or don’t know their score 27%*35% Table 5: Planning Indicators by Hawaii Respondents Compared with the National Level Indicator 8: Plan Ahead Financially Q16. To what extent do you agree or disagree with the following statement: “My household plans ahead financially.”Hawaii National Agree with the statement: “My household plans ahead financially.”65%*59% Do not agree with the statement: “My household plans ahead financially.”35%*41% Savings More than one-third of people in Hawaii (35%) do not have enough savings to cover three months of living expenses. While this compares favorably with the 47% of Americans overall who face a lack of savings, this data suggests that many Hawaii residents lack a critical cushion in the event of a household emergency or broader economic downturn. 11 OBSTACLES TO FINANCIAL HEALTH: INCOME VOLATILITY AND THE HIGH COST OF LIVING Beyond the core components of financial health, our research found that two key factors are deeply impacting the financial health of people in Hawaii: volatile incomes and the high cost of living. People in Hawaii are squeezed on both ends, navigating consistently high monthly bills with inconsistently sufficient paychecks, and their financial health suffers as a result. Income Volatility We found that more than one-third (36%) of people in Hawaii have volatile incomes that vary from month to month. This can make it difficult to manage expenses or save for a rainy day, especially when budgets are already tight. A large percentage of people who are Financially Coping (39%) and Financially Vulnerable (49%) experience volatility in their incomes (Figure 4). The U.S. Financial Health Pulse: 2018 Baseline Survey 11 found a strong correlation between income volatility and financial health. Holding income constant, individuals with steady paychecks were 1.7 times more likely to be Financially Healthy than those with volatile incomes. The situation is similar in Hawaii. Households at identical levels of income were more likely to be Financially Healthy when that income was stable (Table 6). Figure 4: Percentage of Respondents Experiencing Income Volatility, by Financial Health Tiers Table 6. The Percentage of People Who are Financially Healthy, by Income and Income Stability 12 Stable Income Volatile Income Less than $40,000 20%11%* $40,000-<$75,000 29%9%* $75,000-<$100,000 38%27% $100,000 and more 58%34%* Total Sample 37%19%* 11 U.S. Financial Health Pulse: 2018 Baseline Survey Results. 12 Respondents with roughly the same monthly income have stable income, whereas respondents with variable monthly income have volatile income l Was roughly the same each month l Occasionally varied from month to month l Varied quite often from month to month COPING 8%31%61% 39% total Q23. In the last 12 months, which of the following statements best describes how your household’s income varied from month to month, if at all? l Was roughly the same each month l Occasionally varied from month to month l Varied quite often from month to month VULNERABLE 20%29%51% 49% total 4%18%78% HEALTHY 22% total l Was roughly the same each month l Occasionally varied from month to month l Varied quite often from month to month 9%27%65% TOTAL 36% total l Was roughly the same each month l Occasionally varied from month to month l Varied quite often from month to month 12 High Cost of Living In Hawaii, goods and services cost far more on average than the rest of the country. In fact, Hawaii has the highest Cost of Living Index in the U.S.,13 and expenses are the highest across all major categories, including food, utilities, and transportation. The high cost of housing, in particular, is a significant burden.14 This high cost of living is a significant driver of poor financial health for many Hawaii residents. It may be one reason that the study found that more than half of Hawaii residents (54%) spend equal to or more than their income, one in five people (20%) had trouble paying their mortgage or rent during the past year, and more than one-quarter (27%) of people worried that their food would run out before they got money to buy more (Figure 5). Figure 5: Percentage of Respondents Who Worried About Covering Expenses in the Past 12 Months 13 Missouri Economic and Research Information Center, 2018 14 “Community Health Needs Assessment for People and Islands of Hawaii,” Islander Institute, December 2018. 27% 15% 20% 16% Worried whether your food would run out Had trouble paying your rent or mortgage You or someone in your household did not get healthcare You or someone in your household stopped taking medicine 13 STRATEGY 1 Almost one-quarter (23%) of employed survey respondents in Hawaii work more than one job,15 and other estimates show that the percentage of workers with multiple jobs in Hawaii is nearly 40% higher than at the national level.16 Despite working multiple jobs, these workers continue to experience financial challenges. A higher percentage of workers engaging in multiple jobs are Financially Coping (59%) and Financially Vulnerable (19%), as compared with workers who have a single job (54% and 14%, respectively).17 People may work multiple jobs for many reasons. It may be to counter other large expenses, such as the high cost of childcare.18 It may be that one adult in the household takes on the responsibility for earning income through multiple jobs, and the other adult may bear the childcare and household management responsibilities. People in Hawaii are working multiple jobs. 15 Appendix B. Table B.2: Percentage of Respondents Who Reported Working Multiple Jobs. 16 The Bureau of Labor Statistics (BLS) reported in 2018 that 6.9% of employed people in Hawaii were working multiple jobs compared with the national figure of 5.0%. ”The differences between the Financial Health Network’s data and the BLS data is due to different definitions for working multiple jobs, ” U. S. Bureau of Labor Statistics, 2017. 17 Appendix B. Table B.3: Percentage of Respondents in Financial Health Tiers, by Multiple Job Status. 18 DeBaryshe, B.D., Bird, O., Stern, I., Zysman, D., “Hawai’i Early Learning Needs Assessment,” Honolulu: University of Hawai’i Center on the Family, 2017. 19 Appendix B. Table B.4: Percentage of Respondents Who Reported Working Multiple Jobs, by Industry. 20 Appendix B. Table B.5: Percentage of Respondents Who Reported Working Multiple Jobs, by Income. 21 Appendix B. Table B.2: Percentage of Respondents Who Reported Working Multiple Jobs. °Workers in trade, transportation, and utility industries as well those working in leisure and hospitality are more likely to hold multiple jobs (27%) than workers in other industries.19 °A higher percentage of people in low-income households work multiple jobs, with 39% of households with incomes of less than $40,000 working multiple jobs compared with 16% of households with incomes of more than $100,000.20 °A high percentage (30%) of part-time workers have multiple jobs.21 °People across age groups have multiple jobs, but respondents in the 18-25 and 65+ age categories have the highest rate (32%) of working multiple jobs. Working multiple jobs is correlated with certain types of employment. SECTION 2: STRATEGIES TO MANAGE FINANCIAL CHALLENGES The challenges people in Hawaii face around spending, saving, borrowing, and planning mean that many people are living on the edge with resources stretched thin. Interestingly, the study found that many people are also employing a number of sophisticated strategies to cope with these issues, in particular to manage disparities between income and expenses. The trends of volatile incomes and increasing costs of living will continue to impact how successful these strategies are for individuals and households. By gaining insight into how people living in Hawaii are using these strategies to make their financial lives work, stakeholders in Hawaii can identify opportunities to build products, services, and support systems that can improve the financial health of their communities. 14 STRATEGY 2 More than one-quarter (26%) of Hawaii residents are living in extended households,22 compared with 16% at the national level.23 Such living arrangements may help people manage the high cost of housing, utilities, childcare, and transportation by sharing these expenses among more people. In Hawaii, 16% of people have five or more people living in their households, compared with 13% at the national level.24 Indeed, families across the income spectrum are living in extended households at significantly higher rates than at the national level. People in Hawaii are living in extended households. While living in extended households is part of the culture in Hawaii, the data reflect that households that have poor financial health are more likely to have such a living arrangement. °A significant majority (81%) of people living in extended households have poor financial health.25 °Holding other variables (including ethnicity/race)26 constant, those who are Financially Coping or Financially Vulnerable are 1.3 and 1.7 times more likely to live in extended households, as compared with those who are Financially Healthy (Table 7). °Almost one-third (32%) of households with incomes of less than $40,000 are living in extended households, compared with 22% of households with incomes of more than $100,000.27 °Living in extended households is also more common in younger age groups, with 38% of those between the ages of 26-34 living in extended households, as compared to just 15% of those between the ages of 50-64.28 Table 7 - Likelihood of Living in an Extended Household, by Financial Health Tier Probability to live in an extended household Magnitude Healthy 19%Base Coping 25%1.3x* Vulnerable 33%1.7x* All other variables are evaluated at their means. * p-value < 0.05 22 A household is considered as living in an extended household if they have anyone living in the household other than the respondent, their spouse/significant other, and their children (including children over age 18).” 23 Appendix B. Table B.6: Percentage of Respondents Who Reported Living with Extended Family, by Income. 24 Appendix B. Table B.7: Percentage of Respondents Who Reported Living with Extended Family, by Family Size. 25 Appendix B. Table B.8: Percentage of Respondents in Financial Health Tiers, by Extended Family Living. 26 The regression analysis holds income, age, ethnicity, employment, education, gender, and county as constant. 27 Appendix B. Table B.6: Percentage of Respondents Who Reported Living with Extended Family, by Income. 28 Appendix B. Table B.9: Percentage of Respondents Who Reported Living in Extended Family, by Age. 15 29 Appendix B. Table B.10: Percentage of Respondents in Financial Health Tiers, by Providing Support. 30 Appendix B. Table B.11: Percentage of Respondents Who Experience Financial Hardship When Giving Support. 31 Appendix B. Table B.12: Percentage of Respondents Who Reported Receiving Support, by Income. 32 Appendix B. Table B.13: Percentage of Respondents Who Reported Receiving Support, by Age. STRATEGY 3 About half (47%) of people report giving support to friends or family. This support can take a variety of forms, including financial, housework, transportation, and caregiving help, though financial help is the most common (Figure 7). While providing support to one another is a hallmark of a strong community, it can pose challenges, too. A majority who gave help are Financially Coping (58%) or Financially Vulnerable (18%) themselves.29 Of those giving financial help, 64% reported that giving support was a hardship for them.30 People in Hawaii are relying on support from family and friends. About 30% of people in Hawaii report receiving support, and younger, low-income segments are the most likely to need assistance: °Over two-fifths (43%) of those between the ages of 26-34 receive support, compared with just 19% of those between the ages of 50-64.32 °Almost half (46%) of households with incomes of less than $40,000 receive support, compared with 18% of households with incomes of more than $100,000.31 Given the prevalence of living in extended households and reliance on support from family and friends, a single financial emergency could trigger a “domino effect,” where multiple families are impacted negatively. Figure 7: Proportion of Sample Who Reported Receiving Support from Family and Friends Financial help 18% Caregiving help 10% Transportation help 16% Housework help 10% 16 Among the one-quarter (25%) of people in Hawaii who said their spending exceeded their income in the last 12 months, over two-thirds said they would turn to savings (73%) or credit cards (69%) to manage their financial situations.33 These rates are dramatically higher and reflect a difference in behavior than at the national level. At the national level, people in this situation are much more likely to use credit cards (43%) than to use savings (20%) (Figure 8). Even households with incomes of less than $40,000 in Hawaii use savings (63%) more than credit cards (58%).34 35 People in Hawaii are using savings and credit cards to make ends meet. 33 The difference between the use of savings and the use of credit cards within Hawaii is not statistically significant. 34 The difference between the use of savings and the use of credit cards for households with incomes of less than $40,000 within Hawaii is not statistically significant. 35 Appendix B. Table B.14: Actions Respondents Took When Spending Exceeded Income, by Income Level. Figure 8 - Actions Respondents Took When Spending Exceeded Income l Hawaii l National 73%* Used savings 20% 54%* Worked extra 20% Reduced expenses 69%* 27% Borrowed from financial institution 32%* 14% Overdrew checking 30%* 18% 69%* 43% Used credit cards 40%* 24% Sold items 31% 26% Borrowed from friends and family Respondents could select multiple responses, therefore percentages don’t sum to 100. STRATEGY 4 17 SECTION 3: OPPORTUNITIES FOR ACTION BY HAWAII STAKEHOLDERS While financial health in Hawaii is similar to the overall financial health of the U.S., there are factors in Hawaii that make it unique from other states and regions. This creates a unique opportunity for stakeholder groups – including employers, financial institutions, colleges and universities, and policymakers – to develop and design thoughtful, localized solutions to help residents of Hawaii take steps that can improve their financial health. Of course, many of the largest challenges that Hawaii faces, such as the structure of the economy and the high cost of living and housing, will require coordination across multiple stakeholders. Employers Employers can play a significant role in improving the financial health of their workers while strengthening their own bottom lines at the same time. Worker financial stress can contribute to productivity losses, increased absences and healthcare claims, higher turnover, and costs associated with workers who cannot afford to retire on time.36 Since a majority of workers in Hawaii are either Financially Vulnerable (54%) or Financially Coping (15%),37 employers will benefit from improved employee financial health with a more present, engaged, and less stressed workforce. While the most direct way an employer can improve their employees’ financial health is through increased wages, there are several additional ways employers can improve worker financial health today. °Adding or adjusting benefits to meet employee needs: Since the cost of childcare in Hawaii is extremely high, employers could consider providing benefits like paid childcare and parental leave that address these specific pain points.38 Figure 9 illustrates that paid childcare is offered much less frequently across all industries than other benefits, such as paid vacation and retirement benefits. Figure 9: Percentage of Respondents Access to Benefits, by Industry l Paid vacation l Paid sick days l Retirement l Paid parental leave l Paid childcare Government and Military 95% 95% 14% 92% 54% Trade, Transportation, and Utilities 68% 63% 7% 65% 31% Leisure and Hospitality 53% 48% 5% 45% 26% Education, Health, and Social Services 79% 78% 6% 82% 44% Professional and Business Services 74% 64% 12% 61% 35% Other 61% 49% 7% 53% 24% 36 “Employee Financial Health: How Companies Can Invest in Workplace Wellness,” Financial Health Network, May 2017. 37 Table B.15: Financial Health of Working Respondents. 38 DeBaryshe, B.D., Bird, O., Stern, I., Zysman, D., “Hawai’i Early Learning Needs Assessment,” Honolulu: University of Hawai’i Center on the Family, 2017. 18 Table 8: Percentage of Respondents Using Alternate Financial Services Compared with the National Level, by Financial Health Tier Vulnerable Coping Healthy Total Hawaii 40%*21%*11%*21%* National 33%15%4%15% °Income smoothing: Another benefit that can improve financial health is reducing volatility in paychecks, since there is a high correlation between income volatility and poor financial health. Almost half (47%) of people who had volatile incomes said it was because of irregular work schedules or overtime, which is significantly more than the 40% of people who report this at the national level.39 With sufficient advance notice, employers can provide workers with information about their schedules and any changes. They can also empower workers to use technology to set the schedules that work best for them. 39 Appendix B. Table B.16: Percentage of Reasons Reported by Respondents with Income Volatility. 40 “Better for Employees, Better for Business: The Case for Employers to Invest in Employee Financial Health,” Financial Health Network, 2019. 41 These are households that have used at least one of the following services in the past 12 months: money order, check-cashing service, payday loan, pawn shop loan, or auto title loan. In addition, employers can offer their employees benefits such as insurance, retirement savings accounts, and tools to help with budgeting, paying down debt, and building emergency savings.40 Financial Institutions Since the financial services sector is dominated by local institutions in Hawaii, these banks, credit unions, and fintech companies can play a significant role in improving financial health in Hawaii. Financial institutions can provide products and services to help people use their financial resources optimally with a special focus on the following: Lastly, since many financial institutions are large employers too, they can provide better wages and benefits as well as tools to help their own employees better manage their financial health. °New savings, credit, and cash flow management products: Since people in Hawaii use savings and credit cards when their spending exceeds income, financial institutions can design and deliver savings and credit solutions that are accessible, appropriately priced, and designed for ease-of-use. Financial institutions can also leverage technology to provide customers with visibility into their own financial flows and provide information to proactively manage volatility in income and expenses. Fintechs that already have these types of solutions may find Hawaii an attractive market. Technology solutions that manage finances across families and friends may be particularly relevant in Hawaii, given the prevalence of extended household living arrangements. °Closing market gaps: About one-fifth (21%) of people in Hawaii use alternative financial services,41 which is significantly higher than 15% at the national level (Table 8). This is an opportunity for financial institutions to understand the specific needs of these segments and develop products, services, and marketing strategies to reach them. Banks and credit unions may also consider partnering with community development financial institutions to help underserved communities. To address the high cost of housing specifically, banks and credit unions could offer federal mortgage financing programs that would allow households to reduce the down payment and closing costs needed to purchase homes. 19 Colleges and Universities Overall, educational levels are positively correlated with financial health, but college degrees don’t appear to pay off in Hawaii like they do in the rest of the country. People with bachelor’s degrees in Hawaii are more likely to be Financially Coping (52%), as compared to the national level of 44% (Figure 10). This may be the reason that 16% of people with bachelor’s degrees are considering moving out of state to improve their financial situation.42 The University of Hawaii system, given its depth and breadth in the state, has a unique opportunity to support the current and future financial health of its students by promoting student financial health and aligning educational programs with employment opportunities. °Student financial health: Financial health impacts student’s ability to achieve academic success, and academic success can impact future financial health outcomes.43 Colleges and universities can begin by assessing the financial health of their students and implementing financial wellness programs, such as financial counseling or emergency grant programs, that help students achieve academic success and financial health. °Training and upskilling: Given the comparatively limited return on investment from higher education in Hawaii, educational institutions should collaborate with employers on the development and implementation of career and technical education training programs tailored to meet the current and future staffing needs of public and private employers. Figure 10: Percentage of Respondents in Financial Health Tiers Compared with the National Level, by Educational Attainment l Vulnerable l Coping l Healthy Hawaii High School or Less U.S. 23%*54%*23% 17%61%22% Some College Hawaii U.S. 24%57%19% 26%54%20% Bachelor’s Degree or Higher Hawaii U.S. 39%*52%*9% 47%44%9% 42 Appendix B. Table B.17: Percentage of Respondents Who Reported Moving Out of State, by Education. 43 “Driving College Success: Factors for Assessing Student Financial Health,” Financial Health Network, 2019. 20 Policymakers Policymakers can address the financial health challenges identified in our research in a number of ways: °At the macro level, they can encourage the growth of new industries that more fully employ Hawaii’s educated workforce and halt the trend toward low-wage, volatile income employment. °They can also strengthen affordable housing programs as a means of alleviating the high cost of living. °To address food insecurity, state and local governments could work with nonprofit partner organizations and communities to promote the Supplemental Nutrition Assistance Program and to ensure that qualified households can access such benefits. °At the more micro level, policymakers can promote initiatives that help Hawaii residents to save, access affordable credit, manage their finances, and plan for retirement. Conclusion The Hawaii Financial Health Pulse reveals that a majority of people in Hawaii are struggling with poor financial health and their financial challenges are further compounded by volatile incomes and a high cost of living. To address these challenges, people in Hawaii work multiple jobs, live in extended households, rely on family and friends, and use savings and credit cards when expenses exceed income. Yet despite doing all of this, a majority of people living in Hawaii are still struggling to make ends meet. As a result, they may be more vulnerable to an unexpected financial shock or expense, or a broader economic downturn. Since residents of Hawaii are already doing what they can to meet the financial needs of their households, stakeholders have an opportunity to help people improve their financial health. Significant commitment will be needed to create better opportunities by reducing low- wage jobs, volatile incomes, and rising housing and living costs. We hope that this study, complementing other research, provides a rich and nuanced understanding of the specific challenges households currently face, so that leaders and stakeholders can design new solutions to build a stronger, more resilient Hawaii. 20 21 44 A Hawaii resident is defined as anyone who lives in Hawaii for six months out of the year. APPENDICES APPENDIX A: METHODOLOGY The Hawaii Financial Health Pulse is based on the U.S. Financial Health Pulse and is designed to provide a snapshot of the financial lives of the residents of Hawaii. Working with Anthology Marketing Group, a set of local advisors, Hawaii Community Foundation, and the Bank of Hawaii, the Financial Health Network adapted the U.S. Financial Health Pulse research approach to make a survey relevant for Hawaii. A stratified sampling approach was used to ensure sufficient sample size for each county. The survey data was weighted to be representative at the county and state levels using age and ethnicity, with the 2016 Hawaii Behavioral Risk Factor Surveillance System and 2010 Census data as benchmarks. Compared to 2018 U.S. Census data, some skews existed in the survey dataset after weighting: the survey data had an oversampling of individuals identifying as Hawaiian native, individuals with lower income, and individuals with higher levels of education. See “Hawaii Financial Health Pulse Sample Overview” for a breakdown of the survey dataset by select demographic variables. All data can be shared upon request. Study Overview Population All non-institutionalized Hawaii residents44 age 18 and older Sample Selection All active respondents were identified in existing online panels or using random-digit-dialing for phone-based surveys Language English Field Date June 10th - July 17th Mode The survey was administered online and over the telephone. 472 respondents answered the survey via phone and 1,134 took the survey online. Length ~22 Minutes Limitations of the research methodology A quantitative survey does not allow for many open-ended responses or qualitative findings relative to other research methods, like focus groups or in-depth interviews. Future research could use deeper qualitative research to provide richer insights and opportunities to understand the constraints and choices that people in Hawaii face. 22 Unweighted Sample Size Geography Honolulu 623 Hawaii Island 420 Kauai 251 Maui 312 Total 1,606 The margin of error for the sample is +/- 2.45% at the 95% level of confidence. Hawaii Financial Health Pulse Sample Overview Summary of Hawaii Survey Sample Demographics Compared to the National Sample Household Income Less than $40,000 27%38% $40,000 - <$75,000 27%26% $75,000 - <$100,000 17%12% $100,000+29%24% Gender Female 46%48% Male 54%52% Weighted Percentage of Hawaii Sample Weighted Percentage of National Sample Age 18-25 11%7% 26-35 17%21% 36-49 26%26% 50-64 31%27% 65 and over 15%19% Race/Ethnicity 45 Caucasian 29% Japanese 28% Hawaiian 19% Filipino 12% Other 12% Education Less than high school 1%9% High school 21%30% Some college 32%28% Bachelor's degree or higher 47%32% 45 Race/ethnicity categories in the Hawaii survey are not comparable to ones in the national survey due to differences in question wording and response options. 23 APPENDIX B: SUPPLEMENTAL TABLES AND CHARTS Demographic Characteristics by Financial Health in Hawaii Vulnerable Coping Healthy Sum Age 18-25 13%66%21%100% 26-34 15%61%24%100% 36-49 22%58%20%100% 50-64 15%46%38%100% 65 and over 6%44%50%100% Gender Female 17%56%26%100% Male 13%50%37%100% Household Income Less than $40,000 29%55%16%100% $40,000 - <$75,000 18%60%22%100% $75,000 - <$100,000 10%55%35%100% $100,000+4%45%51%100% Education High school or less 23%54%23%100% Some college 19%57%24%100% Bachelor's degree or higher 9%52%39%100% Race/Ethnicity Caucasian 16%47%37%100% Filipino 11%70%18%100% Hawaiian 24%51%25%100% Japanese 10%53%37%100% Other 16%62%23%100% 24 Demographic Characteristics by Financial Health in Hawaii (cont.) Vulnerable Coping Healthy Sum County Hawaii 15%53%32%100% Honolulu 16%54%30%100% Kauai 9%48%43%100% Maui 15%55%30%100% Employment Status Working, full-time 14%56%30%100% Working, part-time 19%57%24%100% Working, self-employed 18%47%35%100% Not working, not retired 28%59%14%100% Retired 4%44%52%100% Marital Status Not married/Not living with partner 19%57%24%100% Married/Living with partner 13%51%36%100% Eight Indicators of Financial Health and Definitions of Consolidated Indicator Responses Indicator 1: Spend Less than Income Q05. Which of the following statements best describes how your household’s total spending compared to total income, over the last 12 months?Hawaii National Spending is less than income 46%*54% Spending was much less than income 17%18% Spending was a little less than income 29%*36% Spending is equal to income 29%29% Spending was about equal to income 29%29% Spending is more than income 25%*17% Spending was a little more than income 18%*13% Spending was much more than income 8%*4% 25 Indicator 2: Pay All Bills On Time Q08. Which of the following statements best describes how your household has paid its billsover the last 12 months? “My household has been financially able to…”Hawaii National Pay all bills on time 70%*66% Unable to pay all bills on time 30%*34% Pay nearly all of our bills on time 15%16% Pay most of our bills on time 9%10% Pay some of our bills on time 4%5% Pay very few of our bills on time 8%*3% Indicator 3: Have Sufficient Liquid Savings Q10. At your current level of spending, how long could you and your household afford to cover expenses, if you had to live only off the money you have readily available, without withdrawing money from retirement accounts or borrowing?Hawaii National Have enough savings to cover at least three months of living expenses 65%*53% 6 months or more 45%*36% 3-5 months 20%*17% Do not have enough savings to cover at least three months of living expenses 35%*47% 1-2 months 17%*21% 1-3 weeks 9%*14% Less than 1 week 9%*12% Indicator 4: Have Sufficient Long-Term Savings Q11. Thinking about your household’s longer-term financial goals such as saving for a vacation, starting a business, buying or paying off a home, saving up for education, putting money away for retirement, or making retirement funds last… How confident are you that your household is currently doing what is needed to meet your longer-term goals? Hawaii National Are confident they are on track to meet long-term financial goals 45%*39% Very confident 18%18% Moderately confident 26%*22% Are not confident they are on track to meet long-term financial goals 55%*61% Somewhat confident 22%23% Slightly confident 15%15% Not at all confident 18%*23% 26 Indicator 5: Have a Manageable Debt Load Q12. Thinking about all of your household’s current debts, including mortgages, bank loans,student loans, money owed to people, medical debt, past-due bills, and credit card balances that are carried over from prior months… As of today, which of the following statements describes how manageable your household debt is? Hawaii National Have a manageable amount of debt 53%52% Have more debt than is manageable 28%30% Have a bit more debt than is manageable 19%19% Have far more debt than is manageable 9%*11% Do not have any debt 20%19% Indicator 6: Have a Prime Credit Score Q13. How would you rate your credit score? Your credit score is a number that tells lenders howrisky or safe you are as a borrower.Hawaii National Have a prime credit score 73%*66% Excellent 33%31% Very Good 21%*19% Good 18%16% Do not have a prime credit score 22%*28% Fair 14%15% Poor 8%*13% Don’t know 5%*7% Indicator 7: Have Appropriate Insurance Q14. Thinking about all of the types of personal and household insurance you and others in your household have, how confident are you that those insurance policies will provide enough support in case of an emergency?Hawaii National Are confident their insurance policies will cover them in an emergency 51%*58% Very confident 20%*28% Moderately confident 31%30% Are not confident their insurance policies will cover them in an emergency 47%*38% Somewhat confident 26%*20% Slightly confident 12%*9% Not at all confident 9%8% Do not have insurance 3%*4% 27 Indicator 8: Plan Ahead Financially Q16. To what extent do you agree or disagree with the following statement: “My household plans ahead financially.”Hawaii National Agree with the statement: “My household plans ahead financially.”65%*59% Agree strongly 26%*22% Agree somewhat 40%*37% Do not agree with the statement: “My household plans ahead financially.”35%*41% Neither agree nor disagree 19%*23% Disagree somewhat 11%11% Disagree strongly 5%*7% * Indicates statistical significance between Hawaii and National data. Supplemental Tables All charts use data from the Hawaii Financial Health Pulse unless otherwise noted. Table B1: Percentage of Hawaii Respondents Who Reported Income Varied From Month to Month Q23: In the last 12 months, which of the following statements best describes how your household’s income varied from month to month, if at all? Single Job Multiple Jobs Total Employed Was roughly the same each month 68%44%*62% Occasionally varied from month to month 26%44%*30% Varied quite often from month to month 6%12%*8% Table B2: Percentage of Respondents Who Reported Working Multiple Jobs Q20. In the past month, have you had more than one job, including part-time, evening, or weekend work? Working Full-Time Working Part-Time Working Self-Employed Total Employed Single Job 80%70%65%77% Multiple Jobs 20%30%35%23% Table B3: Percentage of Respondents in Financial Health Tiers, by Multiple Jobs Status Vulnerable Coping Healthy Sum Single Job 14%54%32%100% Multiple Jobs 19%59%22%*100% *Indicates statistical significance relative to single job holders. 28 Table B4: Percentage of Respondents Who Reported Working Multiple Jobs, by Industry Q20. (Asked if respondent is employed) In the past month, have you had more than one job, including part time, evening, or weekend work, yes or no?Hawaii Leisure and Hospitality 27% Trade, Transportation, and Utilities 27% Education, Health, and Social Services 26% Professional and Business Services 24% Other 20% Government and Military 19% Total Employed 23% Table B5: Percentage of Respondents Who Reported Working Multiple Jobs, by Income Level Hawaii Less than $40,000 39% $40,000 - <$75,000 26% $75,000 - <$100,000 19% $100,000+16% Total Employed 23% Table B6: Percentage of Hawaii Respondents Compared to the National Level, by Family Size Q36. Who lives with you in your household? (Answer choices: Your parents, your grandparents, your spouse or partner, your or your partner’s children under 18 years of age, your or your partner’s children over 18 years of age, other relatives (aunts/uncles/cousins/hanai), other people not related by blood.) Hawaii National Single 16%18% 2-3 people 55%55% 4 people 13%15% 5 or more people 16%*12% Table B7: Percentage of Respondents Who Reported Living With Extended Family,46 by Income Q36. Who lives with you in your household? (Answer choices: Your parents, your grandparents, your spouse or partner, your or your partner’s children under 18 years of age, your or your partner’s children over 18 years of age, other relatives (aunts/uncles/cousins/hanai), other people not related by blood.) Hawaii National Less than $40,000 32%*19% $40,000 - <$75,000 25%*15% $75,000 - <$100,000 23%*12% $100,000+22%*12% Total Sample 26%*16% 46 Race/ethnicity categories in the Hawaii survey are not comparable to ones in the national survey due to differences in question wording and response options. 29 Table B8: Percentage of Respondents in Financial Health Tiers, for Extended Family Households Q36. Who lives with you in your household? (Answer choices: Your parents, your grandparents, your spouse or partner, your or your partner’s children under 18 years of age, your or your partner’s children over 18 years of age, other relatives (aunts/uncles/cousins/hanai), other people not related by blood.) Vulnerable Coping Healthy Sum Hawaii 20%61%18%100% National 23%62%15%100% Table B9: Percentage of Respondents Who Reported Living With Extended Family, by Age Q36. Who lives with you in your household? (Answer choices: Your parents, your grandparents, your spouse or partner, your or your partner’s children under 18 years of age, your or your partner’s children over 18 years of age, other relatives (aunts/uncles/cousins/hanai), other people not related by blood.) Hawaii National 18-25 55%57% 26-35 38%*18% 36-49 28%*14% 50-64 15%12% 65 and over 4%5% Total Sample 26%*16% Table B10: Percentage of Respondents in Financial Health Tiers, by Providing Support Q30. In the past 3 months, have you provided friends, relatives, or children who live outside of your home support? Vulnerable Coping Healthy Sum Provided Some Support 18%*58%*25%*100% Total Sample 23%54%31%100% *Indicates statistical significance relative to overall breakdown of financial health tiers. Table B11: Percentage of Respondents Who Experience Financial Hardship After Giving Support Q31: In the past 12 months, how much of a financial hardship has this been for your household? Hawaii Not a hardship at all 36% A minor hardship 51% A major hardship 13% 30 Table B12: Percentage of Respondents Who Reported Receiving Support, by Income Q29. In the past 3 months, did friends, relatives, or children who live outside of your home provide support for you?Received Support Less than $40,000 46% $40,000 - <$75,000 33% $75,000 - <$100,000 24% $100,000+18% Total Sample 30% Table B13: Percentage of Respondents Who Reported Receiving Support, by Age Q29. In the past 3 months, did friends, relatives, or children who live outside of your home provide support for you? Received Support 18-25 46% 26-35 43% 36-49 35% 50-64 19% 65 and over 19% Total Sample 30% Table B14: Actions Respondents Took When Spending Exceeded Income, by Income Level (Only asked to those whose spending exceeded income in the last month.) Less than $40,000 $40,000 - <$75,000 $75,000 - <$100,000 $100,000+Total Sample Used savings 63%84%58%80%73% Used credit card 58%83%66%81%72% Reduced expenses 68%71%77%58%69% Worked extra 57%61%54%49%57% Sold items for cash 50%47%22%29%41% Borrowed from financial institution 22%41%40%33%33% Borrowed from friends and family 46%32%16%20%32% Overdrew checking account 36%36%25%23%32% Did nothing 16%10%23%13%14% Table B15: Financial Health of Working Respondents Vulnerable Coping Healthy Working 15%55%30% Total Sample 15%54%31% 31 Table B16: Percentage of Reasons Reported by Respondents with Income Volatility Q24. Which of the following, if any, contributed to why your household’s income varied over the last 12 months?Hawaii National Irregular work schedule or overtime work 47%*40% Variable income from commission 45%*26% Periods where you or household members were unemployed or on unpaid leave 29%*19% Variable income from bonuses 20%*15% Started a new job 19%*14% Seasonal employment that began in the last 12 months 13%*9% National data is from the U.S. Financial Health Pulse: 2018 Baseline Survey. Table B17: Percentage of Respondents Who Reported Moving Out of State, by Education Q28. Are you considering or thinking about moving out of state in the next 12 months because of your financial situation?Considered Moving Out of State High school or less 20% Some college 20% Bachelor's degree or higher 16% Total Sample 18% All regression tables and data can be shared upon request. 32 The Financial Health Network is the leading authority on financial health. 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