The Office of Treasurer Erick Russell

Financial Wellness Overview

Improving financial wellness among Connecticut residents is a priority for the Office of the State Treasurer. The office aims to promote sound public policy and ensure the accessibility of financial wellness programs and resources for youth, adults of all ages, and underserved populations in the state.

The Treasury's efforts working with organizations throughout the state have helped provide programs and assistance that to provide the people of Connecticut with information and training to help them build a better future.

Why Financial Wellness Matters

Financial wellness means having financial security and financial freedom of choice, in the present and in the future. Specifically, being financially well means having:

·      control over day-to-day, month-to-month finances;

·      the capacity to absorb a financial shock;

·      the tools to stay on track to meet financial goals; and

·      the financial freedom to make the choices that allow you to enjoy life and reduce financial-related stress.

How is the financial wellness of CT residents?

We're making progress, but there's more to do. The economic and health impacts of the pandemic have been hard on all of us, particularly women and communities of color. Even before the pandemic, not all CT residents were fully participating in CT's economy:

•17% of individuals reported that over the past year (2018), their household spent more than their income (not including the purchase of a new home, car, or other big investment), while 16% of individuals reported having medical bills that are past due.
•44% of individuals lack a rainy-day fund to cover expenses for three months, in case of emergencies such as sickness, job loss or economic downturn.
•24% of individuals reported using one or more non-bank borrowing methods (e.g. payday loans) in the past five years.  Additionally, 33% of those with credit cards paid only the minimum on their credit cards during some months in the last year.