The Association and credit union leaders attended the Financial Wellness Scorecard Summit in Gallatin, Tenn., on Tuesday.
The Financial Wellness Scorecard Summit is an opportunity for community leaders, educators, business representatives, financial institution representatives and policymakers to have a focused discussion on the state of financial wellness in Tennessee.
The findings of the Tennessee Financial Wellness Scorecard were discussed, along with a presentation by Ed Taylor, senior research associate at the Goyd Center for Business and Economic Research at the University of Tennessee. The intent is to identify opportunities to strengthen financial education and empowerment across our communities.
Tennessee’s Financial Literacy Scorecard
Tennessee has a financial wellness score of 59 out of 100, which suggests that Tennesseans are doing better in some areas but still face persistent challenges, including limited emergency savings, subprime credit and housing affordability.
- TN Median Household Income – $67,097, Nationally – $83,730
- TN Households in poverty – 13.80%, Nationally – 10.6%
- TN Households receiving Social Assistance – 11.90%, Nationally – 12.8%
- TN Homeownership – 67.0%, Nationally – 65.3%
