Hawaii Financial Health Pulse Report Provides In-Depth View of Residents' Financial Struggles
A study released yesterday further substantiates the financial hardships faced by, and resilience exhibited by, people living in Hawaii. The Hawaii Financial Health Pulse, sponsored by Hawaii Community Foundation and Bank of Hawaii, is a localized version of the U.S. Financial Health Pulse, which examines the financial health of Americans. In close collaboration with local advisors, The Financial Health Network surveyed more than 1,600 Hawaii residents to better understand their “financial health”—that is, how they spend, save, borrow, and plan in their financial lives. Survey responses suggest that:
Fewer than one-third of people in Hawaii are financially healthy.
Financial challenges faced by people in Hawaii cross multiple aspects of their financial lives.
Volatile incomes and high living expenses significantly shape the financial challenges people in Hawaii face.
The Hawaii Financial Health Pulse underscores the need for coordinated, systemic interventions to address the shifting employment landscape and high cost of living throughout the state. Furthermore, it provides specific recommendations to stakeholders, including employers, financial institutions, policymakers, and educators to help address these urgent community needs. Importantly, these insights were informed by the voices of local residents, who described their financial struggles as well as the strategies they use to make ends meet. The data from this report will inform future analyses, so be sure to stay tuned!
