FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced the results of a study that surveyed American consumers on their financial health and economic sentiment. The results indicated that many Americans are still adjusting to the financial upheaval caused by the COVID-19 pandemic, with many still hoping to pursue alternative employment, and others still without access to credit cards or investment accounts. Conducted by Elevate’s thinktank, the Center for the New Middle Class (CNMC), the survey results were reported in the latest edition of CNMC’s Nonprime Tracker, which tracks the differences and similarities in financial sentiment, attitude, and behaviors of consumers with prime and non-prime credit scores.
The report, which surveyed over 19,000 Americans over three years, reveals notable findings among prime and non-prime consumers:
- Unemployment among non-prime Americans, or those with credit scores below 700, continues to hover above pre-COVID averages, while prime consumers experience steady growth in unemployment.
- While prime Americans may have made career moves early in the pandemic, non-prime Americans are just now starting to pursue alternative employment opportunities.
- Overall, Americans feel less financially secure than they did a year ago.
- However, a greater number of households report having an investment account, exposing more Americans to the economic growth enabled by a surging stock market.
Extraordinary expenses, or those that disrupt household finances in sudden and often prolonged ways, affected prime consumers most in Q4 2020. While this group has since experienced a recovery close to pre-pandemic levels, November 2021 data suggests that these expenses could be ticking up again, perhaps due to holiday related spending.
“Our latest study illustrates how resilient and resourceful both prime and non-prime Americans continue to be, even as COVID persists,” said Jonathan Walker, Executive Director of the CNMC. “The economic uncertainty of the last couple of years is now a constant in the lives of many but we’re finding that people have adjusted to this new normal and taken measures to stay on track and meet their financial goals.”
Link to full report: https://www.newmiddleclass.org/december-non-prime-tracker-report/
About The Center for the New Middle Class
Elevate's Center for the New Middle Class conducts research, engages in dialogue, and builds cooperation to generate understanding of the behaviors, attitudes, and challenges of America's growing "New Middle Class." For more information, please visit: newmiddleclass.org.
Elevate (NYSE: ELVT), together with the banks that license its marketing and technology services, has originated $9.5 billion in non-prime credit to more than 2.6 million non-prime consumers to date and has saved its customers more than $8.8 billion versus the cost of payday loans. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Today Card. For more information, please visit http://corporate.elevate.com.