New Experian research reveals majority of Big
Game fans struggle with overspending and are eager to improve their
credit scores
From high levels of credit card debt to admitted challenges with
overspending, football fans could benefit from some updated
financial plays ahead of the Big Game according to new research
released today by Experian®.
Key takeaways
- Experian’s survey1 of 2,000 Americans who plan to watch the
football championship on Sunday, February 11 revealed 61% feel they
struggle with overspending and 30% do not have an emergency
savings.
- On top of that, 88% would like to improve their credit score in
2024.
- However, more than a quarter (27%) say they do not know where
to find trusted financial advice and 34% say they do not have a
financial game plan.
To help football fans overcome financial challenges, Experian is
partnering with financial wellness advocate and former football
pro, Akbar Gbajabiamila, to educate consumers about ways they can
improve their financial health.
“Many of us are, rightfully, excited about the Big Game, but
having a financial gameplan is key to setting yourself up for
success long after the season comes to an end,” said Gbajabiamila,
host of “The Talk” on CBS, “American Ninja Warrior” on NBC and
“Fight to Survive” on Roku. “I’m excited to partner with Experian
to help educate consumers about the steps they can take to tackle
their debt, improve their credit scores and protect their financial
health.”
Introducing Experian and Gbajabiamila’s Financial
Playbook
1. Get your head in the game.
Start by checking your credit reports and credit scores
regularly. Thirty one percent of people who plan to watch the Big
Game haven’t checked their credit report in six months or more, but
checking your credit reports and scores is one of the best ways to
uncover the factors impacting your score and see where you stand
from a financial perspective.
You’re entitled to a free copy of your credit report from each
of the three credit bureaus and can access them once a week at
AnnualCreditReport.com. Experian also offers a free Experian credit
report and FICO® Score2 once a month through the Experian mobile
app or online at Experian.com, along with free credit monitoring,
alerts and other benefits.
2. Tackle your spending and debt.
Many football fans are grappling with the rising costs of goods
and credit card debt. In fact, twenty-four percent of Big Game
watchers are carrying more than $10,000 in credit card debt and 11%
do not have a plan for paying down their debt. At the same time,
nearly half (45%) percent of people planning or hosting watch
parties expect to spend $500 or more and 28% expect to spend $1000
or more on the Big Game.
Aside from football championship-related spending, 57% of Big
Game watchers use food or grocery delivery services once a week or
more, while 72% of those who plan to host or plan watch parties say
they use these services at least once a week. In addition, 65% of
people who plan to watch the Big Game go out to eat once a week or
more, with 75% of hosts/planners claiming the same.
Convenience can be costly and, while credit can be a financial
tool, debt can be a financial problem. To increase your savings or
tackle your debt, focus on your needs versus your wants and look
for ways to cut costs. Small changes can make a big impact towards
helping keep more money in your pocket. Learn how Experian could
help you lower your bills and manage your spending at
Experian.com/savings.
3. Make smart money moves.
Most football fans who plan to watch the Big Game want to
improve their credit score and today they can actively build credit
while sitting on the sidelines with Experian Boost®3. This
game-changing feature was introduced nearly five years ago and has
helped more than 14 million consumers improve their FICO Scores4 by
adding payments for cell phones, utilities, video streaming
services, residential rent payments and, most recently, insurance
payments directly to their Experian credit file.
Additionally, 71% of Big Game watchers said they’d consider
using a new debit card if it could help them improve their credit
scores, and now they can by paying their bills from the new
Experian Smart Money™ Digital Checking Account5. Introduced in
October 2023, the Experian Smart Money™ Digital Checking Account
has the convenience of Experian Boost embedded with the account.
When you use the Experian Smart Money™ Digital Checking Account to
pay bills that are eligible for Experian Boost , the feature will
capture the payments and add them to your Experian credit file to
potentially increase your credit scores.
“Small changes can make a big impact in helping people live more
financially empowered lives,” said Christina Roman, consumer
education and advocacy manager at Experian. “We’re committed to
connecting football fans and consumers across America with the
tools, education and resources necessary to tackle their financial
challenges and unlock new opportunities in the year ahead and
beyond.”
Additional free resources and education from Experian
- Join Experian’s #creditchat hosted by @Experian on Twitter with
financial experts every Wednesday at 3 p.m. Eastern time.
- Visit the Ask Experian blog for answers to common questions,
advice and education about credit.
- Learn how to build and protect your credit with Experian’s
Credit Essentials for Everyone flipbook and find additional credit
education resources at
http://www.experian.com/consumereducation.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximise every opportunity. With
corporate headquarters in Dublin, Ireland, we are listed on the
London Stock Exchange (EXPN) and are a constituent of the FTSE 100
Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
______________________
1 Experian commissioned Atomik Research to conduct an online
survey of 2,004 adults throughout the United States1. The sample
consists of those who say they plan to watch the Big Game on
February 11, 2024. The margin of error is +/- 2 percentage points
with a confidence level of 95 percent. Fieldwork took place between
December 15 and December 18, 2023. 2 Credit score calculated based
on FICO Score 8 model. Your lender or insurer may use a different
FICO® Score than FICO® Score 8, or another type of credit score
altogether. Learn more. 3 Results will vary. Not all payments are
boost-eligible. Some users may not receive an improved score or
approval odds. Not all lenders use Experian credit files, and not
all lenders use scores impacted by Experian Boost®. Learn more. 4
Credit score calculated based on FICO Score 8 model. Your lender or
insurer may use a different FICO® Score than FICO® Score 8, or
another type of credit score altogether. Learn more. 5 The Experian
Smart Money Debit Card™ is issued by Community Federal Savings Bank
(CFSB), pursuant to a license from Mastercard International.
Banking services provided by CFSB, Member FDIC. Experian is a
Program Manager, not a bank.
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version on businesswire.com: https://www.businesswire.com/news/home/20240130543816/en/
Amanda Garofalo Experian Public Relations 1 714 460 3739
amanda.garofalo@experian.com
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