The LegalShield Consumer Stress Legal Index (CSLI), a study that tracks about 150,000 calls per month from everyday Americans seeking legal help, remained elevated in August, one month after the steep...
ADA, Okla.: The LegalShield Consumer Stress Legal Index (CSLI), a study that tracks about 150,000 calls per month from everyday Americans seeking legal help, remained elevated in August, one month after the steepest surge in the study’s 22-year history.
The latest index results, which compares stress in battleground states to the national average, point for the first time in this election cycle to a GOP White House win.
Jump in Stress Not a Fluke
“The trending in the calls we’re taking suggest an economy where consumers are still stretched thin – they’re looking for legal help to manage their pocketbook challenges,” said Matt Layton, LegalShield senior vice president of consumer analytics. “Based on calls from everyday Americans, our historic results suggest they remain unsettled about the economy.”
The CSLI tracks approximately 150,000 calls per month from everyday Americans in all 50 states seeking legal help from LegalShield’s provider law firms.
In July, the index hit its largest single-month jump in 22 years up 5.8 points to 67.6, and the August CSLI ticked up another 0.1 point to 67.7, making it the highest level recorded since November 2020.
Stress in Battleground States Flips to Slight GOP Lead
In the presidential election battleground states, consumer stress rose even more, now topping the national stress level.
In each presidential election year since 2004, when battleground states exhibited higher stress compared to the national average in October and November, a Republican was elected; and when battleground states exhibited lower stress than the nation, a Democrat won.
“This year’s trend line looks similar to 2016 when battleground stress was below the national average until late summer, and in September popped above the national level through the Republican victory,” said Layton. “Similarly in 2012, battleground stress hovered around the national average and in September dipped below through the election won by Democrats. We can’t predict what will happen and it’s essentially even right now, but history shows a precedent of a late summer shift that holds through November.”
The LegalShield CSLI in battleground states rose 0.5 points in August to 67.8, a tenth of a point above the national average.
Jobs and Debt Drive Consumer Stress
LegalShield’s provider law firms echo the story told in the unemployment numbers.
“We are talking with people who are unemployed or under employed. They do not have enough income to meet their ordinary expenses and they are looking for assistance,” said Heidi C. McGee, supervising attorney at Willinger, Willinger, & Bucci, P.C., a LegalShield provider law firm serving Connecticut. “Mortgage and credit card interest rates are only beginning to ease off their recent highs and everything costs more, especially food and housing. Adult children are moving in with mom and dad and extended family members to share living expenses and to avoid eviction or foreclosure.”
LegalShield’s CSLI is based on a dataset of more than 35 million consumer requests for legal assistance since 2002. The index is built on three sub-indices tracking calls for legal assistance for issues related to Bankruptcy, Foreclosure and Consumer Finance.
The three subindices were mixed in August.
About the LegalShield Consumer Stress Legal Index:
As part of LegalShield’s mission to ensure every person has equal access to justice, we mine our data for insights policymakers can use to make a real, positive impact in their decision making. Released monthly, the LegalShield Consumer Stress Legal Index is comprised of three subindices which reflect the demand for various legal services. LegalShield’s dataset includes more than 35 million consumer requests for legal assistance since 2002, averaging approximately 150,000 calls received monthly. The CSLI uncovers the daily challenges people are facing and provides actionable intelligence to help policymakers and industry leaders bridge those gaps.
About LegalShield:
For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to thousands of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit LegalShield.com and IDShield.com.
Fonte: Business Wire
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