FAQs
The high cost of living, wealth inequality and job market uncertainty have all contributed to financial vulnerability, even among wealthy families. Concerns about personal debt, including credit card, auto loan and medical debt, are significant sources of financial stress.
Are Americans struggling with inflation? ›
Sixty-three percent of U.S. adults in January 2024 say recent price increases have caused severe or moderate financial hardship for their household. This is statistically the same as the prior reading in April 2023. Seventeen percent say price increases have caused severe financial hardship.
Is everyone struggling financially right now? ›
If you are facing financial stress right now, you are not alone. According to a recent Ramsey Solutions study, 34% of survey respondents indicated that they were either facing financial struggles or were actively in crisis.
Is everyone struggling financially in 2024? ›
Nearly half of Americans will start 2024 in the red
While nearly three quarters of Americans (72%) say they have clearly defined personal finance goals for 2024, many will start in the red. According to the study, nearly half of Americans (46%) expect to have credit card debt heading into 2024.
How are most Americans doing financially? ›
Two-thirds (67%) of Americans say that they've cut back on spending, and almost half (45%) say they've put some life plans on hold. A third (35%) have dipped into their savings or investments. And almost two thirds (62%) say that even though they are able to pay their bills, they have little left over for “extras.”
How inflation is affecting Americans? ›
For the 12 months ending in March 2024, food costs rose just 2.2% while energy costs were up 2.1%. However, rising shelter costs are among the biggest contributors to February's higher inflation. For the 12-month period, shelter costs are up 5.7%, with overall services costs up 5.4% over that time period.
What is the biggest financial problem in America? ›
The Top Financial Issues U.S. Families are Facing Today
- Healthcare costs – 17%
- Too much debt/Not enough money to pay debts – 11%
- Lack of money/Low wages – 10%
- College expenses – 10%
- Cost of owning/Renting a home – 9%
- High cost of living/Inflation – 8%
- Retirement savings – 6%
- Taxes – 5%
Are Americans doing well financially? ›
Seventy-three percent of adults were doing at least okay financially in 2022, down 5 percentage points from 2021.
Is the US economy in trouble? ›
The US economy is on a tear, and it has pulled far ahead of the rest of the world. Geopolitical tensions, the pandemic's lingering aftershocks, high inflation and steep borrowing costs. Countries across the globe have faced multiple crises for months.
How many Americans are behind on bills? ›
While inflation has started to cool down, the survey suggests that many consumers are still reeling from years of economic turbulence. The survey also found that 37% of Americans are behind on monthly bills, which jumps to 53% among parents with young children.
How Many Americans Are Living Paycheck to Paycheck? A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.
How many Americans don't have saving? ›
But despite the larger pressures, they're not satisfied with their situation; 57% of respondents said the current state of their savings is stressing them out. Nearly one in four (22%) of U.S. adults have no emergency savings at all, Bankrate found—the second-lowest percentage in 13 years of polling.
At what age are most people financially stable? ›
That said, the typical age of financial independence should be between 20-23 years old, according to a Bankrate survey.
How bad will the 2024 recession be? ›
U.S. GDP grew 5.2% in the third quarter of 2023, but the latest Federal Reserve economic projections suggest that growth will slow to just 1.4% for the full year in 2024. The 10-year and two-year U.S. Treasury yield curve has been inverted since mid-2022, a historically strong recession indicator.
Will 99 of Americans be financially worse? ›
99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says. JPMorgan said the vast majority of Americans have burned through excess savings. It's likely that all but the top 1% of consumers will be worse off financially in mid-2024 than they were pre-pandemic, the bank said.
Why do so many Americans struggle with money problems? ›
A combination of higher prices for basic goods and services, increasing borrowing rates on credit cards, auto loans, mortgages and other debt, and little or no financial cushion is eating away at people's sense of financial security. Only 45% of U.S. adults said they have an emergency fund.
Why are so many Americans struggling with debt? ›
Americans are having a harder time making interest payments as savings are shrinking and a barrage of interest rate hikes by the Federal Reserve has jacked up the cost of financing.
What percent of Americans struggle financially? ›
Almost 40% of American adults report they struggle to make ends meet each month, an increase from 34.4% in 2022 and 26.7% in 2021. At 46.2%, Louisiana had the highest percentage reporting financial struggles followed by Mississippi (45.7%) and Arkansas (45.6%).
Why do so many people struggle with money? ›
The reasons that most people struggle financially will vary on the individual case but can include a lack of financial literacy, a scarcity mindset, self-esteem issues leading to overspending, and unavoidable high costs of living.