Americans ‘Stressed’ About Finances, According to Survey

Many Americans are frustrated with their money situation. A new survey conducted by financial services company Primerica found that 55% of middle-income households have a negative view of their personal finances. The general feeling of respondents’ financials was “stressed.”  

“For the first time in a year, a majority of middle-income households are feeling negative about their personal finances. In fact, this latest report represents the highest negative rating we’ve seen since we began fielding the survey exactly four years ago,” said Primerica CEO Glenn Williams, per FOX Business.

It isn’t just their own conditions, either. About 73% of the respondents rated the nation’s current economic health as negative, and 34% said the economy’s direction going forward is uncertain. However, 25% think the economy will get better over the next year.

Earlier this year, a University of Michigan survey revealed a drop in overall consumer confidence as several economic stressors continued to be on the minds of Americans. Inflation, unemployment, and higher interest rates were primary concerns.

Inflation and Debt

The Primerica poll found the higher cost of basic necessities was a big concern. About one-third of respondents stated grocery shopping, specifically, was a significant worry.

“Families continue to list inflation as their No. 1 concern, with the stress it brings spilling over into worry about being able to afford everyday essentials like food or groceries and going to the doctor as well as managing their rising credit card debt,” Williams said.

Roughly 44% said they are more worried this year than last year about their credit card balances, the highest since March 2023. When asked about credit card debt, 35% said it rose over the last quarter. Only 31% pay off their cards fully every month.

Families are making ends meet by reducing spending. Non-essential purchases, including entertainment and dining out, were cut out by 75% of households, with 69% saying they have been reducing spending for the past few years.

The results showed that 38% of households do not put money in savings or follow a budget. About 63% said they aren’t saving enough for retirement, with 34% claiming they can’t afford it.

While the survey did note some positives, like increased purchasing power, most consumers are still struggling to catch up financially. They have yet to reap the benefits of lower interest rates, higher incomes, and declining prices.

The recent Primerica online survey involved 999 adults earning $30,000 to $130,000 annually. It was conducted from Sept. 10 to 13.