Per CNBC
70% of Americans say they are financially stressed, with over half of US adults saying their stress has increased since before the pandemic
4/19/2023
70% of Americans have revealed that they were feeling financially stressed. Out of the participants that said they were stressed, it was found that over half of them were already stressed before the pandemic.
52% of US adults said they were stressed before the pandemic. The report also detailed the reasons why there were more Americans feeling stressed.
- Inflation
- Economic instability
- Lack of savings
- Medical/health bills
- Aging
- Credit card debt
- Layoffs/income loss
- Student loans
The CNBC Your Money Financial Confidence Survey with Momentive found that only 13% of Americans were confident about the American banking system. This came weeks after the collapse of Silicon Valley Bank.
The report found that 30% of participants were very stressed, with 58% of participants considering themselves living paycheck to paycheck. 36% of participants, the largest group, said they would need $100,000 to feel financially comfortable.
The survey also found that 53% of participants didn't have an emergency fund, and 44% of them had credit card debt. Despite this, 38% of participants said they had over $20K in their emergency fund.
In a different survey conducted by LenmdingClub and Pymnts, it was found that 57% of Americans could not afford a $1,000 emergency expense. The survey also found that 35% of US adults had credit card debt, up from 29% a year before.
The survey also found that 51% of their almost 4,000 participants identified as female, with 36% of them earning over $100,000 annually. It was also found that in 2021, 42% of earners that took home $100,000 or more annually lived paycheck to paycheck.
Recently, it was noted that Americans could see promised Social Security benefits drop by 27% in just ten years. Reports from trustees of the program said that the main trust fund reserves of the US Social Security system will be depleted in 2033.
See flow at unusualwhales.com/flow.
Other News:
- 57% of Americans can’t afford a $1,000 emergency expense
- Americans could see promised Social Security benefits cut by 27% in just 10 years
Resources:
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