What percentage of Americans are struggling financially? (2024)

What percentage of Americans are struggling 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.

Is the average American struggling financially?

A slight majority of all Americans polled (54%) describe their household's financial situation as good, which is about the same as it's been for the last year but down from 63% in March of 2022. Older Americans are much more confident in their current finances than younger Americans.

Is everyone struggling financially 2024?

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.

What percentage of Americans worry about finances?

Indeed, most U.S. adults (76%) feel at least some level of anxiety about their personal finances, according to a November 2023 survey by Sleepfoundation.org. For many, this means worse sleep: 77% say they lose sleep over money worries at least some of the time.

Are 77% of Americans anxious about their financial situation?

According to the Mind over Money survey by Capital One and The Decision Lab, 77% of Americans report feeling anxious about their financial situation. Select offers advice on how to manage your finances so you can feel more in control. If you worry about finances, you're far from alone.

What percent of Americans have no debt?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

How many Americans have no savings?

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.

How bad will the 2024 recession be?

The U.S. economy avoided the recession forecast for 2023. Experts now say a soft landing or mild recession is possible in 2024.

What age do people usually become financially stable?

That said, the typical age of financial independence should be between 20-23 years old, according to a Bankrate survey. Break the numbers down by cost category, and differences of opinion can be pretty wide.

What is the middle class income in 2024?

As of Feb 20, 2024, the average hourly pay for a Middle Class in the United States is $23.08 an hour. While ZipRecruiter is seeing hourly wages as high as $27.64 and as low as $5.29, the majority of Middle Class wages currently range between $20.91 (25th percentile) to $25.72 (75th percentile) across the United States.

How many Americans don't have 500 in savings?

About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more. Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

Why are so many Americans struggling financially?

Financial distress, for some, is at Great Recession levels

Millions of U.S. households were flush with cash during the pandemic, thanks to stimulus checks, fatter unemployment checks and the expanded Child Tax Credit. But with those pandemic payouts long gone, some consumers are experiencing more financial stress.

How many people are struggling to pay bills?

Census data shows that 4 in 10 Americans are finding it difficult to cover their expenses. If you aren't sure how to pay your bills, don't ignore the problem; make a plan.

How many Americans live paycheck to paycheck?

If it seems like your paycheck disappears as quickly as it hits your bank account, you're not alone. More than 60% of Americans live paycheck to paycheck as of September 2023, according to a LendingClub report. Even people in higher income brackets are affected.

Are most people struggling 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.

Do most people struggle with money?

In October 2022, the APA reported the highest number of people experiencing money-related stress since 2015 — 66 percent of respondents said money is a significant source of stress. Social media has made many people feel worse about their finances, a Bankrate poll from July 2022 found.

How many Americans have $1,000 in savings?

The numbers are consistently around 60%, meaning only 40% of Americans have enough savings to cover an unexpected expense without going into debt. As of January 2023, the report shows that 57% of Americans have less than $1,000 in savings.

Which gender has more debt?

Indeed, men carry more overall debt than women, including across most debt categories. But women carry more student loan debt and often have more credit cards. 1 We go a little more in-depth into this in the next section.

How much money does the average American have?

The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

How many Americans have $10,000 in their bank account?

How many Americans live paycheck to paycheck with no savings?

Data from our survey revealed that 41% of respondents' incomes covered their expenses with nothing left over, meaning they're living paycheck to paycheck. Another 29% of respondents reported expenses that exceeded their income—leaving less than a third (30%) of respondents comfortably able to afford their lifestyle.

How many people don't have $1000?

Bankrate's latest survey results found 56% of U.S. adults lack the emergency funds to handle a $1,000 unexpected expense and one-third (35%) said they would have to borrow the money somehow to pay for it.

Are we in a depression right now?

“To be sure, the economy is slowing, and the job market is cooling, but we are not in a depression,” said Sung Won Sohn, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics.

Will there be a depression in 2024?

Some experts say to brace for a recession in 2024 — while others say not to sweat it. In early 2023, with high inflation and rising mortgage rates, there was all but a consensus that the United States would experience a recession by the end of the year.

What ends a recession?

A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough.” Consistent with this definition, the Committee focuses on a comprehensive set of measures—including not only GDP, but also employment, income, sales, and industrial production—to analyze the trends in economic ...