Survey: Americans growing more anxious about their finances
(InvestigateTV) — A new report from WalletHub shows many Americans are feeling increasingly uneasy about the economy, from job stability to everyday expenses.
The survey found Americans are now about nine percent less confident in their financial outlook than they were in 2024. John Kiernan, managing editor at WalletHub, said the decline reflects what many families are experiencing.
“A lot of people have been talking about living paycheck to paycheck and that’s in the current situation,” Kiernan explained. “So, a lot of people really aren’t in the position to ride out a recession or a job loss.”
He said confidence has been slipping for years. Fewer people expect their finances or job situations to improve over the next six months, and that uncertainty is starting to take a physical and emotional toll.
“And in the surveys we’ve done with a lot of people, the financial stress they’re feeling at the moment is kind of being internalized and leading to physical and mental problems also,” Kiernan said.
As the holidays approach, many consumers are worried about spending while already carrying debt. When asked what advice he would give, Kiernan suggested strengthening financial footing as much as possible.
“You kind of want to batten down the hatches and make sure you’re in a solid financial position,” he noted. “So that means paying down as much debt as possible. Building up your savings as much as possible so you have an emergency fund. And improving your credit score as well is important.”
Beyond saving, Kiernan said it’s worth thinking about ways to stay flexible if the economy worsens or if someone loses a job.
“Maybe you had a hobby that you made a little bit of money on. You can try to get focused on that more,” he said. “You have a business idea you want to explore. Having those ideas in the back of your mind to kind of maybe starting the process of getting the ball rolling there can be helpful in case you do lose a job.”
WalletHub’s survey also found fewer consumers plan to make major purchases in the coming months – another sign of caution as households prepare for economic uncertainty.
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