Financial Stress in the US: What Recent Survey Results Mean for Everyday Americans

Financial Stress© FatCamera / Getty Images Signature / Canva

Upgraded Points recently conducted a survey that provided insight into the financial stress of average American adults. The survey results highlighted particular areas such as credit card use and spending, the frequency of missing payments, annual savings, and age/gender differences when it came to using credit cards. Furthermore, there was also a focus on determining which banks had the most cardholders and what benefits they offered them. All these and more paint a deeper picture of the financial status of individuals living in the United States today.

Detailed Results from the Survey

The results of Upgraded Points’ survey of 1,000 Americans shed light on the spending and saving habits of people in the U.S., providing insight into their financial stress. It is no surprise that 32% of Americans have less than $500 in savings, given that almost half are incurring deeper debt due to inflation’s effects. Furthermore, despite the fact that 17% make enough just to cover expenses, a larger fraction of 23 % cannot succeed at budgeting and 21 % do not stick to any budget at all.

When it comes to credit cards, most get them younger in life – with 44% aged 22 or older holding one from either Capital One or Bank Of America. Also, 47 % stated that credit cards were the major source of debt they had incurred while 73% reported feeling stressed when it came to their finances; worryingly, this was heightened for 25-34-year-olds whose stress levels reached 80%.

Having a credit card can be incredibly helpful, but the benefits can be easily outweighed if they’re not managed responsibly. As Upgraded Points founder Alex Miller explains, it’s important to remember that in addition to the positive impacts they can have on our credit score, many cards come with attractive incentives like cash-back rewards, sign-up bonuses and reward points that we can use for high-value experiences like VIP tickets to sporting events or exclusive wine tastings. Credit cards are serious financial tools – and when handled properly, these tools can lead to significant savings, improved credit ratings and memorable experiences.

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The Impact of Inflation on American Financial Wellness

America is facing a crisis. Low wages, rising costs of living, and mounting debt levels are causing Americans to struggle more than ever before. But what is driving these concerning statistics? A closer look reveals that inflationary pressures are one of the key contributing factors to the financial stress and debt that many Americans are currently facing. Let’s dive into the facts behind this growing problem.

The Cost of Living vs Wage Growth in America

Inflation has been steadily increasing over the past few years, with consumer prices rising faster than wages according to data from the Bureau of Labor Statistics. With prices for goods and services continuing to increase each year, it becomes increasingly difficult for people to save money for their future or build up a cushion against unexpected expenses when there is barely enough disposable income available after paying rent, bills, etc. each month.

“Most financial experts agree that everyone should have at least six months of expenses saved to cover emergencies,” said Alex Miller. “For example, if your personal expenses total $3000/month, you should have at least $18,000 in savings to back you up. Unfortunately, many Americans aren’t even close to having that much money set aside. Our study revealed that 32% of Americans have less than $500 in their savings account.”

Low-wage workers are particularly affected by this trend as they often lack access to benefits such as health insurance or retirement savings accounts due to their lower incomes. This compounds their already limited ability to save money and provides yet another obstacle on their path toward financial stability.

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Americans Struggle Financially in the Face of Inflation

It is clear from this survey that many Americans are struggling financially despite inflationary pressures making it increasingly difficult for them to save money or build wealth over time. Fortunately, there are steps that everyone can take toward improving their overall financial health despite the challenges posed by inflationary trends. For example, starting early with even small amounts can add up over time; utilizing automated savings tools & apps can help build up your savings without painful budgets or sacrificing lifestyle choices; understanding basic concepts like credit card usage and interest rates can help you manage your debts more efficiently; taking advantage of tax breaks whenever possible; creating an emergency fund; investing small amounts in stocks or bonds; and seeking professional advice when needed. By taking action now, you can ensure that your finances stay healthy regardless of the economic conditions around you!

Learning about personal finance doesn’t have to be dull- in fact, it can be downright interesting when you read MyChesCo’s Personal Finance articles. We break down all of the jargon so that you can make sound decisions for your money. And, our free newsletter means that you can get these tips sent right to your inbox- so there’s no excuse not to be on top of your finances! Social media users, make sure to follow us too and share our articles with your friends who might need a little help in the money department! Together, we can all achieve financial success.

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This article is intended for informational, entertainment or educational purposes only and should not be construed as advice, guidance or counsel. It is provided without warranty of any kind.