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The survey showed that the top areas where Americans want assistance in managing their finances include investing (43%), side hustles (37%), saving (27%), budgeting (25%), and debt management (25%). The main factors driving financial concerns include fear of unknown expenses (83%), housing costs (67%), family-related expenses (68%), medical expenses (62%) and credit card debt (51%).
In the current economic climate, 43% of Americans stated they do not earn enough money to put anything into savings after paying expenses. Also, 66% reported they have no written financial plan. Amid these concerns, the survey found that nearly half of Americans aren’t making financial progress due to the ongoing inflation surge.
BMO Economics data shows the U.S. inflation rate accelerated to 3.3% in July, with the Federal Reserve’s target range for interest rates between 5.25 to 5.5%. Home prices for the country’s 20 largest cities climbed 0.9% in June, marking the fourth straight monthly gain.
The survey also highlighted that more Americans are relying on their bankers or financial advisors today compared to a year ago – 53% compared to 49% in 2022. Digital banking apps are also gaining popularity with 70% of respondents stating that the tips and tools in their digital banking app help them make real financial progress.
The research detailed in the BMO Real Financial Progress Index was conducted by Ipsos from June 27 to July 28, 2023, with a sample of 2,500 adults aged 18 and over in the US.
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