The Most Stressful Part of People's Financial Lives

Americans are feeling pretty optimistic about their finances, despite a financially challenging year. According to a new survey of 2-thousand U.S. adults, 76% feel prepared for a recession. That number is even higher for millennials (79%), who feel more prepared than baby boomers (60%).

The poll, commissioned by Affirm and conducted by OnePoll, also reveals:

  • Nearly two-thirds (64%) say they feel in control of their finances, with 69% of respondents having a clear plan for managing their money for the rest of 2023.
  • That sense of control comes from budgeting (69%), building an emergency fund (68%), paying down debt (64%) and tracking their spending (53%).
  • Just over half (51%) think about their finances three or four times a day.
  • To prepare for a recession, 55% of respondents changed their approach to their personal finances this spring.
  • They did that by saving more (68%), spending less (65%), making a budget (54%), talking to a financial advisor (50%) and downloading financial or budgeting apps (43%).

The most stressful aspects of Americans’ finances

  • Their bank account balance - 50%
  • Budgeting for big purchases - 44%
  • Budgeting for everyday purchases - 43%
  • Their bills - 40%
  • Late fees on a credit card - 25%
  • Owing money after doing their taxes - 18%
  • Having too many credit cards - 10%

Source: SWNS Digital

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