Just 10% of Us Are Living Financially "Free"

A lot of Americans are feeling defeated these days when it comes to their finances, according to new research. A survey by Achieve of a thousand U.S. adults looks at how people see their financial situation and finds more than half believe they’re nowhere near reaching financial freedom, and about a third (36%) have less than $1,000 in their savings accounts.

The personal finance company asked respondents what financial freedom means to them and the most common definitions are

  • Living debt free - 54.2%
  • Living comfortably, but not necessarily being rich - 50%
  • The ability to regularly meet all of their financial obligations and still have some money left over each month - 49.3%
  • Never having to worry about money - 46.2%
  • Having enough money to stop working - 32.1%
  • Being rich - 12.6%

The poll also reveals:

  • Those expectations may be low, but only 11% feel they’re living their definition of financial freedom and 58% say they’re nowhere close to reaching financial freedom.
  • While 78% of those surveyed have a checking account, only 60% have a savings account.
  • Of those who do, 35.8% have less than $1,000 in savings.
  • More respondents have a cryptocurrency wallet (13%) than a professionally managed investment account (10%).
  • Despite all this, many are optimistic, with 52% saying their journey to financial freedom is getting better.

Source: The Hill

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