When it comes to people’s wallets, we seem to be a nation on edge. Roughly one-third of Americans report that they are often or always stressed about money or finances, according to the National Financial Confidence Poll conducted by SunTrust Banks, Inc.1 Although these numbers suggest people are financially stressed today, it doesn’t have to be the case forever. When armed with the right knowledge and support, anyone can take control of their money and become financially confident.
The research shows:
- Less than 1 in 4 Americans rank high for financial confidence
- People with high financial confidence rate their happiness an 8 out of 10, while not-so-financially-confident folks score a 5
Basic Financial Behaviors
- 34% of Americans feel like they are living paycheck to paycheck
- Only about one-third spend according to a formal budget
- Fewer than 6 in 10 Americans pay off their credit cards each month
- 18% of all Americans (and 20% of millennials) have less than $2,000 in emergency or retirement savings, combined
- 33% of all Americans (and 43% of millennials) couldn’t cover a $2,000 expense without tapping into retirement savings
- 18% of full-time employed Americans do not have any retirement savings or pension
- Most Americans (76%) had financial stress in the past 6 months with the top stressors being: living expenses, credit card debt, home expenses and inability to save
- Student loans are the number-two stressor for millennials (after living expenses)
- Gen Xers and boomers feel more stress over taxes, likely because they are in high earning years
Reducing financial stress begins with taking one step toward gaining control of your money. Through onUp.com, we offer many ways to help you get started.
The more you take the reins of your finances, the more confident (and less stressed) you’ll feel. "When people are financially confident, they can enjoy what truly matters,” says Bill Rogers, SunTrust Chairman and CEO.
1 “SunTrust National Financial Confidence Poll,” Q2 2017, SunTrust Bank
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