70% of Americans live with a continual stress about their financial situation. In addition, more than half (53%) have no savings to be able to meet any emergency, and 40% of those who have something saved do not have more than $10,000. In addition, 54% remain confident in the strength of the banking system despite the turbulence in the sector.
70% of Americans are feeling financially stressed, according to a new CNBC survey conducted in partnership with @MomentiveAI. @sharon_epperson has the details. https://t.co/rklY2z5GXX pic.twitter.com/q7wogheeOJ
— CNBC (@CNBC) April 12, 2023
More women stressed by their financial situation
According to a CNBC survey in partnership with Momentive on financial confidence, seven in ten Americans say their financial situation causes them stress. Young people between the ages of 18-34 live with the most worry (75%), followed by adults between 34-65 (73%). Although nervousness about the state of their finances is also in the majority among those over 65, the level is much more moderate (54%). By gender, women experience more stress (72%) in keeping track of their finances than men (67%). More women also admit to being "very stressed" for this reason (34%) than men (26%).
One of the main causes of this stress is the absence of an emergency fund to deal with unforeseen events or difficult situations. Up to 53% indicated that they have no savings. In addition, 40% of those who have some contingency money do not have more than $10,000. The over-65s are the population group that has the most savings (68%). Only one in three young people between 18-34 years of age has savings (32%). The majority of survey participants indicate that they essentially live day-to-day (58%).
Inflation, one of the main causes
Inflation is another major cause (59%) of household financial stress. This perception is especially pronounced among whites (64%), although Hispanics and Asians (55% in both cases) also report it in the majority. Among blacks, however, it is equated with "lack of savings" (42%). Other factors that contribute to financial concerns include global economic instability (43%). The most important factors to consider are: interest rate hikes (36%), medical or health care bills (27%), aging (26%), credit card debt (23%), layoffs or loss of income (18%) and student loans (14%).
Finally, only 13% of the population expressed a strong confidence in the strength of the national financial sector. A majority of Americans (54%) trust the bank, especially Democratic voters (62%). Although to a lesser extent, more Republican supporters (49%) and independents (47%) are also positive about the strength of the financial system.
