Half of Americans struggling to stay where they are financially: Poll (2024)

FAQs

What percentage of Americans are struggling financially? ›

Key Findings

48.6% of Americans consider themselves to be “broke,” and 66.2% feel they are “living paycheck to paycheck.” There is a gender gap in the results: Females are more likely to consider themselves “broke” at 55.8%, compared to males at 41.1%.

"Elevated prices have largely persisted, which means that Americans continue to face affordability challenges on a range of things both necessary and discretionary, including homes, vehicles, car insurance, food, electricity and travel." Indeed, the rate of price increases for food has subsided.

Rising feelings of financial insecurity: Just 1 in 4 (25%) Americans say they are completely financially secure, down from 28% in 2023. Whereas 72% of Americans indicated they were not completely financially secure in 2023, that number has now risen to 75% in 2024.

More than 1 in 3 American households are financially insecure in 2024. 36.4% of households reported in April that they had a somewhat or very difficult time paying their usual household expenses in the past week. That's up 6.7% from 34.1% during the same period in 2022.

72% of Americans reported “living comfortably” or “doing okay,” according to December 2023 data from the Federal Reserve. The remaining 28% were either “just getting by” (19%) or “finding it difficult to get by” (9%).

Bloomberg analysis of the National True Cost of Living Coalition survey found that only 20% of Americans have $10,000 or more in savings, and 28% of Americans have no savings at all.

Schwab Survey Reveals That Americans Think It Takes $2.5 Million to Be Considered Wealthy in 2024.

1. Not Focusing on Paying Down Debt. Having debt is one of the reasons many people have difficulty saving money.

Findings published by the National True Cost of Living Coalition show that 65% of Americans whose incomes are 200% above the national poverty line – which is about $62,300 for a family of four, often considered middle class – said they are struggling financially.

Recent MarketWatch Guides survey results indicate that 66.2% of Americans feel like they're living paycheck to paycheck. Respondents struggling to make ends meet span demographics, including genders, generations and incomes.

How much Americans say they need to earn to live comfortably? ›

Americans say they need to earn $186K to live comfortably — but is it enough? (NEXSTAR) — While inflation has seemingly flatlined as of late, it's hard not to wince when you see the prices of things like housing and fast food.

The average American requires a much larger income to live comfortably, the report found. Currently, the average full-time worker makes about $79,000, according to the U.S. Census Bureau. Meanwhile the survey found the average American needs an income of $186,000 to live comfortably.

Thirty-three percent of workers earning between $50,000 and $79,999 annually say they're living paycheck to paycheck, compared to 36 percent of workers earning between $80,000 and $99,999 and 24 percent of workers earning $100,000 or more.

Those living paycheck to paycheck devote their salaries predominantly to expenses. The phrase may also mean living with limited or no savings and refer to people who are at greater financial risk if they were suddenly unemployed or faced another financial emergency.

How many Americans have $100,000 in savings? About 26% of U.S. households had more than $100,000 in savings in retirement accounts as of 2022, according to USAFacts, a nonprofit organization that analyzes data from the Federal Reserve and other government agencies.

The most recent data from the US Census Bureau shows that the national poverty rate is 11.5%. To put that into perspective, that's 37.9 million people living in poverty in America.

Even though household net worth is on the rise in America (at $156 trillion at the end of 2023)—so is debt. The total personal debt in the U.S. is at an all-time high of $17.5 trillion. The average American debt (per U.S. adult) is $66,772, and 77% of American households have at least some type of debt.