Americans Are Under Financial Stress

What's happening:

📊 A recent CNBC Your Money Financial Confidence Survey found that 70% of Americans feel stressed about their personal finances, and 52% say their stress has increased since the start of the Covid-19 pandemic.

Why it's happening:

🏠 Rising costs of basic household expenses, inflation, and economic instability are major factors contributing to financial stress. 💰 A lack of savings and increased reliance on credit cards for covering shortfalls exacerbate the situation. 🏦 Recent bank failures have weakened confidence in the U.S. banking system, with only 13% of adults saying they're very confident in it. 🚫 High earners aren't immune to these pressures, with 57% of those making $100,000 or more feeling financially stressed.

🚺 Women are more financially stressed than men, with 72% feeling stressed compared to 67% of men.

Martin and Chelsea Matthews

info@mwealthgroup.com