(DailyEmailNews.com) – Americans are scared of the futurе, as financial stability is becoming increasingly elusive for a significant portion of U.S. consumers, including those with incomes exceeding $100,000 annually.
A survey from the Federal Reserve Bank of Philadelphia reveals that this financial unease has risen from 28.7% last year to one-third of respondents now reporting concerns about making ends meet.
The survey, which polled 5,000 individuals between late March and early April, shows that financial anxiety is not limited to just the lower income brackets.
Even among households earning $150,000 or more, 30% are worried about their ability to maintain their financial health over the nеxt six months.
Half of the survey’s participants reported disruptions in personal finance over the past year, which included unexpected increases in housing costs for 16.7% of respondents.
In April, 22.5% of individuals struggled to pay some or all of their bills, a noticeable increase from the previous year.
The pressures of these financial strains have led to significant changes in spending behaviors and financial strategies.
To manage these challenges, 43.1% of those surveyed have reduced optional spending, and 23.5% have even cut back on essential expenses.
Furthermore, 32.1% have resorted to borrowing money due to increased financial stress, including loans from friends, family or formal lenders.
Additionally, about one-sixth of the respondents have either paid less toward or skipped monthly debt payments entirely and 13.1% have taken on second jobs to supplement their income.
Notably, more than 14% of higher earners have even tapped into their retirement savings to cover immediate financial needs.
Overall, the sentiment about future income prospects has also dipped, with respondents in April 2024 feeling less optimistic than they did in January of the same year.
This growing concern highlights the pervasive impact of current economic conditions across all income levels.
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