Financial confidence declines among US consumers

Recent surveys indicate declining financial confidence among Americans due to economic factors such as inflation, stagnant wages, and a cooling job market. According to a 2024 Ally Consumer Check survey of 1,000 Americans, 58% of consumers feel their finances control their lives, while 42% report that saving for long-term goals causes significant stress.

Further research from Mutual of Omaha’s 2026 Protection Index Survey reveals that only 21% of Americans feel financially prepared and assured in their ability to protect their futures. Experts suggest that financial confidence is built through consistency rather than waiting for perfect timing.

To manage financial stress, experts recommend addressing emotional responses to money, such as shame or guilt, and identifying specific triggers like debt or budgeting. Practical steps to improve stability include creating a financial cushion through emergency funds to reduce reliance on credit cards and ensuring spending aligns with personal priorities.